Phoenix Financial Ltd. Trims Position in NIKE, Inc. $NKE

Phoenix Financial Ltd. lessened its position in shares of NIKE, Inc. (NYSE:NKE) by 1.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 79,021 shares of the footwear maker’s stock after selling 980 shares during the quarter. Phoenix Financial Ltd.’s holdings in NIKE were worth $5,616,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of NKE. Goldman Sachs Group Inc. increased its position in NIKE by 344.2% during the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker’s stock valued at $1,694,842,000 after acquiring an additional 20,688,013 shares during the last quarter. Wellington Management Group LLP grew its holdings in NIKE by 24.9% during the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock valued at $2,880,971,000 after purchasing an additional 9,043,180 shares during the period. Jennison Associates LLC bought a new stake in NIKE during the first quarter valued at about $509,051,000. Nuveen LLC bought a new stake in NIKE during the first quarter valued at about $502,285,000. Finally, Vanguard Group Inc. grew its holdings in NIKE by 4.6% during the first quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker’s stock valued at $7,182,831,000 after purchasing an additional 4,957,494 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the completion of the transaction, the chairman directly owned 744,988 shares of the company’s stock, valued at approximately $56,566,938.84. This represents a 10.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Treasure Heinle sold 4,300 shares of the stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $71.27, for a total value of $306,461.00. Following the transaction, the executive vice president directly owned 29,396 shares of the company’s stock, valued at approximately $2,095,052.92. The trade was a 12.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NKE. HSBC raised NIKE from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a report on Friday, June 27th. Hsbc Global Res raised NIKE from a “hold” rating to a “strong-buy” rating in a report on Friday, June 27th. Piper Sandler set a $84.00 price target on NIKE and gave the company an “overweight” rating in a report on Wednesday, October 1st. Robert W. Baird boosted their price target on NIKE from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, June 27th. Finally, TD Cowen raised NIKE from a “hold” rating to a “buy” rating and boosted their price target for the company from $62.00 to $85.00 in a report on Wednesday, September 10th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.21.

NIKE Stock Performance

NYSE NKE opened at $67.71 on Tuesday. The firm has a market cap of $100.09 billion, a price-to-earnings ratio of 34.72, a price-to-earnings-growth ratio of 2.48 and a beta of 1.29. The company has a quick ratio of 1.45, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $72.97 and a 200-day moving average price of $67.56. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $83.09.

NIKE (NYSE:NKE) last released its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.22. The firm had revenue of $11.72 billion during the quarter, compared to analyst estimates of $10.96 billion. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. As a group, equities research analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.4%. NIKE’s dividend payout ratio is presently 82.05%.

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.