Barclays Has Lowered Expectations for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE - Free Report) had its price target reduced by Barclays from $79.00 to $70.00 in a report released on Friday,Benzinga reports. They currently have an equal weight rating on the footwear maker's stock.

Several other research firms also recently commented on NKE. Piper Sandler reaffirmed a "neutral" rating and issued a $80.00 price objective on shares of NIKE in a research note on Friday, September 20th. Guggenheim decreased their target price on shares of NIKE from $115.00 to $110.00 and set a "buy" rating on the stock in a research note on Wednesday, October 2nd. Bank of America dropped their price target on shares of NIKE from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Friday. TD Cowen decreased their price objective on shares of NIKE from $78.00 to $73.00 and set a "hold" rating on the stock in a research report on Monday, November 18th. Finally, JPMorgan Chase & Co. cut their price target 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 research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, NIKE presently has an average rating of "Moderate Buy" and an average target price of $89.77.

NIKE Stock Performance

NYSE:NKE traded down $0.16 on Friday, hitting $76.94. The stock had a trading volume of 49,808,547 shares, compared to its average volume of 11,716,173. NIKE has a 52-week low of $70.75 and a 52-week high of $123.30. The stock has a market cap of $115.36 billion, a price-to-earnings 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. The business's 50-day simple moving average is $78.07 and its two-hundred day simple moving average is $80.65.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings data on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.15. The company had revenue of $12.35 billion for the quarter, compared to the consensus estimate of $12.11 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The firm's revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.03 earnings per share. As a group, research analysts predict that NIKE will post 2.72 earnings per share for the current year.

NIKE Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be given a $0.40 dividend. The ex-dividend date of this dividend is Monday, December 2nd. 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%. NIKE's dividend payout ratio (DPR) is currently 45.85%.

Hedge Funds Weigh In On NIKE

Large investors have recently made changes to their positions in the company. ING Groep NV purchased a new position in shares of NIKE during the third quarter valued at approximately $29,628,000. Cordatus Wealth Management LLC lifted its stake in shares of NIKE by 19.5% during the 3rd quarter. Cordatus Wealth Management LLC now owns 41,510 shares of the footwear maker's stock worth $3,669,000 after acquiring an additional 6,778 shares during the last quarter. Bristlecone Advisors LLC boosted its holdings in NIKE by 14.3% during the 3rd quarter. Bristlecone Advisors LLC now owns 93,521 shares of the footwear maker's stock valued at $8,267,000 after acquiring an additional 11,665 shares during the period. Coldstream Capital Management Inc. grew its position in NIKE by 62.3% in the 3rd quarter. Coldstream Capital Management Inc. now owns 121,279 shares of the footwear maker's stock valued at $10,347,000 after acquiring an additional 46,567 shares during the last quarter. Finally, Investment Management Corp of Ontario increased its stake in NIKE by 49.4% in the third quarter. Investment Management Corp of Ontario now owns 40,238 shares of the footwear maker's stock worth $3,557,000 after purchasing an additional 13,300 shares during the period. 64.25% of the stock is owned by hedge funds and other 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.