NIKE’s (NKE) “Buy” Rating Reiterated at Truist Financial

Truist Financial reissued their buy rating on shares of NIKE (NYSE:NKE) in a report published on Wednesday,Benzinga reports. Truist Financial currently has a $85.00 price target on the footwear maker’s stock.

Several other equities analysts have also recently commented on the stock. Bank of America raised their price target on shares of NIKE from $80.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, June 27th. Zacks Research raised shares of NIKE from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 26th. DZ Bank cut shares of NIKE from a “buy” rating to a “hold” rating and set a $76.00 price objective for the company. in a research report on Thursday, July 10th. Needham & Company LLC restated a “buy” rating and issued a $78.00 price target on shares of NIKE in a research note on Wednesday. Finally, Royal Bank Of Canada upgraded NIKE from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $76.00 to $90.00 in a research note on Thursday, September 18th. Three research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, NIKE has an average rating of “Moderate Buy” and an average price target of $81.57.

NIKE Stock Performance

Shares of NKE stock opened at $72.01 on Wednesday. The company has a quick ratio of 1.50, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. NIKE has a 52 week low of $52.28 and a 52 week high of $84.76. The stock has a market capitalization of $106.34 billion, a PE ratio of 36.93, a P/E/G ratio of 2.75 and a beta of 1.29. The firm has a 50 day moving average of $74.62 and a two-hundred day moving average of $67.31.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.27 by $0.22. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The company had revenue of $11.72 billion during the quarter, compared to analysts’ expectations of $10.96 billion. During the same quarter last year, the company posted $0.70 EPS. The firm’s revenue was up 1.0% compared to the same quarter last year. On average, research analysts predict that NIKE will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.2%. The ex-dividend date was Tuesday, September 2nd. NIKE’s dividend payout ratio (DPR) is currently 82.05%.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 86,078 shares of NIKE stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the sale, the chairman directly owned 744,988 shares in the company, valued at $56,566,938.84. This trade represents a 10.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NIKE

Several hedge funds and other institutional investors have recently bought and sold shares of NKE. Stone House Investment Management LLC acquired a new position in NIKE in the first quarter valued at $25,000. Mascoma Wealth Management LLC acquired a new position in NIKE in the second quarter valued at $26,000. Halbert Hargrove Global Advisors LLC increased its stake in NIKE by 952.6% in the second quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock valued at $28,000 after purchasing an additional 362 shares during the period. Saudi Central Bank acquired a new position in NIKE in the first quarter valued at $30,000. Finally, Matrix Trust Co increased its stake in NIKE by 53.1% in the second quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock valued at $31,000 after purchasing an additional 153 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.