NIKE (NYSE:NKE) Shares Up 5.4% on Analyst Upgrade

NIKE, Inc. (NYSE:NKE)’s stock price traded up 5.4% during trading on Friday after Truist Financial raised their price target on the stock from $81.00 to $85.00. Truist Financial currently has a hold rating on the stock. NIKE traded as high as $88.00 and last traded at $85.36. 20,408,793 shares changed hands during mid-day trading, an increase of 80% from the average session volume of 11,332,746 shares. The stock had previously closed at $80.98.

Several other brokerages have also recently weighed in on NKE. Evercore ISI upped their price objective on shares of NIKE from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Friday. Bank of America decreased their price target on NIKE from $113.00 to $104.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. StockNews.com downgraded NIKE from a “buy” rating to a “hold” rating in a research report on Friday, June 21st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $92.00 target price on shares of NIKE in a report on Friday. Finally, UBS Group reaffirmed a “neutral” rating and issued a $78.00 price target on shares of NIKE in a report on Friday, June 28th. Fifteen research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, NIKE has an average rating of “Moderate Buy” and a consensus target price of $96.15.

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction dated 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 transaction, the chairman now directly owns 1,031,226 shares in the company, valued at approximately $80,435,628. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the transaction, 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 is available at the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

Several institutional investors have recently modified their holdings of the business. Annapolis Financial Services LLC raised its holdings in NIKE by 440.0% during the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock worth $25,000 after buying an additional 220 shares during the period. True Wealth Design LLC increased its position 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 acquiring an additional 150 shares in the last quarter. Core Wealth Advisors Inc. raised its holdings in shares of NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after acquiring an additional 241 shares during the period. Frank Rimerman Advisors LLC bought a new stake in NIKE in the 4th quarter valued at $33,000. Finally, Gold Investment Management Ltd. acquired a new position in NIKE in the 4th quarter worth $36,000. Institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

The stock has a fifty day simple moving average of $78.11 and a 200-day simple moving average of $87.06. The stock has a market cap of $130.59 billion, a P/E ratio of 23.20, a PEG ratio of 2.08 and a beta of 1.02. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. The business had revenue of $12.60 billion during the quarter, compared to the consensus estimate of $12.86 billion. NIKE had a return on equity of 42.63% and a net margin of 11.10%. NIKE’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the company earned $0.66 earnings per share. On average, equities analysts expect that NIKE, Inc. will post 3.06 earnings per share for the current year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Tuesday, September 3rd. NIKE’s dividend payout ratio is presently 39.68%.

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.