Evercore Cuts NIKE (NYSE:NKE) Price Target to $34.00

NIKE (NYSE:NKE) had its target price decreased by Evercore from $46.00 to $34.00 in a report issued on Monday morning.

A number of other equities research analysts also recently commented on the stock. Robert W. Baird set a $44.00 target price on shares of NIKE and gave the stock a “neutral” rating in a research report on Monday, September 14th. UBS Group set a $42.00 price target on NIKE and gave the company a “neutral” rating in a report on Thursday, September 17th. The Goldman Sachs Group dropped their price target on NIKE from $42.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday, September 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of NIKE in a report on Thursday, June 4th. Finally, Benchmark upgraded NIKE to a “hold” rating in a research report on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, twenty-one have assigned a Hold rating and seven have issued a Sell rating to the company’s stock. According to data from MarketBeat, NIKE has a consensus rating of “Hold” and a consensus price target of $46.62.

NIKE Stock Performance

Shares of NKE stock opened at $35.38 on Monday. The company has a quick ratio of 1.36, a current ratio of 1.96 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average price of $39.16 and a 200-day moving average price of $43.07. NIKE has a 52 week low of $35.15 and a 52 week high of $76.97. The firm has a market capitalization of $52.49 billion, a PE ratio of 16.93, a P/E/G ratio of 2.02 and a beta of 1.10.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.09. The company had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.85 billion. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.14 earnings per share. As a group, equities research analysts expect that NIKE will post 1.64 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be given a $0.41 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $1.64 annualized dividend and a yield of 4.6%. NIKE’s dividend payout ratio (DPR) is presently 78.47%.

Insider Buying and Selling at NIKE

In related news, EVP Philip McCartney sold 2,559 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $37.59, for a total value of $96,192.81. Following the transaction, the executive vice president directly owned 78,121 shares of the company’s stock, valued at approximately $2,936,568.39. This trade represents a 3.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Matthew Friend sold 2,463 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $41.60, for a total value of $102,460.80. Following the completion of the transaction, the chief financial officer directly owned 82,165 shares in the company, valued at approximately $3,418,064. This represents a 2.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 14,974 shares of company stock worth $600,126. 1.10% of the stock is owned by insiders.

Institutional Trading of NIKE

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. QRG Capital Management Inc. raised its stake in shares of NIKE by 8.5% in the second quarter. QRG Capital Management Inc. now owns 106,883 shares of the footwear maker’s stock worth $4,388,000 after buying an additional 8,338 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of NIKE by 214.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 32,596 shares of the footwear maker’s stock valued at $1,338,000 after acquiring an additional 22,215 shares during the period. Envestnet Asset Management Inc. increased its holdings in NIKE by 98.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,202,581 shares of the footwear maker’s stock worth $90,416,000 after acquiring an additional 1,092,282 shares in the last quarter. State Street Corp increased its holdings in NIKE by 6.8% in the 2nd quarter. State Street Corp now owns 63,598,789 shares of the footwear maker’s stock worth $2,636,104,000 after acquiring an additional 4,052,428 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in NIKE by 1.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 640,889 shares of the footwear maker’s stock worth $26,308,000 after acquiring an additional 11,884 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

More NIKE News

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: Record short interest of approximately 87 million shares could provide a potential short squeeze if Nike delivers a substantial earnings or outlook surprise. NKE Ticks Higher Ahead of Q1
• Positive Sentiment: Jefferies believes Nike could beat first-quarter expectations, while November’s investor day may provide additional details on the company’s recovery strategy. Jefferies Bets on Nike’s Recovery
• Neutral Sentiment: Consensus expectations call for roughly $0.44 in EPS and $11.34 billion in revenue, with investors focused on China sales, margins, inventory, retailer orders, and management’s guidance. Prediction markets imply limited confidence in a strong earnings beat. Nike Stock Seen Sinking Further After Q1 Earnings
• Negative Sentiment: Analysts have reduced price targets ahead of the report, including RBC’s cut from $45 to $40, and several expect conservative guidance. The cautious setup reflects weak China demand, intense competition, retailer order pullbacks, and a turnaround viewed as progressing too slowly. Nike Likely to Issue Conservative Guidance
• Negative Sentiment: Nike is overhauling its China strategy to reduce discounting and rebuild its premium positioning, but the transition may weigh on near-term sales. Investors also expect year-over-year declines in first-quarter revenue and EPS, keeping downside risk elevated if results or guidance disappoint. Nike Overhauls Its China Strategy

NIKE Company Profile

NIKE, Inc is a global sportswear company that designs, develops, markets and sells athletic footwear, apparel, equipment, accessories and related services. Its products are marketed under the NIKE, Jordan and Converse brands and are used across a broad range of sports and lifestyle activities, including running, basketball, football, training and outdoor pursuits.

The company distributes its products through a combination of wholesale partners, NIKE-owned retail stores and digital platforms.