NIKE (NYSE:NKE) Stock Price Down 1.4% – Here’s What Happened

Shares of NIKE, Inc. (NYSE:NKE) dropped 1.4% during mid-day trading on Monday . The stock traded as low as $61.87 and last traded at $62.23. Approximately 3,564,751 shares were traded during trading, a decline of 76% from the average daily volume of 14,790,033 shares. The stock had previously closed at $63.11.

Wall Street Analyst Weigh In

NKE has been the topic of several research reports. Truist Financial dropped their price objective on NIKE from $90.00 to $82.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Telsey Advisory Group decreased their target price on shares of NIKE from $80.00 to $70.00 and set a “market perform” rating for the company in a research note on Tuesday, May 6th. Berenberg Bank initiated coverage on shares of NIKE in a research note on Tuesday, April 15th. They set a “hold” rating and a $58.00 target price for the company. Robert W. Baird decreased their target price on shares of NIKE from $105.00 to $99.00 and set an “outperform” rating for the company in a research note on Friday, March 21st. Finally, Royal Bank of Canada decreased their target price on shares of NIKE from $67.00 to $66.00 and set a “sector perform” rating for the company in a research note on Friday, March 21st. Seventeen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, NIKE has a consensus rating of “Moderate Buy” and an average target price of $80.30.

NIKE Stock Performance

The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The stock’s 50 day moving average price is $61.07 and its two-hundred day moving average price is $70.66. The firm has a market capitalization of $91.75 billion, a PE ratio of 19.15, a PEG ratio of 2.52 and a beta of 1.23.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business had revenue of $11.27 billion during the quarter, compared to analysts’ expectations of $11.02 billion. During the same period last year, the company posted $0.98 EPS. The company’s revenue was down 9.1% on a year-over-year basis. On average, equities analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be issued a $0.40 dividend. The ex-dividend date is Monday, June 2nd. This represents a $1.60 annualized dividend and a yield of 2.58%. NIKE’s dividend payout ratio (DPR) is presently 53.16%.

Insider Buying and Selling at NIKE

In related news, Director Robert Holmes Swan acquired 8,600 shares of the stock in a transaction dated Friday, April 4th. The stock was bought at an average cost of $58.46 per share, with a total value of $502,756.00. Following the purchase, the director now directly owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. This represents a 36.78% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is currently owned by insiders.

Institutional Trading of NIKE

Several institutional investors have recently made changes to their positions in NKE. Vanguard Group Inc. lifted its holdings in NIKE by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker’s stock worth $7,182,831,000 after buying an additional 4,957,494 shares in the last quarter. Wellington Management Group LLP increased its stake in NIKE by 24.9% in the 1st quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock valued at $2,880,971,000 after buying an additional 9,043,180 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of NIKE by 344.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker’s stock worth $1,694,842,000 after purchasing an additional 20,688,013 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of 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 purchasing an additional 347,178 shares during the last quarter. Finally, Capital World Investors grew its stake in NIKE by 10.3% in the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker’s stock valued at $1,857,389,000 after buying an additional 2,288,627 shares during the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

About NIKE

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.