Retirement Systems of Alabama Sells 7,991 Shares of NIKE, Inc. (NYSE:NKE)

Retirement Systems of Alabama decreased its holdings in shares of NIKE, Inc. (NYSE:NKE) by 3.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 259,244 shares of the footwear maker’s stock after selling 7,991 shares during the period. Retirement Systems of Alabama’s holdings in NIKE were worth $22,917,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Denver PWM LLC grew its holdings in shares of NIKE by 9.7% during the third quarter. Denver PWM LLC now owns 2,574 shares of the footwear maker’s stock worth $228,000 after purchasing an additional 227 shares in the last quarter. Tidal Investments LLC grew its stake in NIKE by 65.4% in the 3rd quarter. Tidal Investments LLC now owns 105,571 shares of the footwear maker’s stock worth $9,332,000 after buying an additional 41,752 shares in the last quarter. Soltis Investment Advisors LLC increased its holdings in shares of NIKE by 12.2% in the 3rd quarter. Soltis Investment Advisors LLC now owns 36,010 shares of the footwear maker’s stock worth $3,183,000 after buying an additional 3,918 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of NIKE by 8.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 265,449 shares of the footwear maker’s stock valued at $23,466,000 after buying an additional 20,043 shares in the last quarter. Finally, Toronto Dominion Bank lifted its holdings in shares of NIKE by 59.9% during the 3rd quarter. Toronto Dominion Bank now owns 1,055,597 shares of the footwear maker’s stock worth $93,315,000 after acquiring an additional 395,434 shares during the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NKE has been the topic of a number of research reports. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and raised their price target for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft decreased their price objective on NIKE from $95.00 to $92.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Piper Sandler reaffirmed a “neutral” rating and issued a $80.00 target price on shares of NIKE in a research note on Friday, September 20th. Needham & Company LLC started coverage on shares of NIKE in a research note on Friday, November 22nd. They set a “buy” rating and a $84.00 price target on the stock. Finally, Morgan Stanley cut their price objective on shares of NIKE from $82.00 to $80.00 and set an “equal weight” rating for the company in a research note on Friday. Fourteen investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $94.04.

NIKE Stock Performance

NIKE stock opened at $77.25 on Friday. NIKE, Inc. has a fifty-two week low of $70.75 and a fifty-two week high of $123.39. The stock’s 50 day simple moving average is $78.52 and its two-hundred day simple moving average is $81.13. 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 stock has a market cap of $115.83 billion, a price-to-earnings ratio of 22.13, a PEG ratio of 1.93 and a beta of 1.02.

NIKE (NYSE:NKE) last released its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The firm’s revenue was down 10.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. As a group, analysts expect that NIKE, Inc. will post 2.73 earnings per share for the current fiscal year.

NIKE Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be given a dividend of $0.40 per share. This is a boost from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Monday, December 2nd. NIKE’s dividend payout ratio (DPR) is 45.85%.

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.