Wells Fargo & Company Cuts NIKE (NYSE:NKE) Price Target to $92.00

NIKE (NYSE:NKE) had its price target reduced by Wells Fargo & Company from $95.00 to $92.00 in a research report sent to investors on Monday morning, MarketBeat Ratings reports. They currently have an overweight rating on the footwear maker’s stock.

Several other analysts also recently weighed in on the stock. TD Cowen dropped their target price on shares of NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a report on Monday, November 18th. Needham & Company LLC began coverage on NIKE in a research note on Friday, November 22nd. They issued a “buy” rating and a $84.00 price objective for the company. Truist Financial raised NIKE from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $97.00 in a research note on Thursday, October 10th. Stifel Nicolaus lowered their target price on NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a report on Monday, August 26th. Finally, Barclays cut their price target on shares of NIKE from $81.00 to $79.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 11th. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $93.15.

NIKE Stock Performance

NYSE NKE opened at $77.21 on Monday. The stock has a fifty day simple moving average of $78.44 and a 200-day simple moving average of $80.95. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The stock has a market cap of $115.77 billion, a PE ratio of 22.12, a P/E/G ratio of 1.93 and a beta of 1.02. NIKE has a twelve month low of $70.75 and a twelve month high of $123.39.

NIKE (NYSE:NKE) last announced its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company had revenue of $11.59 billion during the quarter, compared to analyst estimates of $11.64 billion. During the same quarter last year, the firm posted $0.94 earnings per share. NIKE’s revenue was down 10.4% compared to the same quarter last year. Equities analysts anticipate that NIKE will post 2.73 earnings per share for the current year.

NIKE Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a $0.40 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.07%. This is an increase from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio is presently 45.85%.

Institutional Investors Weigh In On NIKE

Institutional investors have recently added to or reduced their stakes in the business. Loomis Sayles & Co. L P increased its stake in NIKE by 1,209,638.7% in the third quarter. Loomis Sayles & Co. L P now owns 6,508,394 shares of the footwear maker’s stock valued at $575,342,000 after purchasing an additional 6,507,856 shares during the last quarter. State Street Corp boosted its holdings in shares of NIKE by 3.3% in the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after buying an additional 1,862,021 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of NIKE in the 3rd quarter valued at $148,635,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in NIKE during the 3rd quarter worth $144,927,000. Finally, Renaissance Technologies LLC raised its stake in NIKE by 351.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,991,519 shares of the footwear maker’s stock worth $150,101,000 after acquiring an additional 1,550,611 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

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.