Royal Bank of Canada Issues Pessimistic Forecast for NIKE (NYSE:NKE) Stock Price

by · The Cerbat Gem

NIKE (NYSE:NKE – Get Free Report) had its price target lowered by stock analysts at Royal Bank of Canada from $67.00 to $66.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “sector perform” rating on the footwear maker’s stock. Royal Bank of Canada’s price target would indicate a potential downside of 3.34% from the company’s current price.

Several other brokerages also recently issued reports on NKE. Wells Fargo & Company lowered their price target on NIKE from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Friday. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $80.00 target price on shares of NIKE in a report on Monday. Barclays reduced their price objective on NIKE from $79.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, December 20th. Robert W. Baird dropped their price objective on shares of NIKE from $105.00 to $99.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $72.00 to $90.00 in a research report on Friday, January 10th. Fifteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.38.

Check Out Our Latest Analysis on NKE

NIKE Stock Down 5.0 %

Shares of NKE traded down $3.58 during mid-day trading on Friday, hitting $68.28. 41,814,176 shares of the company’s stock were exchanged, compared to its average volume of 12,367,750. The stock has a market cap of $100.99 billion, a price-to-earnings ratio of 21.02, a P/E/G ratio of 2.52 and a beta of 1.02. The firm has a fifty day moving average of $74.77 and a two-hundred day moving average of $77.56. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. NIKE has a twelve month low of $65.25 and a twelve month high of $101.92.

NIKE (NYSE:NKE – Get Free Report) last posted its earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.28 by $0.26. The firm had revenue of $11.27 billion for the quarter, compared to the consensus estimate of $11.02 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business’s quarterly revenue was down 9.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 earnings per share. On average, sell-side analysts forecast that NIKE will post 2.05 earnings per share for the current year.

Insider Activity

In other NIKE news, Chairman Mark G. Parker sold 169,732 shares of NIKE stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the transaction, the chairman now owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. The trade was a 15.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John W. Rogers, Jr. purchased 2,500 shares of the business’s stock in a transaction dated Friday, December 27th. The stock was purchased at an average price of $76.65 per share, for a total transaction of $191,625.00. Following the completion of the acquisition, the director now owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NIKE

Institutional investors have recently bought and sold shares of the company. State Street Corp raised its holdings in shares of NIKE by 3.3% in the third quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after purchasing an additional 1,862,021 shares during the last quarter. Wellington Management Group LLP increased its stake in NIKE by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock valued at $2,749,903,000 after buying an additional 8,898,591 shares during the last quarter. Geode Capital Management LLC lifted its position in NIKE by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker’s stock worth $1,915,110,000 after buying an additional 347,178 shares in the last quarter. Capital World Investors boosted its stake in shares of NIKE by 10.3% during the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker’s stock worth $1,857,389,000 after buying an additional 2,288,627 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of NIKE by 18.1% during the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock worth $1,541,246,000 after buying an additional 3,121,929 shares during the last quarter. Institutional investors own 64.25% of the company’s stock.

NIKE Company Profile

(Get Free Report)

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.

Further Reading