NIKE (NYSE:NKE) Given New $78.00 Price Target at TD Cowen

NIKE (NYSE:NKE) had its target price boosted by equities researchers at TD Cowen from $71.00 to $78.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the footwear maker’s stock. TD Cowen’s price target points to a potential downside of 6.71% from the company’s current price.

Other analysts also recently issued reports about the stock. Jefferies Financial Group boosted their price target on shares of NIKE from $80.00 to $85.00 and gave the stock a “hold” rating in a research report on Monday. Telsey Advisory Group dropped their price target on shares of NIKE from $100.00 to $96.00 and set an “outperform” rating on the stock in a research report on Wednesday. Raymond James restated a “market perform” rating on shares of NIKE in a research report on Friday, June 28th. Oppenheimer restated an “outperform” rating and set a $120.00 price target on shares of NIKE in a research report on Friday, June 28th. Finally, BMO Capital Markets dropped their price target on shares of NIKE from $118.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, June 28th. Fifteen analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.15.

NIKE Trading Down 6.2 %

Shares of NKE stock traded down $5.52 during mid-day trading on Wednesday, reaching $83.61. The company’s stock had a trading volume of 23,053,633 shares, compared to its average volume of 11,704,766. The company’s 50 day simple moving average is $80.26 and its 200-day simple moving average is $86.41. NIKE has a 12-month low of $70.75 and a 12-month high of $123.39. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $126.20 billion, a PE ratio of 22.34, a price-to-earnings-growth ratio of 2.30 and a beta of 1.02.

NIKE (NYSE:NKE) last released its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. The business had revenue of $11.59 billion during the quarter, compared to analyst estimates of $11.64 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business’s revenue was down 10.4% on a year-over-year basis. During the same period last year, the business earned $0.94 EPS. On average, research analysts predict that NIKE will post 3.04 EPS for the current fiscal year.

Insider Activity

In related news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares in the company, valued at approximately $80,435,628. The sale was disclosed in a document filed with the SEC, which is available through this link. In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the sale, the chairman now owns 1,031,226 shares in the company, valued at approximately $80,435,628. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Annapolis Financial Services LLC boosted its position in shares of NIKE by 440.0% during the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after buying an additional 220 shares during the last quarter. True Wealth Design LLC lifted its holdings 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 acquiring an additional 150 shares during the period. Frank Rimerman Advisors LLC bought a new stake in NIKE during the fourth quarter worth $33,000. Core Wealth Advisors Inc. lifted its holdings in NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after acquiring an additional 241 shares during the period. Finally, Pineridge Advisors LLC bought a new stake in shares of NIKE in the fourth quarter valued at $38,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.