Tenere Capital LLC Decreases Stake in NIKE, Inc. $NKE

Tenere Capital LLC cut its stake in shares of NIKE, Inc. (NYSE:NKE) by 47.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 174,062 shares of the footwear maker’s stock after selling 155,186 shares during the quarter. NIKE makes up approximately 3.2% of Tenere Capital LLC’s portfolio, making the stock its 18th biggest position. Tenere Capital LLC’s holdings in NIKE were worth $12,365,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Soltis Investment Advisors LLC raised its stake in NIKE by 238.8% in the second quarter. Soltis Investment Advisors LLC now owns 141,356 shares of the footwear maker’s stock valued at $10,042,000 after buying an additional 99,638 shares in the last quarter. Banco Santander S.A. increased its holdings in shares of NIKE by 28.3% in the 2nd quarter. Banco Santander S.A. now owns 221,117 shares of the footwear maker’s stock valued at $15,708,000 after acquiring an additional 48,764 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of NIKE by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 113,823,785 shares of the footwear maker’s stock valued at $8,086,042,000 after acquiring an additional 672,705 shares during the last quarter. BROOKFIELD Corp ON raised its position 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 acquiring an additional 175,000 shares in the last quarter. Finally, Cadence Bank lifted its stake in NIKE by 10.0% during the first 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. Institutional investors and hedge funds own 64.25% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on NKE. BTIG Research started coverage on shares of NIKE in a research note on Tuesday, October 14th. They issued a “buy” rating and a $100.00 price target on the stock. Barclays set a $70.00 target price on shares of NIKE and gave the company a “neutral” rating in a research report on Wednesday. Jefferies Financial Group reissued a “buy” rating and issued a $115.00 price target on shares of NIKE in a research report on Monday, September 29th. Zacks Research upgraded shares of NIKE from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 26th. Finally, The Goldman Sachs Group set a $85.00 price objective on NIKE and gave the stock a “buy” rating in a report on Thursday, September 25th. Four research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.10.

NIKE Stock Up 3.9%

Shares of NYSE:NKE opened at $65.79 on Thursday. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $82.44. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.45. The stock has a market cap of $97.26 billion, a P/E ratio of 33.74, a P/E/G ratio of 2.23 and a beta of 1.29. The firm has a fifty day moving average price of $65.63 and a 200 day moving average price of $69.23.

NIKE (NYSE:NKE) last announced its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.22. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The business had revenue of $11.72 billion during the quarter, compared to analysts’ expectations of $10.96 billion. During the same period in the prior year, the company earned $0.70 earnings per share. The business’s revenue was up 1.0% compared to the same quarter last year. Sell-side analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be paid a $0.41 dividend. This is an increase from NIKE’s previous quarterly dividend of $0.40. The ex-dividend date is Monday, December 1st. This represents a $1.64 annualized dividend and a dividend yield of 2.5%. NIKE’s dividend payout ratio (DPR) is 84.10%.

Insider Activity

In related news, EVP Treasure Heinle sold 4,300 shares of NIKE stock in a transaction 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 in the company, valued at $2,095,052.92. This trade represents a 12.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jorgen Vig Knudstorp acquired 16,150 shares of the company’s stock in a transaction on Friday, November 7th. The stock was purchased at an average cost of $62.09 per share, for a total transaction of $1,002,753.50. Following the completion of the purchase, the director directly owned 21,388 shares in the company, valued at $1,327,980.92. This trade represents a 308.32% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.80% of the company’s stock.

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.