Wells Fargo & Company Cuts NIKE (NYSE:NKE) Price Target to $92.00

NIKE (NYSE:NKE) had its price target trimmed by Wells Fargo & Company from $115.00 to $92.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an overweight rating on the footwear maker’s stock.

Several other equities research analysts have also recently weighed in on NKE. Bank of America reduced their target price on shares of NIKE from $113.00 to $104.00 and set a buy rating for the company in a research note on Friday. HSBC reduced their target price on shares of NIKE from $100.00 to $90.00 and set a hold rating for the company in a research note on Friday. Citigroup cut their price target on shares of NIKE from $135.00 to $125.00 and set a buy rating for the company in a research note on Thursday, March 14th. Telsey Advisory Group cut their price target on shares of NIKE from $115.00 to $100.00 and set an outperform rating for the company in a research note on Friday. Finally, Sanford C. Bernstein cut their price target on shares of NIKE from $134.00 to $120.00 and set an outperform rating for the company in a research note on Friday, March 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $98.96.

NIKE Stock Down 20.0 %

NKE stock opened at $75.36 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.74 and a quick ratio of 1.89. NIKE has a 52-week low of $74.55 and a 52-week high of $123.39. The company has a 50-day moving average of $93.28 and a two-hundred day moving average of $99.15. The stock has a market capitalization of $113.75 billion, a price-to-earnings ratio of 20.20, a price-to-earnings-growth ratio of 1.79 and a beta of 1.05.

NIKE (NYSE:NKE) last released its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.87%. The business had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter last year, the company earned $0.66 earnings per share. The firm’s revenue was down 1.6% on a year-over-year basis. As a group, equities research analysts anticipate that NIKE will post 3.9 EPS for the current year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be paid a $0.37 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.96%. NIKE’s payout ratio is presently 39.68%.

Insider Buying and Selling at NIKE

In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total value of $15,682,726.92. Following the transaction, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, VP Johanna Nielsen sold 282 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $93.64, for a total value of $26,406.48. Following the sale, the vice president now directly owns 730 shares of the company’s stock, valued at approximately $68,357.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Mark G. Parker sold 168,378 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the sale, the chairman now directly owns 1,102,090 shares in the company, valued at $102,648,662.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 213,660 shares of company stock valued at $19,946,333. 0.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NIKE

Institutional investors have recently added to or reduced their stakes in the stock. Cim LLC bought a new stake in NIKE in the 4th quarter valued at $14,275,000. TKG Advisors LLC bought a new stake in NIKE in the 4th quarter valued at $1,012,000. Louisiana State Employees Retirement System acquired a new stake in NIKE in the 4th quarter valued at $8,034,000. Financial Gravity Asset Management Inc. increased its stake in NIKE by 2,332.5% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 184,042 shares of the footwear maker’s stock valued at $17,598,000 after buying an additional 176,476 shares during the last quarter. Finally, Brown Advisory Inc. increased its stake in NIKE by 4.3% in the 4th quarter. Brown Advisory Inc. now owns 4,668,949 shares of the footwear maker’s stock valued at $506,908,000 after buying an additional 192,752 shares during the last quarter. 64.25% of the stock is owned by institutional investors.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.