NIKE (NYSE:NKE) Given New $65.00 Price Target at Royal Bank of Canada

NIKE (NYSE:NKE) had its target price lowered by Royal Bank of Canada from $66.00 to $65.00 in a report released on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the footwear maker’s stock.

NKE has been the topic of several other reports. Citigroup dropped their price objective on shares of NIKE from $72.00 to $57.00 and set a “neutral” rating on the stock in a report on Monday, April 28th. UBS Group lowered their price target 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. Barclays reduced their price objective on NIKE from $70.00 to $60.00 and set an “equal weight” rating for the company in a research note on Monday, May 12th. The Goldman Sachs Group decreased their price objective on NIKE from $88.00 to $72.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Finally, Robert W. Baird dropped their target price on NIKE from $105.00 to $99.00 and set an “outperform” rating on the stock in a report on Friday, March 21st. Seventeen analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $80.26.

NIKE Price Performance

Shares of NKE stock opened at $62.49 on Tuesday. The stock’s 50-day moving average is $60.63 and its 200 day moving average is $70.49. NIKE has a 1-year low of $52.28 and a 1-year high of $98.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. The company has a market cap of $92.43 billion, a P/E ratio of 19.29, a PEG ratio of 2.52 and a beta of 1.23.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.26. The business had revenue of $11.27 billion for the quarter, compared to the consensus estimate of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The business’s quarterly revenue was down 9.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 earnings per share. Research analysts predict that NIKE will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Monday, June 2nd. NIKE’s dividend payout ratio is 53.16%.

Insider Transactions at NIKE

In related news, 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 cost of $58.46 per share, for a total transaction of $502,756.00. Following the purchase, the director now directly owns 31,983 shares in the company, valued at $1,869,726.18. This trade represents a 36.78% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NIKE

A number of hedge funds and other institutional investors have recently made changes to their positions in NKE. Park Avenue Securities LLC boosted its stake in NIKE by 38.1% in the fourth quarter. Park Avenue Securities LLC now owns 14,899 shares of the footwear maker’s stock valued at $1,127,000 after acquiring an additional 4,107 shares during the last quarter. Aaron Wealth Advisors LLC lifted its stake in shares of NIKE by 12.4% in the 4th quarter. Aaron Wealth Advisors LLC now owns 4,474 shares of the footwear maker’s stock valued at $339,000 after purchasing an additional 492 shares during the period. Zhang Financial LLC boosted its position in shares of NIKE by 30.3% in the 4th quarter. Zhang Financial LLC now owns 10,897 shares of the footwear maker’s stock worth $825,000 after purchasing an additional 2,531 shares during the last quarter. Addenda Capital Inc. boosted its position in shares of NIKE by 11.6% in the 4th quarter. Addenda Capital Inc. now owns 171,507 shares of the footwear maker’s stock worth $13,040,000 after purchasing an additional 17,824 shares during the last quarter. Finally, Ballentine Partners LLC grew its stake in shares of NIKE by 2.4% during the fourth quarter. Ballentine Partners LLC now owns 24,207 shares of the footwear maker’s stock worth $1,832,000 after purchasing an additional 569 shares during the period. 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.