PNC Financial Services Group Inc. Has $126.84 Million Stock Position in NIKE, Inc. (NYSE:NKE)

PNC Financial Services Group Inc. lowered its holdings in NIKE, Inc. (NYSE:NKE) by 8.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,434,840 shares of the footwear maker’s stock after selling 126,302 shares during the quarter. PNC Financial Services Group Inc.’s holdings in NIKE were worth $126,840,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Legal & General Group Plc grew its holdings in NIKE by 5.5% in the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock valued at $832,785,000 after buying an additional 571,544 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in NIKE by 0.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,025,616 shares of the footwear maker’s stock valued at $454,151,000 after buying an additional 52,500 shares during the last quarter. Longview Partners Guernsey LTD acquired a new stake in NIKE in the 1st quarter valued at approximately $533,533,000. Capital World Investors grew its holdings in NIKE by 612.2% in the 1st quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock valued at $487,327,000 after buying an additional 4,457,376 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in NIKE by 15.1% in the 3rd quarter. Van ECK Associates Corp now owns 4,885,672 shares of the footwear maker’s stock valued at $431,893,000 after buying an additional 641,398 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Stock Down 1.3 %

Shares of NYSE:NKE opened at $73.92 on Wednesday. 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 market cap of $110.83 billion, a P/E ratio of 21.18, a P/E/G ratio of 1.86 and a beta of 1.03. NIKE, Inc. has a 12 month low of $70.75 and a 12 month high of $123.39. The company’s 50-day moving average price is $80.71 and its two-hundred day moving average price is $82.90.

NIKE (NYSE:NKE) last posted its quarterly earnings data 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 firm had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.94 EPS. As a group, research analysts forecast that NIKE, Inc. will post 2.74 EPS for the current fiscal year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.16%. The ex-dividend date is Monday, December 2nd. This is a boost from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio (DPR) is presently 42.41%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NKE. Robert W. Baird raised their target price on NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, September 20th. TD Cowen cut their target price on NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a research note on Monday. Piper Sandler reaffirmed a “neutral” rating and issued a $80.00 target price on shares of NIKE in a research report on Friday, September 20th. Morgan Stanley boosted their price target on shares of NIKE from $79.00 to $82.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Finally, Daiwa America downgraded shares of NIKE from a “moderate buy” rating to a “hold” rating in a report on Wednesday, September 11th. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, NIKE has an average rating of “Moderate Buy” and an average target price of $96.30.

NIKE Company 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.