NIKE (NYSE:NKE) Price Target Lowered to $57.00 at Evercore

NIKE (NYSE:NKE) had its target price reduced by Evercore from $69.00 to $57.00 in a report issued on Wednesday morning,MarketScreener reports. They currently have an outperform rating on the footwear maker’s stock.

Other analysts also recently issued reports about the company. Jefferies Financial Group cut their price objective on NIKE from $110.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday. Barclays decreased their target price on shares of NIKE from $73.00 to $67.00 and set an “overweight” rating on the stock in a research report on Wednesday. DZ Bank reaffirmed a “buy” rating on shares of NIKE in a research note on Friday, December 19th. Citigroup dropped their price target on shares of NIKE from $65.00 to $53.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Bank of America reissued a “neutral” rating and issued a $55.00 price target (down from $73.00) on shares of NIKE in a research note on Wednesday. Nineteen investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.43.

NIKE Trading Down 15.3%

Shares of NIKE stock opened at $44.72 on Wednesday. The firm has a market capitalization of $66.21 billion, a price-to-earnings ratio of 29.62, a PEG ratio of 2.78 and a beta of 1.31. NIKE has a fifty-two week low of $44.56 and a fifty-two week high of $80.17. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.40 and a current ratio of 2.06. The stock has a 50 day moving average of $59.27 and a 200 day moving average of $63.53.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, March 31st. The footwear maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. NIKE had a return on equity of 16.56% and a net margin of 4.84%.The company had revenue of $11.28 billion for the quarter, compared to the consensus estimate of $11.23 billion. During the same quarter in the previous year, the business earned $0.54 earnings per share. The company’s revenue for the quarter was up .1% on a year-over-year basis. As a group, research analysts predict that NIKE will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Monday, March 2nd were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Monday, March 2nd. NIKE’s dividend payout ratio (DPR) is 96.47%.

Institutional Trading of NIKE

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Main Street Financial Solutions LLC boosted its stake in shares of NIKE by 4.2% in the second quarter. Main Street Financial Solutions LLC now owns 3,441 shares of the footwear maker’s stock valued at $244,000 after purchasing an additional 139 shares during the period. St. Clair Advisors LLC increased its stake in NIKE by 0.9% during the 3rd quarter. St. Clair Advisors LLC now owns 15,217 shares of the footwear maker’s stock worth $1,061,000 after buying an additional 140 shares during the period. Spirepoint Private Client LLC increased its stake in NIKE by 0.4% during the 3rd quarter. Spirepoint Private Client LLC now owns 36,140 shares of the footwear maker’s stock worth $2,520,000 after buying an additional 153 shares during the period. Diligent Investors LLC lifted its holdings in NIKE by 4.3% during the 4th quarter. Diligent Investors LLC now owns 3,719 shares of the footwear maker’s stock worth $237,000 after buying an additional 153 shares in the last quarter. Finally, CVA Family Office LLC lifted its holdings in NIKE by 8.0% during the 3rd quarter. CVA Family Office LLC now owns 2,113 shares of the footwear maker’s stock worth $147,000 after buying an additional 156 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Key NIKE News

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: Q3 beat on the headlines — NIKE reported $11.28B in revenue and $0.35 EPS, modestly above consensus, showing the turnaround program is producing some topline stability and earnings beats. Business Wire: NIKE Q3 release
• Positive Sentiment: Product and regional pockets of strength — North America and running categories showed improvement, supporting management’s claim that parts of the turnaround are working. Reuters: Q3 sales beat
• Neutral Sentiment: Mixed analyst reaction — Several firms cut price targets and ratings while others reaffirmed buys; the street is divided on timing and magnitude of the recovery. Expect more target revisions as guidance is digested. Benzinga: analyst cuts
• Negative Sentiment: Weak guidance is the main driver — NIKE guided Q4 revenue lower (management now expects a decline rather than growth), signaling the turnaround will take longer and removing near?term certainty. CNBC: guidance and turnaround outlook
• Negative Sentiment: China slump — management projects a sharp drop in Greater China sales (around the guidance window), worsening a key market and pressuring revenue and margin recovery. Invezz: China sales impact
• Negative Sentiment: Margin and cost headwinds — tariffs, promotions and inventory cleanup weighed on gross margin and guidance for margin recovery is delayed, increasing near?term earnings risk. Zacks: margin pressures
• Negative Sentiment: Market reaction and analyst downgrades — heavy trading, multiple price?target cuts and downgrades accelerated the selloff and pushed the stock to multi?year/52?week lows. Investopedia: stock reaction

NIKE Company Profile

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).