Citigroup Cuts NIKE (NYSE:NKE) Price Target to $102.00

NIKE (NYSE:NKE) had its price target cut by Citigroup from $115.00 to $102.00 in a report issued on Friday, Benzinga reports. They currently have a buy rating on the footwear maker’s stock.

NKE has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft reaffirmed a buy rating and issued a $115.00 price objective on shares of NIKE in a research note on Thursday, June 13th. Sanford C. Bernstein cut their target price on NIKE from $134.00 to $120.00 and set an outperform rating on the stock in a research report on Friday, March 22nd. JPMorgan Chase & Co. reissued a neutral rating and set a $83.00 target price (down previously from $116.00) on shares of NIKE in a research report on Friday. Raymond James reissued a market perform rating on shares of NIKE in a research report on Friday. Finally, Barclays downgraded NIKE from an overweight rating to an equal weight rating and cut their target price for the company from $109.00 to $80.00 in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $98.96.

NIKE Stock Up 1.9 %

NYSE NKE opened at $76.83 on Friday. The stock’s 50 day moving average is $93.28 and its 200 day moving average is $98.85. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. NIKE has a 12 month low of $74.29 and a 12 month high of $123.39. The stock has a market cap of $115.96 billion, a PE ratio of 20.60, a P/E/G ratio of 1.43 and a beta of 1.01.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The business had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.86 billion. During the same quarter in the previous year, the company posted $0.66 EPS. The company’s revenue was down 1.6% compared to the same quarter last year. Research analysts predict that NIKE will post 3.9 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 3rd were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Monday, June 3rd. NIKE’s dividend payout ratio is 39.68%.

Insiders Place Their Bets

In other NIKE news, EVP Monique S. Matheson sold 45,000 shares of the company’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 44,997 shares in the company, valued at approximately $4,236,917.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other NIKE news, EVP Monique S. Matheson sold 45,000 shares of the company’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 44,997 shares in the company, valued at approximately $4,236,917.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Johanna Nielsen sold 282 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the completion of the sale, the vice president now owns 730 shares of the company’s stock, valued at $68,357.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 213,660 shares of company stock worth $19,946,333. 0.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NIKE

A number of hedge funds have recently made changes to their positions in NKE. Sherbrooke Park Advisers LLC purchased a new stake in shares of NIKE during the 3rd quarter worth $432,000. United Services Automobile Association raised its stake in NIKE by 18.1% in the third quarter. United Services Automobile Association now owns 33,626 shares of the footwear maker’s stock valued at $3,215,000 after buying an additional 5,165 shares during the last quarter. Kidder Stephen W raised its stake in NIKE by 5.3% in the third quarter. Kidder Stephen W now owns 36,552 shares of the footwear maker’s stock valued at $3,495,000 after buying an additional 1,850 shares during the last quarter. Gateway Advisory LLC purchased a new stake in NIKE in the third quarter valued at about $583,000. Finally, Quadrature Capital Ltd raised its stake in NIKE by 80.9% in the third quarter. Quadrature Capital Ltd now owns 1,066,172 shares of the footwear maker’s stock valued at $101,969,000 after buying an additional 476,837 shares during the last quarter. 64.25% of the stock is currently 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.