Pivotal Research Cuts Nike (NYSE:NKE) Price Target to $78.00

Nike (NYSE:NKE) had its target price lowered by Pivotal Research from $117.00 to $78.00 in a report released on Monday, Briefing.com Automated Import reports. The brokerage currently has a buy rating on the footwear maker’s stock.

Several other research analysts also recently commented on NKE. Wells Fargo & Co reduced their price objective on Nike from $99.00 to $87.00 and set an equal weight rating for the company in a research note on Monday, March 16th. Consumer Edge started coverage on Nike in a research note on Friday, December 27th. They issued an overweight rating and a $110.00 price objective for the company. UBS Group reduced their price objective on Nike from $136.00 to $123.00 and set a buy rating for the company in a research note on Tuesday, March 3rd. Bank of America raised Nike from a neutral rating to a buy rating and cut their target price for the stock from $105.00 to $85.00 in a research note on Friday, March 20th. Finally, Jefferies Financial Group set a $97.00 target price on Nike and gave the stock a neutral rating in a research note on Wednesday, February 5th. Four investment analysts have rated the stock with a sell rating, seven have given 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 up $5.29 during mid-day trading on Monday, hitting $84.30. The stock had a trading volume of 17,200,648 shares, compared to its average volume of 9,679,985. The firm’s 50 day moving average is $88.99 and its 200 day moving average is $93.64. Nike has a twelve month low of $60.00 and a twelve month high of $105.62. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.98 and a quick ratio of 1.23. The stock has a market capitalization of $112.64 billion, a price-to-earnings ratio of 31.11, a PEG ratio of 2.28 and a beta of 0.84.

Nike (NYSE:NKE) last posted its quarterly earnings data on Tuesday, March 24th. The footwear maker reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.19. Nike had a return on equity of 51.28% and a net margin of 10.46%. The firm had revenue of $10.10 billion during the quarter, compared to the consensus estimate of $9.56 billion. During the same period in the prior year, the company earned $0.68 EPS. The firm’s revenue was up 5.1% compared to the same quarter last year. As a group, equities research analysts expect that Nike will post 2.51 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 2nd will be given a dividend of $0.245 per share. This represents a $0.98 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date is Friday, February 28th. Nike’s payout ratio is 39.36%.

In related news, Director Peter B. Henry sold 2,416 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $101.14, for a total transaction of $244,354.24. Following the completion of the sale, the director now directly owns 4,046 shares of the company’s stock, valued at approximately $409,212.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Monique S. Matheson sold 16,500 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $102.00, for a total value of $1,683,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 271,916 shares of company stock valued at $27,686,864 over the last three months. Corporate insiders own 3.80% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Firestone Capital Management purchased a new position in Nike during the 4th quarter valued at about $25,000. Sowa Financial Group Inc. purchased a new position in Nike during the 4th quarter valued at about $27,000. LFA Lugano Financial Advisors SA purchased a new position in Nike during the 4th quarter valued at about $33,000. Carmichael Hill & Associates Inc. purchased a new position in Nike during the 4th quarter valued at about $37,000. Finally, PSI Advisors LLC purchased a new position in Nike during the 4th quarter valued at about $37,000. Institutional investors own 65.40% of the company’s stock.

About Nike

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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Analyst Recommendations for Nike (NYSE:NKE)

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