NIKE, Inc. (NYSE:NKE) Stake Cut by Asset Dedication LLC

Asset Dedication LLC reduced its stake in NIKE, Inc. (NYSE:NKE) by 48.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 23,754 shares of the footwear maker’s stock after selling 22,734 shares during the quarter. Asset Dedication LLC’s holdings in NIKE were worth $2,100,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. increased its position in NIKE by 86.0% during the first quarter. Advisors Asset Management Inc. now owns 20,957 shares of the footwear maker’s stock worth $1,970,000 after acquiring an additional 9,689 shares during the period. FORA Capital LLC acquired a new stake in NIKE in the 1st quarter valued at about $3,412,000. Cetera Advisors LLC raised its position in NIKE by 85.5% in the 1st quarter. Cetera Advisors LLC now owns 88,299 shares of the footwear maker’s stock worth $8,298,000 after purchasing an additional 40,704 shares during the last quarter. Koshinski Asset Management Inc. acquired a new stake in NIKE in the first quarter worth about $713,000. Finally, New Mexico Educational Retirement Board lifted its stake in shares of NIKE by 15.7% in the 1st quarter. New Mexico Educational Retirement Board now owns 74,248 shares of the footwear maker’s stock valued at $6,978,000 after purchasing an additional 10,100 shares during the period. Institutional investors own 64.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on NKE. Stifel Nicolaus lowered their price objective on shares of NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a research report on Monday, August 26th. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and increased their price objective for the stock from $83.00 to $97.00 in a report on Thursday, October 10th. Robert W. Baird boosted their target price on NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Wedbush decreased their price objective on NIKE from $115.00 to $97.00 and set an “outperform” rating for the company in a report on Friday, June 28th. Finally, KeyCorp reissued a “sector weight” rating on shares of NIKE in a report on Friday, June 28th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $96.56.

NIKE Stock Up 0.7 %

NKE stock opened at $82.14 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. The company has a market capitalization of $123.98 billion, a price-to-earnings ratio of 22.02, a PEG ratio of 1.96 and a beta of 1.02. NIKE, Inc. has a fifty-two week low of $70.75 and a fifty-two week high of $123.39. The stock has a fifty day moving average of $82.05 and a 200-day moving average of $85.41.

NIKE (NYSE:NKE) last released its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $11.64 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. NIKE’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period last year, the firm earned $0.94 EPS. As a group, equities research analysts predict that NIKE, Inc. will post 2.8 earnings per share for the current year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd were given a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.80%. NIKE’s dividend payout ratio (DPR) is presently 39.68%.

Insider Activity at NIKE

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 sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Chairman Mark G. Parker sold 110,000 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the transaction, the chairman now directly owns 1,102,090 shares in the company, valued at approximately $80,419,507.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Mark G. Parker sold 52,487 shares of NIKE 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 sale, the chairman now owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is owned by corporate 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.