NIKE (NYSE:NKE) Given New $60.00 Price Target at Wells Fargo & Company

NIKE (NYSE:NKE) had its price objective boosted by Wells Fargo & Company from $55.00 to $60.00 in a research report released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the footwear maker’s stock.

Several other research firms have also issued reports on NKE. The Goldman Sachs Group lowered their target price on shares of NIKE from $88.00 to $72.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Truist Financial decreased 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. Cfra Research raised shares of NIKE to a “moderate buy” rating in a research note on Friday, March 21st. Royal Bank of Canada decreased their price objective on shares of NIKE from $67.00 to $66.00 and set a “sector perform” rating for the company in a research note on Friday, March 21st. Finally, Citigroup decreased their price objective on shares of NIKE from $72.00 to $57.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. Seventeen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.30.

NIKE Price Performance

NKE stock opened at $61.77 on Wednesday. NIKE has a 52 week low of $52.28 and a 52 week high of $98.04. 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 has a fifty day simple moving average of $61.57 and a two-hundred day simple moving average of $70.96. The firm has a market capitalization of $91.37 billion, a P/E ratio of 19.06, a price-to-earnings-growth ratio of 2.52 and a beta of 1.23.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $11.02 billion. During the same quarter last year, the business earned $0.98 earnings per share. NIKE’s quarterly revenue was down 9.1% compared to the same quarter last year. Analysts anticipate that NIKE will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders 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 dividend yield of 2.59%. The ex-dividend date is Monday, June 2nd. NIKE’s payout ratio is presently 53.16%.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 169,732 shares of the company’s stock in a transaction 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 transaction, the chairman now directly owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. This represents a 15.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert Holmes Swan acquired 8,600 shares of the company’s stock in a transaction dated Friday, April 4th. The shares were bought 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 directly owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. The trade was a 36.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On NIKE

A number of large investors have recently made changes to their positions in NKE. Goldman Sachs Group Inc. grew its holdings in shares of NIKE by 344.2% during the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker’s stock valued at $1,694,842,000 after buying an additional 20,688,013 shares during the last quarter. Norges Bank purchased a new stake in NIKE in the fourth quarter valued at $1,126,288,000. Wellington Management Group LLP boosted its holdings in NIKE by 24.9% in the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock valued at $2,880,971,000 after purchasing an additional 9,043,180 shares during the last quarter. Jennison Associates LLC purchased a new stake in NIKE in the first quarter valued at $509,051,000. Finally, Nuveen LLC purchased a new stake in NIKE in the first quarter valued at $502,285,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

About NIKE

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.