Barclays Cuts NIKE (NYSE:NKE) Price Target to $53.00

NIKE (NYSE:NKE) had its price objective trimmed by Barclays from $60.00 to $53.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the footwear maker’s stock.

Other equities analysts have also issued reports about the company. Wells Fargo & Company boosted their price target on NIKE from $55.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 14th. Dbs Bank raised NIKE from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their target price on NIKE from $64.00 to $56.00 and set a “neutral” rating on the stock in a research report on Monday, May 5th. Morgan Stanley lowered their target price on NIKE from $70.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $70.00 target price on shares of NIKE in a research report on Tuesday. Seventeen analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.74.

NIKE Price Performance

Shares of NKE opened at $59.78 on Wednesday. NIKE has a 52-week low of $52.28 and a 52-week high of $98.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.52 and a current ratio of 2.19. The business’s 50 day moving average price is $59.78 and its two-hundred day moving average price is $68.09. The firm has a market cap of $88.41 billion, a PE ratio of 19.86, a price-to-earnings-growth ratio of 2.10 and a beta of 1.21.

NIKE (NYSE:NKE) last issued its quarterly 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 return on equity of 32.18% and a net margin of 9.43%. The firm had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same period in the previous year, the firm earned $0.98 earnings per share. The company’s revenue was down 9.1% compared to the same quarter last year. On average, equities analysts anticipate that NIKE will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Monday, June 2nd. NIKE’s dividend payout ratio is presently 53.16%.

Insider Activity

In other news, Director Robert Holmes Swan purchased 8,600 shares of the business’s stock in a transaction dated Friday, April 4th. The stock was bought at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the purchase, the director now owns 31,983 shares of the company’s stock, valued at $1,869,726.18. The trade was a 36.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NKE. Goldman Sachs Group Inc. grew its stake in shares of NIKE by 344.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker’s stock worth $1,694,842,000 after acquiring an additional 20,688,013 shares during the period. Norges Bank bought a new position in NIKE in the 4th quarter worth about $1,126,288,000. Wellington Management Group LLP boosted its stake in NIKE by 24.9% in the 1st quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock worth $2,880,971,000 after purchasing an additional 9,043,180 shares during the period. Jennison Associates LLC bought a new position in NIKE in the 1st quarter worth about $509,051,000. Finally, Nuveen LLC bought a new position in NIKE in the 1st quarter worth about $502,285,000. Institutional investors own 64.25% of the company’s stock.

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.