NIKE (NYSE:NKE) Stock Price Up 1.3% Following Dividend Announcement

NIKE, Inc. (NYSE:NKE)’s stock price rose 1.3% during mid-day trading on Thursday following a dividend announcement from the company. The company traded as high as $92.26 and last traded at $91.48. Approximately 1,767,751 shares changed hands during trading, a decline of 81% from the average daily volume of 9,253,923 shares. The stock had previously closed at $90.34.

The newly announced dividend which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Monday, June 3rd. NIKE’s payout ratio is 43.53%.

Analyst Ratings Changes

Several research firms have recently issued reports on NKE. Sanford C. Bernstein reduced their target price on NIKE from $134.00 to $120.00 and set an “outperform” rating on the stock in a research note on Friday, March 22nd. TheStreet lowered shares of NIKE from a “b” rating to a “c+” rating in a research note on Tuesday, January 9th. Piper Sandler decreased their price target on shares of NIKE from $107.00 to $98.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. Oppenheimer cut NIKE from an “outperform” rating to a “market perform” rating and set a $110.00 price objective on the stock. in a research report on Friday, February 16th. Finally, HSBC lowered their target price on NIKE from $120.00 to $115.00 and set a “hold” rating for the company in a research note on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and an average target price of $116.26.

NIKE Trading Down 0.3 %

The company has a current ratio of 2.74, a quick ratio of 1.89 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $139.09 billion, a PE ratio of 27.10, a P/E/G ratio of 1.78 and a beta of 1.07. The stock has a 50 day moving average price of $96.00 and a 200-day moving average price of $103.11.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, March 21st. The footwear maker reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.29. NIKE had a return on equity of 39.41% and a net margin of 10.14%. The business had revenue of $12.43 billion for the quarter, compared to analysts’ expectations of $12.28 billion. Sell-side analysts expect that NIKE, Inc. will post 3.73 earnings per share for the current year.

Institutional Trading of NIKE

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Iron Horse Wealth Management LLC lifted its position in NIKE by 120.7% during the fourth quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock valued at $28,000 after purchasing an additional 140 shares in the last quarter. Annapolis Financial Services LLC lifted its position in shares of NIKE by 440.0% during the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after buying an additional 220 shares in the last quarter. Planned Solutions Inc. purchased a new position in NIKE during the fourth quarter valued at approximately $29,000. True Wealth Design LLC raised its holdings in NIKE by 106.4% during the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after acquiring an additional 150 shares during the period. Finally, Core Wealth Advisors Inc. boosted its stake in NIKE by 408.5% in the 4th quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after purchasing an additional 241 shares during the period. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Company Profile

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.