Wells Fargo & Company Issues Pessimistic Forecast for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE) had its price objective cut by Wells Fargo & Company from $90.00 to $85.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the footwear maker’s stock.

Several other research analysts have also issued reports on NKE. Truist Financial dropped their target price on NIKE from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, December 20th. Evercore ISI lowered their price target on NIKE from $105.00 to $97.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Morgan Stanley lowered their price target on NIKE from $72.00 to $70.00 and set an “equal weight” rating for the company in a report on Friday. China Renaissance began coverage on NIKE in a report on Wednesday, March 19th. They issued a “hold” rating for the company. Finally, Robert W. Baird lowered their price target on NIKE from $105.00 to $99.00 and set an “outperform” rating for the company in a report on Friday. Fifteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $87.38.

NIKE Stock Down 5.4 %

Shares of NYSE:NKE opened at $68.02 on Friday. NIKE has a 1 year low of $65.17 and a 1 year high of $98.04. The business has a 50 day simple moving average of $74.70 and a two-hundred day simple moving average of $77.40. The firm has a market capitalization of $100.60 billion, a PE ratio of 20.99, a price-to-earnings-growth ratio of 2.52 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.26. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The business had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. During the same quarter in the previous year, the business earned $0.98 earnings per share. The company’s revenue for the quarter was down 9.1% compared to the same quarter last year. On average, equities analysts predict that NIKE will post 2.05 EPS for the current year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Monday, March 3rd. NIKE’s payout ratio is presently 53.16%.

Insider Transactions at NIKE

In other news, Director John W. Rogers, Jr. bought 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 27th. The shares were purchased at an average cost of $76.65 per share, with a total value of $191,625.00. Following the transaction, the director now directly owns 34,403 shares in the company, valued at approximately $2,636,989.95. The trade was a 7.84 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Mark G. Parker sold 169,732 shares of the company’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the completion of the transaction, the chairman now directly owns 896,632 shares in the company, valued at approximately $65,301,708.56. The trade was a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On NIKE

Several hedge funds have recently made changes to their positions in NKE. JNBA Financial Advisors boosted its holdings in NIKE by 1.3% in the fourth quarter. JNBA Financial Advisors now owns 10,045 shares of the footwear maker’s stock valued at $760,000 after purchasing an additional 131 shares during the last quarter. Frisch Financial Group Inc. boosted its holdings in NIKE by 4.7% in the third quarter. Frisch Financial Group Inc. now owns 3,036 shares of the footwear maker’s stock valued at $269,000 after purchasing an additional 136 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its holdings in NIKE by 0.7% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 20,446 shares of the footwear maker’s stock valued at $1,547,000 after purchasing an additional 136 shares during the last quarter. Elgethun Capital Management boosted its holdings in NIKE by 13.7% in the fourth quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker’s stock valued at $94,000 after purchasing an additional 149 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in NIKE by 1.0% in the fourth quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker’s stock valued at $1,136,000 after purchasing an additional 150 shares during the last quarter. 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.