NIKE (NYSE:NKE) Trading Down 3.4% Following Analyst Downgrade

NIKE, Inc. (NYSE:NKE - Get Free Report)'s stock price dropped 3.4% during trading on Monday after The Goldman Sachs Group lowered their price target on the stock from $88.00 to $72.00. The Goldman Sachs Group currently has a buy rating on the stock. NIKE traded as low as $53.95 and last traded at $53.87. Approximately 3,527,371 shares were traded during trading, a decline of 81% from the average daily volume of 18,148,096 shares. The stock had previously closed at $55.76.

A number of other analysts have also weighed in on NKE. Truist Financial reduced their price objective on shares of NIKE from $90.00 to $82.00 and set a "buy" rating for the company in a research note on Friday, March 21st. Stifel Nicolaus dropped their price target on shares of NIKE from $75.00 to $64.00 and set a "hold" rating on the stock in a report on Thursday, April 10th. Guggenheim reiterated a "buy" rating and set a $110.00 price objective on shares of NIKE in a research report on Wednesday, February 12th. Dbs Bank upgraded shares of NIKE from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 5th. Finally, DA Davidson raised shares of NIKE to a "strong-buy" rating in a report on Monday, December 23rd. Sixteen analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $83.19.

Insider Activity at NIKE

In other news, Chairman Mark G. Parker sold 169,732 shares of the company's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the completion of the sale, the chairman now owns 896,632 shares of the company's stock, valued at approximately $65,301,708.56. This represents a 15.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Holmes Swan acquired 8,600 shares of the business's stock in a transaction that occurred on Friday, April 4th. The shares were acquired at an average cost 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 of the company's stock, valued at $1,869,726.18. This trade represents a 36.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.10% of the stock is currently owned by corporate insiders.

Institutional Trading of NIKE

Several hedge funds and other institutional investors have recently made changes to their positions in the business. JNBA Financial Advisors raised its stake in NIKE by 1.3% in the fourth quarter. JNBA Financial Advisors now owns 10,045 shares of the footwear maker's stock valued at $760,000 after buying an additional 131 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its stake in NIKE by 0.7% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 20,446 shares of the footwear maker's stock worth $1,547,000 after purchasing an additional 136 shares in the last quarter. Elgethun Capital Management grew its position in NIKE by 13.7% during the 4th quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker's stock worth $94,000 after purchasing an additional 149 shares during the last quarter. GAMMA Investing LLC increased its stake in NIKE by 1.0% during the 4th quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker's stock valued at $1,136,000 after purchasing an additional 150 shares in the last quarter. Finally, Game Plan Financial Advisors LLC raised its holdings in shares of NIKE by 11.1% in the fourth quarter. Game Plan Financial Advisors LLC now owns 1,500 shares of the footwear maker's stock worth $114,000 after buying an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 64.25% of the company's stock.

NIKE Stock Up 1.0 %

The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. The company's 50 day moving average price is $67.44 and its 200 day moving average price is $73.33. The firm has a market capitalization of $85.78 billion, a price-to-earnings ratio of 17.87, a P/E/G ratio of 2.52 and a beta of 1.15.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.26. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The business had revenue of $11.27 billion for the quarter, compared to the consensus estimate of $11.02 billion. During the same quarter in the previous year, the business earned $0.98 EPS. The company's quarterly revenue was down 9.1% compared to the same quarter last year. As a group, research analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend was Monday, March 3rd. NIKE's dividend payout ratio is presently 53.16%.

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.