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

NIKE (NYSE:NKE) had its target price trimmed by Truist Financial from $97.00 to $90.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a buy rating on the footwear maker’s stock.

Several other research firms have also commented on NKE. Daiwa America lowered shares of NIKE from a “moderate buy” rating to a “hold” rating in a report on Wednesday, September 11th. Wells Fargo & Company decreased their price target on shares of NIKE from $95.00 to $92.00 and set an “overweight” rating for the company in a research report on Monday, December 16th. Robert W. Baird increased their price target on NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Evercore ISI reduced their price objective on NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. lowered their target price on NIKE from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Monday, December 2nd. Fifteen investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $89.77.

NIKE Stock Down 0.2 %

Shares of NKE opened at $76.94 on Friday. NIKE has a fifty-two week low of $70.75 and a fifty-two week high of $123.30. The company’s fifty day moving average is $78.07 and its two-hundred day moving average is $80.65. The firm has a market cap of $115.36 billion, a PE ratio of 22.05, a price-to-earnings-growth ratio of 1.89 and a beta of 1.02. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.15. The firm had revenue of $12.35 billion for the quarter, compared to analysts’ expectations of $12.11 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.03 earnings per share. Analysts forecast that NIKE will post 2.72 earnings per share for the current year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a dividend of $0.40 per share. This is an increase from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend is Monday, December 2nd. NIKE’s dividend payout ratio is presently 45.85%.

Institutional Trading of NIKE

Hedge funds have recently bought and sold shares of the company. State Street Corp grew its holdings in NIKE by 3.3% in the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock worth $5,140,796,000 after buying an additional 1,862,021 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of NIKE by 5.1% in the third quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock worth $2,425,886,000 after purchasing an additional 1,343,093 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of NIKE by 1.0% during the third quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock valued at $2,204,451,000 after purchasing an additional 251,411 shares during the period. Legal & General Group Plc raised its stake in shares of NIKE by 5.5% during the second quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock valued at $832,785,000 after purchasing an additional 571,544 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in NIKE by 6.0% in the third quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock worth $910,801,000 after purchasing an additional 583,207 shares during the period. 64.25% of the stock is currently owned by institutional investors.

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.