Nike (NYSE:NKE) Given New $114.00 Price Target at UBS Group

Nike (NYSE:NKE) had its target price trimmed by UBS Group from $123.00 to $114.00 in a research note issued to investors on Wednesday morning, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the footwear maker’s stock.

NKE has been the topic of several other reports. Raymond James cut their price target on shares of Nike from $110.00 to $100.00 and set an outperform rating on the stock in a research report on Wednesday. Piper Sandler cut their price target on shares of Nike from to in a research report on Thursday, March 12th. Credit Suisse Group boosted their price target on shares of Nike from $85.00 to $92.00 and gave the stock an outperform rating in a research report on Wednesday. Bank of America raised shares of Nike from a neutral rating to a buy rating and cut their price target for the stock from $105.00 to $85.00 in a research report on Friday, March 20th. Finally, Oppenheimer assumed coverage on shares of Nike in a research report on Thursday, February 6th. They set a buy rating and a $115.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-six have assigned a buy rating to the company’s stock. Nike currently has an average rating of Buy and an average price target of $97.79.

NYSE NKE traded down $1.07 on Wednesday, reaching $83.23. The company had a trading volume of 14,181,623 shares, compared to its average volume of 16,322,829. The firm has a market capitalization of $131.29 billion, a price-to-earnings ratio of 30.71, a price-to-earnings-growth ratio of 2.59 and a beta of 0.84. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.23 and a current ratio of 1.90. Nike has a 1-year low of $60.00 and a 1-year high of $105.62. The company’s fifty day moving average is $88.66 and its 200-day moving average is $93.61.

Nike (NYSE:NKE) last announced its earnings results on Tuesday, March 24th. The footwear maker reported $0.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.19. Nike had a net margin of 10.46% and a return on equity of 51.49%. The firm had revenue of $10.10 billion during the quarter, compared to analyst estimates of $9.56 billion. During the same period in the prior year, the business earned $0.68 EPS. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, research analysts forecast that Nike will post 2.75 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 2nd will be given a dividend of $0.245 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.98 dividend on an annualized basis and a dividend yield of 1.18%. Nike’s payout ratio is presently 39.36%.

In other news, Director John W. Rogers, Jr. purchased 2,500 shares of Nike stock in a transaction that occurred on Thursday, March 26th. The shares were acquired at an average price of $84.22 per share, for a total transaction of $210,550.00. Following the transaction, the director now owns 11,851 shares of the company’s stock, valued at approximately $998,091.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter B. Henry sold 2,416 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $101.14, for a total transaction of $244,354.24. Following the sale, the director now owns 4,046 shares in the company, valued at approximately $409,212.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 271,916 shares of company stock worth $27,686,864. Company insiders own 3.80% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of NKE. Norges Bank acquired a new stake in shares of Nike during the 4th quarter worth approximately $1,314,457,000. Alliancebernstein L.P. boosted its position in shares of Nike by 36.5% during the 4th quarter. Alliancebernstein L.P. now owns 15,559,748 shares of the footwear maker’s stock worth $1,576,358,000 after acquiring an additional 4,159,675 shares in the last quarter. 1832 Asset Management L.P. boosted its position in shares of Nike by 81.7% during the 4th quarter. 1832 Asset Management L.P. now owns 4,485,657 shares of the footwear maker’s stock worth $454,422,000 after acquiring an additional 2,016,633 shares in the last quarter. FMR LLC boosted its position in shares of Nike by 4.5% during the 4th quarter. FMR LLC now owns 30,077,288 shares of the footwear maker’s stock worth $3,047,131,000 after acquiring an additional 1,302,351 shares in the last quarter. Finally, Man Group plc boosted its position in shares of Nike by 110.1% during the 3rd quarter. Man Group plc now owns 2,107,158 shares of the footwear maker’s stock worth $197,887,000 after acquiring an additional 1,104,295 shares in the last quarter. Institutional investors and hedge funds own 65.40% of the company’s stock.

Nike Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.

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