NIKE (NYSE:NKE) Stock Price Down 6.4% Following Analyst Downgrade

NIKE, Inc. (NYSE:NKE)’s stock price dropped 6.4% during mid-day trading on Wednesday after Barclays lowered their price target on the stock from $84.00 to $81.00. Barclays currently has an equal weight rating on the stock. NIKE traded as low as $81.77 and last traded at $83.41. Approximately 13,742,170 shares traded hands during mid-day trading, an increase of 18% from the average daily volume of 11,643,338 shares. The stock had previously closed at $89.13.

Other analysts have also issued reports about the company. Oppenheimer restated an “outperform” rating and issued a $120.00 price target on shares of NIKE in a report on Friday, June 28th. JPMorgan Chase & Co. cut their target price on NIKE from $80.00 to $77.00 and set a “neutral” rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft decreased their price target on shares of NIKE from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Wednesday. Evercore ISI cut their price objective on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Jefferies Financial Group raised their target price on shares of NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Monday. Fifteen investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, NIKE presently has an average rating of “Moderate Buy” and an average price target of $96.04.

Insiders Place Their Bets

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

Institutional Trading of NIKE

A number of hedge funds have recently made changes to their positions in the company. Annapolis Financial Services LLC raised its holdings in NIKE by 440.0% in the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after buying an additional 220 shares during the last quarter. True Wealth Design LLC raised its stake 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 valued at $32,000 after acquiring an additional 150 shares during the last quarter. Core Wealth Advisors Inc. raised its stake 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 valued at $33,000 after acquiring an additional 241 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new position in shares of NIKE during the fourth quarter worth $33,000. Finally, Pineridge Advisors LLC bought a new stake in shares of NIKE in the fourth quarter worth $38,000. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Stock Down 1.2 %

The firm has a market capitalization of $123.93 billion, a price-to-earnings ratio of 22.01, a P/E/G ratio of 2.30 and a beta of 1.02. 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 stock has a fifty day moving average of $80.71 and a two-hundred day moving average of $86.36.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The company had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $11.64 billion. During the same period last year, the company earned $0.94 earnings per share. The firm’s revenue was down 10.4% compared to the same quarter last year. Sell-side analysts anticipate that NIKE, Inc. will post 3.04 earnings per share for the current year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend was Tuesday, September 3rd. NIKE’s dividend payout ratio (DPR) is presently 39.68%.

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.