Sumitomo Life Insurance Co. Reduces Position in NIKE, Inc. (NYSE:NKE)

Sumitomo Life Insurance Co. decreased its holdings in NIKE, Inc. (NYSE:NKE) by 42.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,082 shares of the footwear maker’s stock after selling 9,743 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in NIKE were worth $990,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sunbelt Securities Inc. grew its position in NIKE by 5.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 3,615 shares of the footwear maker’s stock worth $272,000 after purchasing an additional 203 shares during the period. Quarry LP boosted its stake in shares of NIKE by 55.7% in the 2nd quarter. Quarry LP now owns 1,517 shares of the footwear maker’s stock worth $114,000 after buying an additional 543 shares during the last quarter. Regal Investment Advisors LLC grew its holdings in shares of NIKE by 7.1% in the second quarter. Regal Investment Advisors LLC now owns 8,076 shares of the footwear maker’s stock worth $609,000 after acquiring an additional 535 shares during the period. Truist Financial Corp increased its position in NIKE by 120.1% during the second quarter. Truist Financial Corp now owns 1,430,625 shares of the footwear maker’s stock valued at $107,826,000 after acquiring an additional 780,507 shares during the last quarter. Finally, Cetera Investment Advisers lifted its holdings in NIKE by 6.8% in the second quarter. Cetera Investment Advisers now owns 230,215 shares of the footwear maker’s stock valued at $17,351,000 after acquiring an additional 14,584 shares during the period. Institutional investors own 64.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on NKE shares. Truist Financial cut their price target on NIKE from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, December 20th. Royal Bank of Canada reduced their target price on shares of NIKE from $82.00 to $80.00 and set a “sector perform” rating for the company in a report on Thursday, November 7th. JPMorgan Chase & Co. dropped their price target on shares of NIKE from $77.00 to $73.00 and set a “neutral” rating on the stock in a research note on Monday, December 2nd. Barclays reduced their price objective on NIKE from $79.00 to $70.00 and set an “equal weight” rating for the company in a research note on Friday, December 20th. Finally, Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $72.00 to $90.00 in a research report on Friday, January 10th. Fourteen investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, NIKE currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.96.

NIKE Trading Up 3.0 %

NKE stock opened at $76.65 on Thursday. NIKE, Inc. has a twelve month low of $70.32 and a twelve month high of $107.43. The stock has a market capitalization of $113.38 billion, a price-to-earnings ratio of 23.66, a price-to-earnings-growth ratio of 2.36 and a beta of 1.02. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. The firm’s fifty day simple moving average is $75.48 and its two-hundred day simple moving average is $77.96.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.63 by $0.15. The company had revenue of $12.35 billion for the quarter, compared to the consensus estimate of $12.11 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The firm’s revenue was down 7.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.03 EPS. As a group, analysts anticipate that NIKE, Inc. will post 2.1 earnings per share for the current year.

NIKE Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 2nd were paid a dividend of $0.40 per share. This is a positive change from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend was Monday, December 2nd. NIKE’s dividend payout ratio (DPR) is currently 49.38%.

Insider Activity at NIKE

In related news, Director John W. Rogers, Jr. bought 2,500 shares of the stock in a transaction dated Friday, December 27th. The stock was purchased at an average cost of $76.65 per share, with a total value of $191,625.00. Following the completion of the purchase, the director now owns 34,403 shares of the company’s stock, valued at $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.10% of the stock is owned by company insiders.

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.