JPMorgan Chase & Co. Lowers NIKE (NYSE:NKE) Price Target to $77.00

NIKE (NYSE:NKE) had its price target decreased by stock analysts at JPMorgan Chase & Co. from $80.00 to $77.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the footwear maker’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 6.22% from the company’s current price.

NKE has been the subject of a number of other reports. Wells Fargo & Company lifted their target price on NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, September 20th. Royal Bank of Canada lowered their price objective on NIKE from $85.00 to $82.00 and set a “sector perform” rating for the company in a research note on Wednesday. Evercore ISI dropped their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a research report on Wednesday. BMO Capital Markets reduced their price target on shares of NIKE from $118.00 to $100.00 and set an “outperform” rating for the company in a report on Friday, June 28th. Finally, The Goldman Sachs Group dropped their price objective on shares of NIKE from $118.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Fifteen research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $96.04.

NIKE Stock Performance

NKE stock opened at $82.11 on Wednesday. The stock’s 50 day simple moving average is $80.71 and its 200 day simple moving average is $86.36. NIKE has a 12-month low of $70.75 and a 12-month high of $123.39. The firm has a market cap of $123.93 billion, a P/E ratio of 22.01, a P/E/G ratio of 2.30 and a beta of 1.02. 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 (NYSE:NKE) last issued its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The company had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $11.64 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The firm’s revenue was down 10.4% compared to the same quarter last year. As a group, equities research analysts predict that NIKE will post 3.04 EPS for the current year.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the transaction, the chairman now directly owns 1,102,090 shares in the company, valued at $80,419,507.30. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the sale, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On NIKE

Hedge funds have recently bought and sold shares of the business. Cim LLC acquired a new position in shares of NIKE in the 4th quarter valued at about $14,275,000. TKG Advisors LLC purchased a new position in NIKE during the fourth quarter valued at approximately $1,012,000. Spartan Planning & Wealth Management acquired a new position in NIKE in the 4th quarter valued at approximately $182,000. Advisors Asset Management Inc. lifted its position in NIKE by 86.0% in the 1st quarter. Advisors Asset Management Inc. now owns 20,957 shares of the footwear maker’s stock worth $1,970,000 after buying an additional 9,689 shares in the last quarter. Finally, Enzi Wealth acquired a new stake in shares of NIKE during the 4th quarter valued at $520,000. 64.25% of the stock is owned by hedge funds and other 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.