NIKE (NYSE:NKE) PT Raised to $85.00 at Royal Bank of Canada

NIKE (NYSE:NKE) had its price target hoisted by stock analysts at Royal Bank of Canada from $75.00 to $85.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the footwear maker’s stock. Royal Bank of Canada’s price objective suggests a potential downside of 2.82% from the company’s current price.

A number of other analysts have also recently commented on the company. Bank of America reaffirmed a “buy” rating and issued a $104.00 price target on shares of NIKE in a research note on Monday. StockNews.com cut NIKE from a “buy” rating to a “hold” rating in a research note on Friday, June 21st. UBS Group reaffirmed a “neutral” rating and issued a $78.00 price target on shares of NIKE in a research note on Friday, June 28th. Daiwa America cut NIKE from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Finally, Wedbush lowered their price target on NIKE from $115.00 to $97.00 and set an “outperform” rating for the company in a research note on Friday, June 28th. Fifteen investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $96.41.

NIKE Stock Performance

NIKE stock opened at $87.47 on Wednesday. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. NIKE has a 1 year low of $70.75 and a 1 year high of $123.39. The company has a market cap of $131.15 billion, a PE ratio of 23.45, a PEG ratio of 2.30 and a beta of 1.02. The company’s 50-day moving average is $78.70 and its two-hundred day moving average is $86.82.

NIKE (NYSE:NKE) last released its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The company had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The company’s revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 EPS. Equities analysts anticipate that NIKE will post 3.04 earnings per share for the current year.

Insider Activity

In other news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert Holmes Swan purchased 2,941 shares of the business’s stock in a transaction on Friday, June 28th. The shares were acquired at an average cost of $77.02 per share, with a total value of $226,515.82. Following the acquisition, the director now directly owns 20,946 shares in the company, valued at $1,613,260.92. The disclosure for this purchase can be found here. 0.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NIKE

Several hedge funds have recently added to or reduced their stakes in NKE. Annapolis Financial Services LLC lifted its holdings in NIKE by 440.0% during the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after purchasing an additional 220 shares during the last quarter. True Wealth Design LLC lifted its holdings in NIKE by 106.4% during the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after purchasing an additional 150 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new stake in NIKE during the 4th quarter valued at $33,000. Core Wealth Advisors Inc. lifted its holdings in NIKE by 408.5% during the 4th quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock valued at $33,000 after purchasing an additional 241 shares during the last quarter. Finally, Gold Investment Management Ltd. acquired a new stake in shares of NIKE during the fourth quarter worth $36,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

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.