NIKE (NYSE:NKE) Stock Price Down 0.9% Following Analyst Downgrade

NIKE, Inc. (NYSE:NKE)’s stock price fell 0.9% on Monday after Citigroup lowered their price target on the stock from $115.00 to $102.00. Citigroup currently has a buy rating on the stock. NIKE traded as low as $74.29 and last traded at $74.71. 17,442,582 shares were traded during mid-day trading, an increase of 68% from the average session volume of 10,359,911 shares. The stock had previously closed at $75.37.

Other equities analysts also recently issued reports about the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 target price (down from $110.00) on shares of NIKE in a research report on Friday, March 22nd. KeyCorp reiterated a “sector weight” rating on shares of NIKE in a research report on Friday. Sanford C. Bernstein dropped their target price on NIKE from $134.00 to $120.00 and set an “outperform” rating for the company in a research report on Friday, March 22nd. Raymond James reiterated a “market perform” rating on shares of NIKE in a research report on Friday. Finally, UBS Group restated a “neutral” rating and set a $78.00 price objective on shares of NIKE in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, NIKE presently has an average rating of “Hold” and an average target price of $98.96.

Insider Buying and Selling at NIKE

In other NIKE news, EVP Monique S. Matheson sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the sale, the executive vice president now directly owns 44,997 shares in the company, valued at $4,236,917.52. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other NIKE news, VP Johanna Nielsen sold 282 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was 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 in the company, valued at $68,357.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Monique S. Matheson sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total value of $4,237,200.00. Following the sale, the executive vice president now owns 44,997 shares in the company, valued at $4,236,917.52. The disclosure for this sale can be found here. Insiders have sold a total of 213,660 shares of company stock worth $19,946,333 over the last ninety days. 0.50% of the stock is currently owned by company insiders.

Institutional Trading of NIKE

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Annapolis Financial Services LLC grew its position in NIKE by 440.0% during the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock worth $25,000 after buying an additional 220 shares in the last quarter. Iron Horse Wealth Management LLC grew its position in NIKE by 120.7% during the fourth quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock worth $28,000 after buying an additional 140 shares in the last quarter. Planned Solutions Inc. purchased a new position in NIKE during the fourth quarter worth about $29,000. True Wealth Design LLC grew its position in NIKE by 106.4% during the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after buying an additional 150 shares in the last quarter. Finally, Frank Rimerman Advisors LLC purchased a new position in shares of NIKE in the 4th quarter worth about $33,000. 64.25% of the stock is currently owned by institutional investors.

NIKE Price Performance

The business has a fifty day moving average price of $93.28 and a 200-day moving average price of $98.85. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $112.76 billion, a PE ratio of 20.03, a PEG ratio of 1.43 and a beta of 1.01.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The firm had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same period in the prior year, the business earned $0.66 EPS. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Research analysts expect that NIKE, Inc. will post 3.9 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date is Monday, June 3rd. NIKE’s dividend payout ratio (DPR) is presently 39.68%.

About NIKE

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.