NIKE (NYSE:NKE) Price Target Lowered to $82.00 at Royal Bank of Canada

NIKE (NYSE:NKE) had its price target reduced by stock analysts at Royal Bank of Canada from $85.00 to $82.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the footwear maker’s stock. Royal Bank of Canada’s price target would indicate a potential downside of 1.69% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Guggenheim lowered their price objective on NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Williams Trading raised NIKE from a “sell” rating to a “buy” rating and raised their target price for the company from $67.00 to $93.00 in a report on Friday, August 16th. Citigroup lowered their target price on NIKE from $115.00 to $102.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Morgan Stanley lifted their price objective on NIKE from $79.00 to $82.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Finally, HSBC decreased their price objective on NIKE from $100.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, June 28th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.19.

NIKE Stock Down 6.4 %

Shares of NKE traded down $5.72 during midday trading on Wednesday, reaching $83.41. 13,742,170 shares of the stock were exchanged, compared to its average volume of 11,643,338. NIKE has a 12-month low of $70.75 and a 12-month high of $123.39. The firm has a 50 day simple moving average of $80.26 and a 200-day simple moving average of $86.41. 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 company has a market cap of $125.90 billion, a price-to-earnings ratio of 22.36, a P/E/G ratio of 2.30 and a beta of 1.02.

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

Insider Activity

In other news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction 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 directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Mark G. Parker sold 52,487 shares of NIKE 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 sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction 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 sale, 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. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On NIKE

Institutional investors have recently made changes to their positions in the stock. Annapolis Financial Services LLC grew its stake 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 worth $25,000 after purchasing an additional 220 shares during the period. True Wealth Design LLC grew its stake in shares of 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 purchasing an additional 150 shares during the period. Frank Rimerman Advisors LLC acquired a new position in NIKE in the fourth quarter valued at about $33,000. Core Wealth Advisors Inc. grew its stake in NIKE by 408.5% in the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock valued at $33,000 after acquiring an additional 241 shares during the period. Finally, Pineridge Advisors LLC acquired a new position in NIKE in the fourth quarter valued at about $38,000. 64.25% of the stock is owned by institutional investors and hedge funds.

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.