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

Truist Financial reaffirmed their buy rating on shares of NIKE (NYSE:NKE) in a research note released on Wednesday morning,Benzinga reports. The firm currently has a $85.00 target price on the footwear maker’s stock.

Several other research analysts also recently weighed in on the stock. Jefferies Financial Group restated a “buy” rating and set a $115.00 price target on shares of NIKE in a research report on Monday, September 29th. Bank of America increased their price objective on shares of NIKE from $80.00 to $84.00 and gave the company a “buy” rating in a report on Friday, June 27th. JPMorgan Chase & Co. increased their price objective on shares of NIKE from $93.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft cut their price objective on shares of NIKE from $77.00 to $71.00 and set a “buy” rating for the company in a report on Friday, June 20th. Finally, UBS Group set a $71.00 price objective on shares of NIKE and gave the company a “neutral” rating in a report on Friday, September 19th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $81.57.

NIKE Stock Down 3.4%

NKE opened at $72.01 on Wednesday. NIKE has a twelve month low of $52.28 and a twelve month high of $84.76. The company has a quick ratio of 1.50, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average price of $74.62 and a 200 day moving average price of $67.31. The company has a market cap of $106.34 billion, a PE ratio of 36.93, a price-to-earnings-growth ratio of 2.75 and a beta of 1.29.

NIKE (NYSE:NKE) last released its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, topping 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 firm had revenue of $11.72 billion during the quarter, compared to the consensus estimate of $10.96 billion. During the same quarter in the prior year, the firm earned $0.70 EPS. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. Sell-side analysts expect that NIKE will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

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

Insider Activity

In other news, Chairman Mark G. Parker sold 86,078 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chairman 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NIKE

Hedge funds have recently made changes to their positions in the stock. Spire Wealth Management boosted its position in shares of NIKE by 4.4% during the 1st quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker’s stock worth $627,000 after purchasing an additional 416 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of NIKE by 0.6% during the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker’s stock worth $69,932,000 after purchasing an additional 5,601 shares during the period. Clal Insurance Enterprises Holdings Ltd purchased a new position in shares of NIKE during the 1st quarter worth approximately $25,963,000. BROOKFIELD Corp ON boosted its position in shares of NIKE by 36.2% during the 1st quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker’s stock worth $41,808,000 after purchasing an additional 175,000 shares during the period. Finally, Olstein Capital Management L.P. boosted its position in shares of NIKE by 42.2% during the 1st quarter. Olstein Capital Management L.P. now owns 91,000 shares of the footwear maker’s stock worth $5,777,000 after purchasing an additional 27,000 shares during the period. Hedge funds and other 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.