Royal Bank of Canada Lowers NIKE (NYSE:NKE) Price Target to $75.00

NIKE (NYSE:NKE) had its target price dropped by analysts at Royal Bank of Canada from $100.00 to $75.00 in a report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a “sector perform” rating on the footwear maker’s stock. Royal Bank of Canada’s price objective suggests a potential downside of 0.36% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Wells Fargo & Company dropped their price target on NIKE from $115.00 to $92.00 and set an “overweight” rating on the stock in a research report on Friday, June 28th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $88.00 price target (down from $117.00) on shares of NIKE in a research report on Friday, June 28th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $79.00 price target (down from $114.00) on shares of NIKE in a research report on Friday, June 28th. Oppenheimer reaffirmed an “outperform” rating and issued a $120.00 price target on shares of NIKE in a research report on Friday, June 28th. Finally, Piper Sandler dropped their price target on NIKE from $107.00 to $98.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, NIKE presently has a consensus rating of “Hold” and a consensus target price of $97.19.

NIKE Stock Down 1.0 %

NKE opened at $75.27 on Tuesday. The business has a 50 day moving average price of $92.58 and a 200 day moving average price of $98.22. NIKE has a twelve month low of $74.29 and a twelve month high of $123.39. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. The firm has a market cap of $113.61 billion, a P/E ratio of 20.18, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The firm had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. During the same period in the previous year, the company earned $0.66 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. Research analysts forecast that NIKE will post 3.47 EPS for the current year.

Insider Buying and Selling at NIKE

In other NIKE news, EVP Monique S. Matheson sold 45,000 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the transaction, the executive vice president now owns 44,997 shares of the company’s stock, valued at $4,236,917.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other NIKE news, EVP Monique S. Matheson sold 45,000 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the transaction, the executive vice president now owns 44,997 shares of the company’s stock, valued at $4,236,917.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Mark G. Parker sold 168,378 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total value of $15,682,726.92. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 213,660 shares of company stock valued at $19,946,333. 0.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of NIKE by 0.5% during the first quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock worth $10,342,012,000 after buying an additional 501,792 shares in the last quarter. Capital International Investors boosted its position in NIKE by 34.9% during the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock valued at $2,997,628,000 after purchasing an additional 7,143,775 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in NIKE by 87.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock valued at $1,860,395,000 after purchasing an additional 7,996,434 shares during the last quarter. Norges Bank acquired a new position in NIKE during the fourth quarter valued at approximately $1,315,097,000. Finally, Fisher Asset Management LLC boosted its position in NIKE by 2.3% during the fourth quarter. Fisher Asset Management LLC now owns 9,887,769 shares of the footwear maker’s stock valued at $1,073,515,000 after purchasing an additional 219,091 shares during the last quarter. 64.25% of the stock is currently 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.