NIKE (NYSE:NKE) Upgraded by Guggenheim to “Strong-Buy” Rating

Guggenheim upgraded shares of NIKE (NYSE:NKE) to a strong-buy rating in a research report released on Wednesday morning,Zacks.com reports.

Other analysts have also issued reports about the company. Cowen raised NIKE from a “hold” rating to a “buy” rating in a report on Wednesday, September 10th. UBS Group reiterated a “market perform” rating and issued a $75.00 price objective on shares of NIKE in a report on Wednesday. The Goldman Sachs Group set a $85.00 target price on NIKE and gave the company a “buy” rating in a report on Thursday, September 25th. Truist Financial restated a “buy” rating and issued a $85.00 target price on shares of NIKE in a research report on Wednesday, October 1st. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $115.00 price target on shares of NIKE in a research note on Monday, September 29th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and an average price target of $81.10.

NIKE Stock Performance

Shares of NKE stock opened at $65.79 on Wednesday. NIKE has a 52-week low of $52.28 and a 52-week high of $82.44. The company has a quick ratio of 1.45, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The stock has a market cap of $97.26 billion, a PE ratio of 33.74, a price-to-earnings-growth ratio of 2.23 and a beta of 1.29. The business has a 50-day simple moving average of $65.63 and a 200-day simple moving average of $69.23.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.22. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The firm had revenue of $11.72 billion for the quarter, compared to the consensus estimate of $10.96 billion. During the same period in the prior year, the firm posted $0.70 earnings per share. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, equities analysts expect that NIKE will post 2.05 EPS for the current year.

NIKE Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 1st will be issued a $0.41 dividend. This is an increase from NIKE’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, December 1st. NIKE’s payout ratio is currently 84.10%.

Insiders Place Their Bets

In other NIKE news, EVP Treasure Heinle sold 4,300 shares of the firm’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $71.27, for a total transaction of $306,461.00. Following the completion of the sale, the executive vice president owned 29,396 shares of the company’s stock, valued at $2,095,052.92. This trade represents a 12.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jorgen Vig Knudstorp bought 16,150 shares of NIKE stock in a transaction on Friday, November 7th. The stock was acquired at an average price of $62.09 per share, for a total transaction of $1,002,753.50. Following the transaction, the director directly owned 21,388 shares of the company’s stock, valued at approximately $1,327,980.92. This trade represents a 308.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.80% of the stock is owned by insiders.

Institutional Trading of NIKE

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Painted Porch Advisors LLC lifted its position in NIKE by 587.9% in the third quarter. Painted Porch Advisors LLC now owns 1,424 shares of the footwear maker’s stock valued at $99,000 after buying an additional 1,217 shares during the last quarter. Saranac Partners Ltd acquired a new stake in shares of NIKE during the third quarter valued at about $567,000. Severin Investments LLC purchased a new stake in shares of NIKE in the 3rd quarter valued at approximately $508,000. RIA Advisory Group LLC raised its stake in shares of NIKE by 1.6% in the 3rd quarter. RIA Advisory Group LLC now owns 37,526 shares of the footwear maker’s stock valued at $2,617,000 after acquiring an additional 604 shares during the period. Finally, Strategic Advocates LLC acquired a new position in shares of NIKE in the 3rd quarter worth approximately $65,000. 64.25% of the stock is owned by institutional investors and hedge funds.

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.