NIKE (NYSE:NKE) Price Target Lowered to $61.00 at Morgan Stanley

NIKE (NYSE:NKE) had its price objective decreased by Morgan Stanley from $70.00 to $61.00 in a research report report published on Tuesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the footwear maker’s stock.

Other analysts have also recently issued reports about the company. Truist Financial reduced their target price on NIKE from $90.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Royal Bank Of Canada reduced their price objective on shares of NIKE from $66.00 to $65.00 and set a “sector perform” rating for the company in a research report on Tuesday, May 20th. Robert W. Baird decreased their price objective on shares of NIKE from $105.00 to $99.00 and set an “outperform” rating on the stock in a report on Friday, March 21st. Wells Fargo & Company raised their target price on shares of NIKE from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 14th. Finally, Dbs Bank upgraded shares of NIKE from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Seventeen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $79.93.

NIKE Stock Performance

Shares of NKE stock opened at $60.02 on Tuesday. The company has a fifty day moving average price of $59.57 and a two-hundred day moving average price of $68.42. NIKE has a one year low of $52.28 and a one year high of $98.04. The stock has a market cap of $88.77 billion, a P/E ratio of 19.94, a P/E/G ratio of 2.14 and a beta of 1.21. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.19 and a quick ratio of 1.52.

NIKE (NYSE:NKE) last issued 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 net margin of 9.43% and a return on equity of 32.18%. The business had revenue of $11.27 billion during the quarter, compared to the consensus estimate of $11.02 billion. During the same period last year, the business posted $0.98 EPS. NIKE’s revenue was down 9.1% on a year-over-year basis. As a group, equities analysts predict that NIKE will post 2.05 EPS for the current year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, June 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.67%. NIKE’s payout ratio is 53.16%.

Insider Buying and Selling at NIKE

In other NIKE news, Director Robert Holmes Swan bought 8,600 shares of the business’s stock in a transaction on Friday, April 4th. The stock was purchased at an average cost of $58.46 per share, for a total transaction of $502,756.00. Following the completion of the purchase, the director now directly owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. This trade represents a 36.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On NIKE

A number of institutional investors have recently modified their holdings of the business. Stone House Investment Management LLC bought a new position in NIKE in the first quarter valued at about $25,000. Heck Capital Advisors LLC acquired a new stake in shares of NIKE in the 4th quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA grew its holdings in shares of NIKE by 110.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock valued at $30,000 after purchasing an additional 210 shares during the last quarter. Hopwood Financial Services Inc. acquired a new position in NIKE during the 4th quarter worth approximately $30,000. Finally, Saudi Central Bank acquired a new position in NIKE during the 1st quarter worth approximately $30,000. Institutional investors and hedge funds 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.