Addenda Capital Inc. Sells 4,355 Shares of NIKE, Inc. (NYSE:NKE)

Addenda Capital Inc. reduced its stake in NIKE, Inc. (NYSE:NKE) by 3.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 131,110 shares of the footwear maker’s stock after selling 4,355 shares during the period. Addenda Capital Inc.’s holdings in NIKE were worth $12,366,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Iron Horse Wealth Management LLC raised its stake in NIKE by 120.7% during the fourth quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock worth $28,000 after acquiring an additional 140 shares in the last quarter. Planned Solutions Inc. acquired a new stake in shares of NIKE during the 4th quarter worth about $29,000. True Wealth Design LLC lifted its holdings in NIKE by 106.4% during the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after purchasing an additional 150 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new position in NIKE in the fourth quarter valued at about $33,000. Finally, Core Wealth Advisors Inc. grew its stake in NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after buying an additional 241 shares during the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Trading Down 20.0 %

Shares of NYSE NKE traded down $18.83 during midday trading on Friday, reaching $75.36. 129,696,053 shares of the stock were exchanged, compared to its average volume of 10,299,254. NIKE, Inc. has a 12 month low of $74.55 and a 12 month high of $123.39. The company has a market capitalization of $113.75 billion, a price-to-earnings ratio of 22.16, a P/E/G ratio of 1.79 and a beta of 1.05. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.74 and a quick ratio of 1.89. The business has a 50-day simple moving average of $93.28 and a two-hundred day simple moving average of $99.15.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a return on equity of 39.41% and a net margin of 10.14%. The firm had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. During the same period in the previous year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities research analysts expect that NIKE, Inc. will post 3.81 EPS for the current year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a dividend of $0.37 per share. The ex-dividend date is Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.96%. NIKE’s payout ratio is 43.53%.

Insiders Place Their Bets

In other news, EVP Monique S. Matheson sold 45,000 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total transaction of $4,237,200.00. Following the completion of the sale, the executive vice president now owns 44,997 shares of the company’s stock, valued at $4,236,917.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Mark G. Parker sold 168,378 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the transaction, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at approximately $102,648,662.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Monique S. Matheson sold 45,000 shares of NIKE stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total transaction of $4,237,200.00. Following the completion of the sale, the executive vice president now owns 44,997 shares in the company, valued at $4,236,917.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 213,660 shares of company stock worth $19,946,333. Company insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on NKE. UBS Group reiterated a “neutral” rating and issued a $78.00 target price on shares of NIKE in a research note on Friday. Evercore ISI reduced their price objective on NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a research note on Friday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $115.00 target price on shares of NIKE in a research note on Thursday, June 13th. Piper Sandler cut their price target on NIKE from $107.00 to $98.00 and set a “neutral” rating for the company in a report on Friday, March 22nd. Finally, Telsey Advisory Group decreased their price objective on shares of NIKE from $115.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $98.96.

NIKE 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.