NIKE (NYSE:NKE) Price Target Lowered to $129.00 at Morgan Stanley

NIKE (NYSE:NKEGet Rating) had its target price trimmed by Morgan Stanley from $149.00 to $129.00 in a research note issued to investors on Thursday morning, Stock Target Advisor reports. The brokerage currently has an overweight rating on the footwear maker’s stock.

NKE has been the subject of a number of other research reports. Barclays cut NIKE from an overweight rating to an equal weight rating and decreased their target price for the stock from $125.00 to $110.00 in a research report on Tuesday. Wells Fargo & Company reduced their price objective on NIKE from $150.00 to $130.00 and set an overweight rating for the company in a research report on Tuesday, June 28th. The Goldman Sachs Group reduced their price objective on NIKE from $155.00 to $120.00 and set a buy rating for the company in a research report on Wednesday, June 29th. Royal Bank of Canada initiated coverage on NIKE in a research report on Thursday. They issued an outperform rating and a $125.00 price objective for the company. Finally, Credit Suisse Group set a $130.00 price objective on NIKE in a research report on Wednesday, June 29th. Eleven research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $132.77.

NIKE Stock Down 1.2 %

Shares of NIKE stock opened at $98.55 on Thursday. The stock has a market capitalization of $154.58 billion, a P/E ratio of 26.21, a PEG ratio of 2.17 and a beta of 1.03. The company has a quick ratio of 1.84, a current ratio of 2.63 and a debt-to-equity ratio of 0.58. The stock has a 50 day moving average price of $109.72 and a two-hundred day moving average price of $115.81. NIKE has a 12-month low of $97.83 and a 12-month high of $179.10.

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

NIKE announced that its Board of Directors has authorized a share buyback plan on Monday, June 27th that allows the company to repurchase $18.00 billion in shares. This repurchase authorization allows the footwear maker to purchase up to 11% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

NIKE Dividend Announcement

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

Insider Activity

In other NIKE news, Director John W. Rogers, Jr. bought 10,000 shares of the stock in a transaction dated Thursday, June 30th. The stock was bought at an average cost of $102.96 per share, for a total transaction of $1,029,600.00. Following the completion of the purchase, the director now owns 25,681 shares in the company, valued at approximately $2,644,115.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Monique S. Matheson sold 30,000 shares of the firm’s stock in a transaction on Thursday, July 7th. The stock was sold at an average price of $107.19, for a total value of $3,215,700.00. Following the completion of the sale, the executive vice president now directly owns 60,330 shares in the company, valued at $6,466,772.70. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John W. Rogers, Jr. purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 30th. The stock was purchased at an average price of $102.96 per share, for a total transaction of $1,029,600.00. Following the acquisition, the director now owns 25,681 shares of the company’s stock, valued at $2,644,115.76. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 59,561 shares of company stock worth $6,374,094. 0.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NIKE

Several hedge funds have recently added to or reduced their stakes in NKE. Norges Bank bought a new position in NIKE in the fourth quarter valued at about $1,894,686,000. Renaissance Technologies LLC bought a new position in NIKE in the second quarter valued at about $212,851,000. State Street Corp boosted its holdings in NIKE by 3.6% in the fourth quarter. State Street Corp now owns 56,598,375 shares of the footwear maker’s stock valued at $9,433,251,000 after acquiring an additional 1,969,270 shares during the last quarter. Wellington Management Group LLP boosted its holdings in NIKE by 9.0% in the first quarter. Wellington Management Group LLP now owns 18,040,233 shares of the footwear maker’s stock valued at $2,427,495,000 after acquiring an additional 1,486,421 shares during the last quarter. Finally, Lazard Asset Management LLC boosted its holdings in NIKE by 221.5% during the first quarter. Lazard Asset Management LLC now owns 2,046,445 shares of the footwear maker’s stock worth $275,368,000 after buying an additional 1,409,913 shares during the last quarter. Institutional investors own 64.19% of the company’s stock.

About NIKE

(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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