Corebridge Financial Inc. Decreases Stock Holdings in NIKE, Inc. $NKE

Key Points

• Corebridge Financial Inc. has reduced its NIKE stock holdings by 3.7%, owning 263,457 shares valued at approximately $16.7 million after selling 10,180 shares in the first quarter.
• Other institutional investors, including Vanguard and Goldman Sachs, have adjusted their positions in NIKE, with significant increases in their share ownership reflecting strong market interest.
• NIKE recently beat earnings expectations, reporting $0.14 EPS compared to an estimate of $0.12, while revenue declined 11.9% year-over-year to $11.1 billion.

Corebridge Financial Inc. reduced its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 3.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 263,457 shares of the footwear maker's stock after selling 10,180 shares during the period. Corebridge Financial Inc.'s holdings in NIKE were worth $16,724,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of NKE. Vanguard Group Inc. lifted its position in NIKE by 4.6% in 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 acquiring an additional 4,957,494 shares during the last quarter. Wellington Management Group LLP lifted its position in NIKE by 24.9% in 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 acquiring an additional 9,043,180 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in NIKE by 344.2% in 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. Bank of New York Mellon Corp lifted its position in NIKE by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker's stock valued at $1,332,331,000 after acquiring an additional 620,214 shares during the last quarter. Finally, Northern Trust Corp lifted its position in NIKE by 8.8% in the fourth quarter. Northern Trust Corp now owns 14,690,435 shares of the footwear maker's stock valued at $1,111,625,000 after acquiring an additional 1,183,641 shares during the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Trading Up 1.0%

Shares of NKE opened at $79.14 on Tuesday. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $90.62. The firm has a market capitalization of $116.88 billion, a P/E ratio of 36.64, a PEG ratio of 2.85 and a beta of 1.27. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. The firm's 50-day moving average is $72.85 and its two-hundred day moving average is $67.69.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The company had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.69 billion. During the same quarter in the prior year, the firm earned $0.99 earnings per share. The company's revenue for the quarter was down 11.9% compared to the same quarter last year. On average, research analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.0%. NIKE's dividend payout ratio is presently 74.07%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on NKE shares. Royal Bank Of Canada reduced their target price on shares of NIKE from $66.00 to $65.00 and set a "sector perform" rating for the company in a report on Tuesday, May 20th. Evercore ISI reduced their target price on shares of NIKE from $97.00 to $75.00 and set an "outperform" rating for the company in a report on Tuesday, June 24th. Telsey Advisory Group reiterated a "market perform" rating and set a $70.00 price target on shares of NIKE in a research note on Friday, June 27th. Bank of America boosted their price target on shares of NIKE from $80.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of NIKE in a research note on Monday, August 18th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $78.22.

Insider Activity

In related news, Chairman Mark G. Parker sold 110,000 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the transaction, the chairman owned 842,361 shares of the company's stock, valued at approximately $60,894,276.69. This represents a 11.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.80% of the company's stock.

NIKE 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.

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