Mediolanum International Funds Ltd Decreases Position in NIKE, Inc. (NYSE:NKE)

Mediolanum International Funds Ltd trimmed its position in shares of NIKE, Inc. (NYSE:NKE) by 8.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 571,686 shares of the footwear maker’s stock after selling 54,949 shares during the quarter. NIKE makes up 0.7% of Mediolanum International Funds Ltd’s portfolio, making the stock its 27th biggest holding. Mediolanum International Funds Ltd’s holdings in NIKE were worth $51,047,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of NKE. Brookstone Capital Management boosted its position in NIKE by 17.7% during the first quarter. Brookstone Capital Management now owns 64,524 shares of the footwear maker’s stock worth $6,064,000 after purchasing an additional 9,694 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of NIKE by 4.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 256,565 shares of the footwear maker’s stock valued at $24,112,000 after acquiring an additional 11,765 shares in the last quarter. Cypress Wealth Services LLC purchased a new stake in shares of NIKE in the first quarter valued at $203,000. Register Financial Advisors LLC purchased a new stake in shares of NIKE in the first quarter valued at $66,000. Finally, Sawyer & Company Inc lifted its position in NIKE by 0.7% during the first quarter. Sawyer & Company Inc now owns 44,506 shares of the footwear maker’s stock worth $4,183,000 after buying an additional 313 shares during the period. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on NKE shares. Deutsche Bank Aktiengesellschaft reduced their target price on NIKE from $95.00 to $92.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Piper Sandler reiterated a “neutral” rating and set a $80.00 target price on shares of NIKE in a research report on Friday, September 20th. Citigroup reduced their target price on NIKE from $115.00 to $102.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. BMO Capital Markets reduced their target price on NIKE from $118.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, June 28th. Finally, Oppenheimer reiterated an “outperform” rating and set a $120.00 target price on shares of NIKE in a research report on Friday, June 28th. Fourteen research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $96.56.

Insiders Place Their Bets

In related news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is currently owned by company insiders.

NIKE Stock Performance

NYSE:NKE traded up $0.29 during trading hours on Friday, reaching $79.33. 1,889,669 shares of the stock were exchanged, compared to its average volume of 11,571,101. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. The firm has a 50 day simple moving average of $82.86 and a 200-day simple moving average of $85.10. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39. The stock has a market capitalization of $118.94 billion, a P/E ratio of 22.65, a P/E/G ratio of 1.95 and a beta of 1.02.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The company had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter last year, the business posted $0.94 EPS. NIKE’s quarterly revenue was down 10.4% compared to the same quarter last year. As a group, sell-side analysts forecast that NIKE, Inc. will post 2.78 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Tuesday, September 3rd. NIKE’s dividend payout ratio is presently 42.41%.

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.