Truist Financial Cuts NIKE (NYSE:NKE) Price Target to $90.00

NIKE (NYSE:NKE) had its price objective cut by Truist Financial from $97.00 to $90.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a buy rating on the footwear maker’s stock.

Other equities research analysts have also recently issued reports about the company. Guggenheim decreased their price target on NIKE from $115.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, October 2nd. Piper Sandler reissued a “neutral” rating and set a $80.00 price target on shares of NIKE in a research report on Friday, September 20th. Bank of America reduced their price target on NIKE from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Friday. Evercore ISI lowered their target price on shares of NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, Robert W. Baird increased their target price on NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Fifteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and an average target price of $89.77.

NIKE Stock Down 0.2 %

Shares of NIKE stock opened at $76.94 on Friday. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. The company has a market cap of $115.36 billion, a P/E ratio of 22.05, a PEG ratio of 1.89 and a beta of 1.02. The firm’s 50 day moving average price is $78.07 and its 200-day moving average price is $80.55. NIKE has a 52-week low of $70.75 and a 52-week high of $123.30.

NIKE (NYSE:NKE) last released its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.15. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The business had revenue of $12.35 billion for the quarter, compared to analyst estimates of $12.11 billion. During the same period in the previous year, the company earned $1.03 earnings per share. The business’s revenue for the quarter was down 7.7% on a year-over-year basis. On average, sell-side analysts predict that NIKE will post 2.72 EPS for the current fiscal year.

NIKE Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Monday, December 2nd. This is a positive change from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio is 45.85%.

Institutional Trading of NIKE

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Tempus Wealth Planning LLC boosted its position in shares of NIKE by 9.6% during the 2nd quarter. Tempus Wealth Planning LLC now owns 3,969 shares of the footwear maker’s stock worth $299,000 after purchasing an additional 347 shares during the period. AMG National Trust Bank grew its stake in shares of NIKE by 55.6% in the second quarter. AMG National Trust Bank now owns 22,416 shares of the footwear maker’s stock valued at $1,689,000 after buying an additional 8,012 shares in the last quarter. Capital Advisors Ltd. LLC grew its stake in shares of NIKE by 39.8% in the second quarter. Capital Advisors Ltd. LLC now owns 3,386 shares of the footwear maker’s stock valued at $255,000 after buying an additional 964 shares in the last quarter. IMA Advisory Services Inc. acquired a new position in NIKE during the 2nd quarter worth about $1,849,000. Finally, Patten Group Inc. boosted its holdings in NIKE by 7.2% during the 2nd quarter. Patten Group Inc. now owns 9,330 shares of the footwear maker’s stock valued at $703,000 after acquiring an additional 623 shares during the period. 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.