Royal Bank of Canada Cuts NIKE (NYSE:NKE) Price Target to $75.00

NIKE (NYSE:NKE) had its target price decreased by Royal Bank of Canada from $100.00 to $75.00 in a research note issued to investors on Tuesday, MarketBeat.com reports. Royal Bank of Canada currently has a sector perform rating on the footwear maker’s stock.

Several other equities research analysts have also commented on the stock. Wedbush cut their price target on shares of NIKE from $115.00 to $97.00 and set an outperform rating for the company in a report on Friday, June 28th. Morgan Stanley reissued an equal weight rating and set a $79.00 target price (down previously from $114.00) on shares of NIKE in a research note on Friday, June 28th. Stifel Nicolaus reaffirmed a hold rating and issued a $88.00 price target (down from $117.00) on shares of NIKE in a research note on Friday, June 28th. Evercore ISI lowered their price objective on NIKE from $110.00 to $105.00 and set an outperform rating on the stock in a report on Friday, June 28th. Finally, BMO Capital Markets reduced their target price on NIKE from $118.00 to $100.00 and set an outperform rating for the company in a report on Friday, June 28th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, NIKE presently has a consensus rating of Hold and a consensus target price of $97.19.

NIKE Price Performance

NYSE:NKE opened at $75.24 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. The company has a 50 day moving average price of $92.19 and a 200-day moving average price of $98.06. NIKE has a 1-year low of $74.29 and a 1-year high of $123.39. The firm has a market cap of $113.56 billion, a price-to-earnings ratio of 20.17, a price-to-earnings-growth ratio of 1.85 and a beta of 1.01.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The company had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter in the previous year, the company earned $0.66 earnings per share. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. Equities research analysts forecast that NIKE will post 3.32 EPS for the current year.

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 3rd were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date was Monday, June 3rd. NIKE’s dividend payout ratio (DPR) is 39.68%.

Insider Activity

In related news, VP Johanna Nielsen sold 282 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $93.64, for a total transaction of $26,406.48. Following the transaction, the vice president now owns 730 shares of the company’s stock, valued at approximately $68,357.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total value of $15,682,726.92. Following the completion of the transaction, the chairman now owns 1,102,090 shares in the company, valued at $102,648,662.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Johanna Nielsen sold 282 shares of the stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $93.64, for a total value of $26,406.48. Following the completion of the sale, the vice president now owns 730 shares in the company, valued at $68,357.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 213,660 shares of company stock valued at $19,946,333. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NIKE

Large investors have recently bought and sold shares of the stock. Piscataqua Savings Bank raised its holdings in NIKE by 2.1% in the fourth quarter. Piscataqua Savings Bank now owns 4,861 shares of the footwear maker’s stock valued at $528,000 after acquiring an additional 100 shares in the last quarter. Physicians Financial Services Inc. raised its holdings in shares of NIKE by 0.6% in the 4th quarter. Physicians Financial Services Inc. now owns 16,077 shares of the footwear maker’s stock valued at $1,745,000 after purchasing an additional 100 shares in the last quarter. ZWJ Investment Counsel Inc. lifted its position in shares of NIKE by 4.0% during the 4th quarter. ZWJ Investment Counsel Inc. now owns 2,599 shares of the footwear maker’s stock worth $282,000 after purchasing an additional 100 shares during the last quarter. Kornitzer Capital Management Inc. KS grew its stake in shares of NIKE by 0.4% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 25,568 shares of the footwear maker’s stock worth $2,776,000 after purchasing an additional 100 shares in the last quarter. Finally, Claro Advisors LLC increased its holdings in NIKE by 0.8% in the fourth quarter. Claro Advisors LLC now owns 12,227 shares of the footwear maker’s stock valued at $1,327,000 after buying an additional 101 shares during the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

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.