Abbot Financial Management Inc. Cuts Stake in NIKE, Inc. (NYSE:NKE)

Abbot Financial Management Inc. lessened its stake in NIKE, Inc. (NYSE:NKE) by 0.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,713 shares of the footwear maker’s stock after selling 199 shares during the quarter. NIKE makes up about 1.0% of Abbot Financial Management Inc.’s investment portfolio, making the stock its 26th largest position. Abbot Financial Management Inc.’s holdings in NIKE were worth $1,938,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its holdings in shares of NIKE by 87.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock valued at $1,860,395,000 after purchasing an additional 7,996,434 shares in the last quarter. Capital International Investors lifted its position in NIKE by 34.9% during the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock valued at $2,997,628,000 after purchasing an additional 7,143,775 shares during the last quarter. Longview Partners Guernsey LTD purchased a new position in shares of NIKE in the 1st quarter worth $533,533,000. Capital World Investors increased its holdings in shares of NIKE by 612.2% in the 1st quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock worth $487,327,000 after buying an additional 4,457,376 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of NIKE by 45.6% during the 1st quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock valued at $832,623,000 after buying an additional 2,775,510 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.

Analysts Set New Price Targets

NKE has been the topic of several analyst reports. Truist Financial reduced their price objective on NIKE from $99.00 to $81.00 and set a “hold” rating on the stock in a research note on Friday, June 28th. StockNews.com lowered NIKE from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Wells Fargo & Company dropped their price objective on shares of NIKE from $115.00 to $92.00 and set an “overweight” rating for the company in a research note on Friday, June 28th. Robert W. Baird reduced their target price on shares of NIKE from $125.00 to $100.00 and set an “outperform” rating on the stock in a research note on Friday, June 28th. Finally, Jefferies Financial Group lowered their target price on shares of NIKE from $90.00 to $80.00 in a report on Friday, July 12th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $95.59.

NIKE Price Performance

NKE opened at $79.82 on Tuesday. The firm has a market capitalization of $120.48 billion, a PE ratio of 21.40, a price-to-earnings-growth ratio of 2.08 and a beta of 1.02. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. The business’s 50-day moving average is $77.36 and its two-hundred day moving average is $87.47. NIKE, Inc. has a 1 year low of $70.75 and a 1 year high of $123.39.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. The firm had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. NIKE’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.66 EPS. Research analysts anticipate that NIKE, Inc. will post 3.06 earnings per share for the current fiscal year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.48 annualized dividend and a yield of 1.85%. NIKE’s dividend payout ratio (DPR) is 39.68%.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the transaction, the chairman now owns 1,031,226 shares in the company, valued at approximately $80,435,628. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the completion of the transaction, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The disclosure for this sale can be found here. 0.50% of the stock is owned by company insiders.

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.