Morgan Stanley Cuts NIKE (NYSE:NKE) Price Target to $74.00

NIKE (NYSE:NKE - Free Report) had its price target cut by Morgan Stanley from $80.00 to $74.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an equal weight rating on the footwear maker's stock.

A number of other analysts have also weighed in on NKE. Truist Financial upgraded shares of NIKE from a "hold" rating to a "buy" rating and raised their target price for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. JPMorgan Chase & Co. cut their price objective on NIKE from $77.00 to $73.00 and set a "neutral" rating on the stock in a report on Monday, December 2nd. Stifel Nicolaus lowered their target price on NIKE from $88.00 to $79.00 and set a "hold" rating for the company in a report on Monday, August 26th. Robert W. Baird lifted their price target on NIKE from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, September 20th. Finally, TD Cowen lowered their price objective on NIKE from $78.00 to $73.00 and set a "hold" rating for the company in a research note on Monday, November 18th. Fifteen investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $89.77.

NIKE Price Performance

Shares of NKE stock traded down $0.16 during trading hours on Friday, reaching $76.94. The company's stock had a trading volume of 49,808,547 shares, compared to its average volume of 11,716,173. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. NIKE has a fifty-two week low of $70.75 and a fifty-two week high of $123.30. The company has a market capitalization of $115.36 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 1.89 and a beta of 1.02. The firm's 50 day simple moving average is $78.18 and its 200-day simple moving average is $80.77.

NIKE (NYSE:NKE - Get Free Report) last released its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.15. The firm had revenue of $12.35 billion for the quarter, compared to analysts' expectations of $12.11 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. During the same quarter in the previous year, the business posted $1.03 earnings per share. The business's revenue for the quarter was down 7.7% on a year-over-year basis. Sell-side analysts forecast that NIKE will post 2.72 earnings per share for the current year.

NIKE Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, December 2nd. This is a positive change from NIKE's previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 2.08%. NIKE's dividend payout ratio is currently 45.85%.

Institutional Investors Weigh In On NIKE

Several hedge funds and other institutional investors have recently bought and sold shares of NKE. Teachers Insurance & Annuity Association of America bought a new stake in NIKE during the 3rd quarter valued at $30,000. VitalStone Financial LLC increased its position in shares of NIKE by 52.6% during the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker's stock worth $38,000 after acquiring an additional 150 shares in the last quarter. Dunhill Financial LLC lifted its position in NIKE by 52.2% in the 3rd quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker's stock valued at $44,000 after acquiring an additional 169 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in NIKE in the 2nd quarter valued at about $48,000. Finally, Ecofi Investissements SA acquired a new position in NIKE during the 2nd quarter valued at about $49,000. 64.25% of the stock is owned by institutional investors.

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.