Saybrook Capital NC Sells 28,089 Shares of NIKE, Inc. $NKE

Saybrook Capital NC trimmed its holdings in NIKE, Inc. (NYSE:NKE) by 14.3% during the second quarter, Holdings Channel.com reports. The fund owned 168,578 shares of the footwear maker’s stock after selling 28,089 shares during the period. NIKE accounts for 3.4% of Saybrook Capital NC’s investment portfolio, making the stock its 10th largest holding. Saybrook Capital NC’s holdings in NIKE were worth $11,976,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Spire Wealth Management boosted its stake in shares of NIKE by 4.4% during the 1st quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker’s stock worth $627,000 after purchasing an additional 416 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of NIKE by 0.6% during the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker’s stock worth $69,932,000 after purchasing an additional 5,601 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd acquired a new stake in shares of NIKE during the 1st quarter worth about $25,963,000. BROOKFIELD Corp ON boosted its stake in shares of NIKE by 36.2% during the 1st quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker’s stock worth $41,808,000 after purchasing an additional 175,000 shares during the last quarter. Finally, Cadence Bank boosted its stake in shares of NIKE by 10.0% during the 1st quarter. Cadence Bank now owns 83,002 shares of the footwear maker’s stock worth $5,269,000 after purchasing an additional 7,574 shares during the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of NIKE from $93.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 1st. The Goldman Sachs Group set a $85.00 price target on shares of NIKE and gave the stock a “buy” rating in a research note on Thursday, September 25th. Jefferies Financial Group reaffirmed a “buy” rating and set a $115.00 price target on shares of NIKE in a research note on Monday, September 29th. Morgan Stanley set a $72.00 target price on shares of NIKE and gave the stock a “positive” rating in a research report on Wednesday, October 1st. Finally, KeyCorp set a $90.00 target price on shares of NIKE and gave the stock an “overweight” rating in a research report on Thursday, October 2nd. Three research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $82.21.

Insider Activity at NIKE

In other news, EVP Treasure Heinle sold 4,300 shares of NIKE stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $71.27, for a total transaction of $306,461.00. Following the sale, the executive vice president owned 29,396 shares in the company, valued at $2,095,052.92. This trade represents a 12.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Mark G. Parker sold 86,078 shares of NIKE stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the sale, the chairman owned 744,988 shares in the company, valued at $56,566,938.84. This represents a 10.36% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.

NIKE Price Performance

NKE opened at $69.15 on Friday. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $82.44. The company’s 50 day simple moving average is $72.38 and its 200 day simple moving average is $67.88. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.45 and a current ratio of 2.19. The stock has a market capitalization of $102.22 billion, a PE ratio of 35.46, a P/E/G ratio of 2.55 and a beta of 1.29.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.27 by $0.22. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The firm had revenue of $11.72 billion for the quarter, compared to analyst estimates of $10.96 billion. During the same quarter last year, the firm posted $0.70 earnings per share. NIKE’s revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, sell-side analysts expect that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a $0.40 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $1.60 annualized dividend and a yield of 2.3%. NIKE’s dividend payout ratio (DPR) is presently 82.05%.

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.