NIKE (NYSE:NKE) Trading Down 0.2% - Here's What Happened

NIKE, Inc. (NYSE:NKE - Get Free Report)'s share price traded down 0.2% during trading on Wednesday . The company traded as low as $52.80 and last traded at $53.17. 9,231,418 shares were traded during trading, a decline of 32% from the average session volume of 13,647,384 shares. The stock had previously closed at $53.27.

Analysts Set New Price Targets

A number of analysts have recently weighed in on NKE shares. Citigroup downgraded NIKE from a "buy" rating to a "neutral" rating and cut their target price for the company from $102.00 to $72.00 in a research report on Friday, February 7th. Dbs Bank raised shares of NIKE from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 5th. UBS Group decreased their target price on shares of NIKE from $73.00 to $66.00 and set a "neutral" rating on the stock in a report on Friday, March 21st. Truist Financial cut their price target on shares of NIKE from $90.00 to $82.00 and set a "buy" rating for the company in a report on Friday, March 21st. Finally, Barclays decreased their price objective on shares of NIKE from $79.00 to $70.00 and set an "equal weight" rating on the stock in a research note on Friday, December 20th. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, NIKE currently has a consensus rating of "Moderate Buy" and a consensus target price of $86.19.

NIKE Stock Performance

The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average price of $70.03 and a two-hundred day moving average price of $74.93. The stock has a market capitalization of $80.52 billion, a P/E ratio of 16.80, a price-to-earnings-growth ratio of 2.52 and a beta of 1.15.

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NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business had revenue of $11.27 billion during the quarter, compared to analysts' expectations of $11.02 billion. During the same period last year, the company posted $0.98 earnings per share. The business's quarterly revenue was down 9.1% on a year-over-year basis. On average, equities analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 3rd were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend was Monday, March 3rd. NIKE's payout ratio is 53.16%.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 169,732 shares of the business's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the completion of the sale, the chairman now owns 896,632 shares in the company, valued at $65,301,708.56. The trade was a 15.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert Holmes Swan bought 8,600 shares of the business's stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the completion of the acquisition, the director now owns 31,983 shares in the company, valued at $1,869,726.18. This represents a 36.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP boosted its stake in NIKE by 32.4% during the 4th quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker's stock valued at $2,749,903,000 after purchasing an additional 8,898,591 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of NIKE by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker's stock valued at $1,915,110,000 after purchasing an additional 347,178 shares in the last quarter. Capital World Investors boosted its position in shares of NIKE by 10.3% during the fourth quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock valued at $1,857,389,000 after buying an additional 2,288,627 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in NIKE by 18.1% during the fourth quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker's stock worth $1,541,246,000 after buying an additional 3,121,929 shares in the last quarter. Finally, Norges Bank bought a new stake in NIKE during the fourth quarter worth $1,126,288,000. 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.