NIKE (NYSE:NKE) Receives New Coverage from Analysts at Royal Bank of Canada

Royal Bank of Canada initiated coverage on shares of NIKE (NYSE:NKEGet Rating) in a research report report published on Thursday morning, The Fly reports. The brokerage issued an outperform rating and a $125.00 target price on the footwear maker’s stock.

Other equities analysts have also issued research reports about the stock. Cowen dropped their target price on shares of NIKE from $127.00 to $124.00 and set an outperform rating on the stock in a report on Monday, September 12th. Piper Sandler began coverage on shares of NIKE in a report on Wednesday, August 3rd. They issued a neutral rating and a $115.00 target price on the stock. Credit Suisse Group set a $130.00 target price on shares of NIKE in a report on Wednesday, June 29th. Wells Fargo & Company dropped their target price on shares of NIKE from $150.00 to $130.00 and set an overweight rating on the stock in a report on Tuesday, June 28th. Finally, BMO Capital Markets dropped their target price on shares of NIKE from $142.00 to $128.00 and set an outperform rating on the stock in a report on Tuesday, June 28th. Eleven investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $132.77.

NIKE Price Performance

Shares of NYSE:NKE opened at $98.55 on Thursday. The firm has a market cap of $154.58 billion, a PE ratio of 26.21, a price-to-earnings-growth ratio of 2.17 and a beta of 1.03. The firm’s fifty day moving average is $109.72 and its 200-day moving average is $115.81. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.84 and a current ratio of 2.63. NIKE has a 52 week low of $97.83 and a 52 week high of $179.10.

NIKE (NYSE:NKEGet Rating) last issued its quarterly earnings results on Monday, June 27th. The footwear maker reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.09. The company had revenue of $12.20 billion for the quarter, compared to analyst estimates of $12.10 billion. NIKE had a net margin of 12.94% and a return on equity of 40.74%. NIKE’s revenue was down .8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 earnings per share. Sell-side analysts predict that NIKE will post 3.78 earnings per share for the current year.

NIKE announced that its Board of Directors has initiated a share buyback program on Monday, June 27th that permits the company to repurchase $18.00 billion in shares. This repurchase authorization permits the footwear maker to purchase up to 11% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Tuesday, September 6th will be given a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Friday, September 2nd. NIKE’s payout ratio is 32.45%.

Insiders Place Their Bets

In other news, CFO Matthew Friend sold 4,139 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $113.42, for a total transaction of $469,445.38. Following the completion of the sale, the chief financial officer now owns 56,539 shares in the company, valued at approximately $6,412,653.38. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other NIKE news, CFO Matthew Friend sold 4,139 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $113.42, for a total value of $469,445.38. Following the completion of the sale, the chief financial officer now directly owns 56,539 shares of the company’s stock, valued at $6,412,653.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Andrew Campion sold 5,922 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $113.42, for a total value of $671,673.24. Following the completion of the sale, the chief operating officer now directly owns 75,295 shares of the company’s stock, valued at $8,539,958.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,561 shares of company stock valued at $6,374,094. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of NIKE

Large investors have recently bought and sold shares of the company. Evergreen Capital Management LLC boosted its holdings in shares of NIKE by 7.6% in the first quarter. Evergreen Capital Management LLC now owns 104,831 shares of the footwear maker’s stock worth $14,106,000 after acquiring an additional 7,415 shares during the period. CWM LLC boosted its holdings in shares of NIKE by 12.5% in the first quarter. CWM LLC now owns 17,836 shares of the footwear maker’s stock worth $2,400,000 after acquiring an additional 1,986 shares during the period. Evanson Asset Management LLC boosted its holdings in shares of NIKE by 33.3% in the second quarter. Evanson Asset Management LLC now owns 2,403 shares of the footwear maker’s stock worth $246,000 after acquiring an additional 600 shares during the period. WealthPLAN Partners LLC boosted its holdings in shares of NIKE by 4.8% in the first quarter. WealthPLAN Partners LLC now owns 2,747 shares of the footwear maker’s stock worth $343,000 after acquiring an additional 126 shares during the period. Finally, Executive Wealth Management LLC boosted its holdings in shares of NIKE by 4.2% in the first quarter. Executive Wealth Management LLC now owns 11,937 shares of the footwear maker’s stock worth $1,606,000 after acquiring an additional 476 shares during the period. 64.19% of the stock is owned by hedge funds and other institutional investors.

NIKE Company Profile

(Get Rating)

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells men's, women's, and kids athletic footwear, apparel, equipment, and accessories 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.

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