NIKE (NYSE:NKE) Trading 5.4% Higher on Analyst Upgrade

Shares of NIKE, Inc. (NYSE:NKE) shot up 5.4% during trading on Friday after Truist Financial raised their price target on the stock from $81.00 to $85.00. Truist Financial currently has a hold rating on the stock. NIKE traded as high as $88.00 and last traded at $85.36. 20,408,793 shares were traded during trading, an increase of 80% from the average session volume of 11,332,746 shares. The stock had previously closed at $80.98.

Several other equities research analysts also recently commented on the stock. Stifel Nicolaus reduced their price target on shares of NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a research report on Monday, August 26th. Wedbush reduced their target price on NIKE from $115.00 to $97.00 and set an “outperform” rating for the company in a report on Friday, June 28th. StockNews.com downgraded NIKE from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Oppenheimer reissued an “outperform” rating and issued a $120.00 price objective on shares of NIKE in a research note on Friday, June 28th. Finally, Daiwa America cut NIKE from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, NIKE has a consensus rating of “Moderate Buy” and an average price target of $96.15.

Insider Activity

In related news, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $80,419,507.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction dated 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 transaction, 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. 0.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NKE. 9258 Wealth Management LLC raised its position in shares of NIKE by 23.9% during the fourth quarter. 9258 Wealth Management LLC now owns 4,366 shares of the footwear maker’s stock valued at $474,000 after buying an additional 842 shares during the last quarter. Gryphon Financial Partners LLC raised its holdings in NIKE by 34.6% in the 4th quarter. Gryphon Financial Partners LLC now owns 11,598 shares of the footwear maker’s stock valued at $1,259,000 after acquiring an additional 2,981 shares in the last quarter. TrinityPoint Wealth LLC lifted its position in shares of NIKE by 0.8% in the 4th quarter. TrinityPoint Wealth LLC now owns 21,561 shares of the footwear maker’s stock worth $2,341,000 after acquiring an additional 166 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in shares of NIKE by 6.5% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 126,803 shares of the footwear maker’s stock worth $13,767,000 after purchasing an additional 7,769 shares in the last quarter. Finally, SageView Advisory Group LLC increased its position in shares of NIKE by 192.9% during the fourth quarter. SageView Advisory Group LLC now owns 9,496 shares of the footwear maker’s stock valued at $989,000 after purchasing an additional 6,254 shares during the period. 64.25% of the stock is owned by institutional investors.

NIKE Stock Up 6.8 %

The firm has a market capitalization of $130.59 billion, a price-to-earnings ratio of 23.20, a price-to-earnings-growth ratio of 2.08 and a beta of 1.02. The business has a 50 day moving average of $78.11 and a 200 day moving average of $87.06. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. The company had revenue of $12.60 billion during the quarter, compared to the consensus estimate of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the firm earned $0.66 EPS. On average, equities analysts anticipate that NIKE, Inc. will post 3.06 EPS for the current year.

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be paid a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.48 annualized dividend and a dividend yield of 1.71%. NIKE’s dividend payout ratio is currently 39.68%.

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.