Berkshire Bank Decreases Stock Position in NIKE, Inc. $NKE

Key Points

• Berkshire Bank significantly reduced its stake in NIKE, Inc. by 61.3% in the second quarter, leaving it with a position worth $267,000.
• Other institutional investors increased their holdings, with Goldman Sachs growing its position by 344.2% and Vanguard Group acquiring an additional 4.6% of shares.
• NIKE reported a quarterly EPS of $0.14, surpassing analysts' expectations, despite an 11.9% revenue decline compared to the previous year.

Berkshire Bank cut its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 61.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,758 shares of the footwear maker's stock after selling 5,965 shares during the period. Berkshire Bank's holdings in NIKE were worth $267,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the company. Spire Wealth Management raised its holdings in NIKE by 4.4% in 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 period. Bank Julius Baer & Co. Ltd Zurich grew its holdings in shares of NIKE by 0.6% during the first 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. Mackenzie Financial Corp grew its holdings in shares of NIKE by 75.1% during the fourth quarter. Mackenzie Financial Corp now owns 539,650 shares of the footwear maker's stock worth $40,835,000 after buying an additional 231,417 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd acquired a new stake in shares of NIKE during the 1st quarter valued at approximately $25,963,000. Finally, 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 purchasing an additional 175,000 shares during the last quarter. Hedge funds and other institutional investors own 64.25% of the company's stock.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the transaction, the chairman directly owned 842,361 shares of the company's stock, valued at $60,894,276.69. The trade was a 11.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.80% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on NKE shares. Telsey Advisory Group reissued a "market perform" rating and issued a $70.00 price objective on shares of NIKE in a research report on Friday, June 27th. HSBC raised shares of NIKE from a "hold" rating to a "buy" rating and set a $80.00 target price for the company in a research note on Friday, June 27th. Truist Financial dropped their target price on shares of NIKE from $82.00 to $73.00 and set a "buy" rating on the stock in a report on Tuesday, June 24th. Royal Bank Of Canada upgraded shares of NIKE from a "sector perform" rating to an "outperform" rating and lifted their target price for the company from $76.00 to $90.00 in a research report on Thursday. Finally, UBS Group set a $71.00 target price on shares of NIKE and gave the stock a "neutral" rating in a research note on Friday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $79.04.

NIKE Trading Down 1.7%

NIKE stock traded down $1.22 during mid-day trading on Friday, hitting $70.88. 33,397,876 shares of the stock were exchanged, compared to its average volume of 10,678,684. The stock has a market capitalization of $104.68 billion, a price-to-earnings ratio of 32.81, a PEG ratio of 2.57 and a beta of 1.24. The firm's fifty day simple moving average is $75.19 and its two-hundred day simple moving average is $67.50. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The business had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.69 billion. During the same quarter in the previous year, the business posted $0.99 EPS. NIKE's quarterly revenue was down 11.9% on a year-over-year basis. Analysts forecast that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, September 2nd. NIKE's dividend payout ratio (DPR) is presently 74.07%.

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.