NIKE (NYSE:NKE) Shares Down 1.1% Following Analyst Downgrade

NIKE, Inc. (NYSE:NKE)’s share price fell 1.1% during trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $115.00 to $92.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. NIKE traded as low as $75.02 and last traded at $75.24. 15,952,008 shares traded hands during mid-day trading, a decline of 11% from the average session volume of 17,969,314 shares. The stock had previously closed at $76.04.

A number of other equities analysts have also recently commented on the company. Citigroup decreased their price target on NIKE from $115.00 to $102.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Wedbush decreased their price target on NIKE from $115.00 to $97.00 and set an “outperform” rating on the stock in a research note on Friday, June 28th. Sanford C. Bernstein decreased their price target on NIKE from $134.00 to $120.00 and set an “outperform” rating on the stock in a research note on Friday, March 22nd. The Goldman Sachs Group reduced their target price on NIKE from $118.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Finally, BMO Capital Markets reduced their target price on NIKE from $118.00 to $100.00 and set an “outperform” rating on the stock in a research note on Friday, June 28th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, NIKE has a consensus rating of “Hold” and an average price target of $97.19.

Insiders Place Their Bets

In other NIKE news, Director Robert Holmes Swan purchased 2,941 shares of the stock in a transaction dated Friday, June 28th. The shares were purchased at an average cost of $77.02 per share, with a total value of $226,515.82. Following the completion of the acquisition, the director now directly owns 20,946 shares in the company, valued at approximately $1,613,260.92. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was 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 owns 1,102,090 shares in the company, valued at $102,648,662.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert Holmes Swan acquired 2,941 shares of NIKE stock in a transaction that occurred on Friday, June 28th. The shares were purchased at an average price of $77.02 per share, with a total value of $226,515.82. Following the transaction, the director now owns 20,946 shares of the company’s stock, valued at approximately $1,613,260.92. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 213,660 shares of company stock valued at $19,946,333. 0.50% of the stock is currently owned by corporate insiders.

Institutional Trading of NIKE

A number of hedge funds have recently bought and sold shares of the company. Piscataqua Savings Bank increased its holdings in shares of NIKE by 2.1% in the 4th quarter. Piscataqua Savings Bank now owns 4,861 shares of the footwear maker’s stock valued at $528,000 after acquiring an additional 100 shares during the period. Physicians Financial Services Inc. increased its holdings in shares of NIKE by 0.6% in the 4th quarter. Physicians Financial Services Inc. now owns 16,077 shares of the footwear maker’s stock valued at $1,745,000 after acquiring an additional 100 shares during the period. ZWJ Investment Counsel Inc. increased its holdings in shares of NIKE by 4.0% in the 4th quarter. ZWJ Investment Counsel Inc. now owns 2,599 shares of the footwear maker’s stock valued at $282,000 after acquiring an additional 100 shares during the period. Kornitzer Capital Management Inc. KS increased its holdings in shares of NIKE by 0.4% in the 4th quarter. Kornitzer Capital Management Inc. KS now owns 25,568 shares of the footwear maker’s stock valued at $2,776,000 after acquiring an additional 100 shares during the period. Finally, Claro Advisors LLC increased its holdings in shares of NIKE by 0.8% in the 4th quarter. Claro Advisors LLC now owns 12,227 shares of the footwear maker’s stock valued at $1,327,000 after acquiring an additional 101 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Price Performance

The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. The firm has a market capitalization of $113.56 billion, a PE ratio of 20.17, a P/E/G ratio of 1.85 and a beta of 1.01. The stock has a fifty day moving average price of $92.19 and a 200-day moving average price of $98.06.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 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 company had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter in the previous year, the firm posted $0.66 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. Sell-side analysts forecast that NIKE, Inc. will post 3.32 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 3rd were given a dividend of $0.37 per share. The ex-dividend date was Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.97%. NIKE’s dividend payout ratio is currently 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.