NIKE, Inc. (NYSE:NKE) Stock Position Lowered by Empower Advisory Group LLC

Key Points

• Empower Advisory Group LLC reduced its stake in NIKE, Inc. by 2.6%, currently holding 741,402 shares valued at approximately $47.06 million.
• NIKE's recent quarterly earnings beat consensus estimates with an EPS of $0.14, surpassing expectations of $0.12, and reported revenues of $11.10 billion.
• Wall Street analysts have mixed ratings on NIKE, with a consensus of "Moderate Buy" and an average price target of $78.22, highlighting varying outlooks among analysts.

Empower Advisory Group LLC lessened its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 2.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 741,402 shares of the footwear maker's stock after selling 19,500 shares during the quarter. Empower Advisory Group LLC owned about 0.05% of NIKE worth $47,064,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of NKE. Cary Street Partners Financial LLC increased its holdings in shares of NIKE by 91.1% in the 1st quarter. Cary Street Partners Financial LLC now owns 17,678 shares of the footwear maker's stock valued at $1,122,000 after acquiring an additional 8,428 shares during the period. Advyzon Investment Management LLC purchased a new stake in shares of NIKE during the 1st quarter worth $243,000. Wills Financial Group LLC purchased a new position in NIKE in the first quarter valued at about $412,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in NIKE by 119.6% in the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 72,480 shares of the footwear maker's stock valued at $4,601,000 after buying an additional 39,480 shares in the last quarter. Finally, Probity Advisors Inc. lifted its position in shares of NIKE by 8.6% during the 1st quarter. Probity Advisors Inc. now owns 13,266 shares of the footwear maker's stock valued at $842,000 after acquiring an additional 1,045 shares during the period. Institutional investors and hedge funds own 64.25% of the company's stock.

NIKE Stock Performance

NKE stock traded up $0.35 during midday trading on Friday, reaching $74.70. The company had a trading volume of 966,891 shares, compared to its average volume of 17,126,145. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. The stock has a 50 day moving average price of $69.43 and a 200 day moving average price of $67.63. The firm has a market capitalization of $110.33 billion, a PE ratio of 34.52, a P/E/G ratio of 2.74 and a beta of 1.27. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. NIKE had a return on equity of 23.33% and a net margin of 6.95%. 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 firm posted $0.99 EPS. The business's revenue for the quarter was down 11.9% compared to the same quarter last year. Analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.1%. NIKE's payout ratio is 74.07%.

Insider Activity

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the firm's stock in a transaction dated 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 trade represents 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.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on NKE shares. Royal Bank Of Canada reduced their price objective on NIKE from $66.00 to $65.00 and set a "sector perform" rating for the company in a report on Tuesday, May 20th. Jefferies Financial Group reiterated a "buy" rating on shares of NIKE in a report on Friday, May 23rd. Truist Financial decreased their price objective on NIKE from $82.00 to $73.00 and set a "buy" rating on the stock in a report on Tuesday, June 24th. Wells Fargo & Company lifted their price objective on NIKE from $55.00 to $60.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 14th. Finally, Piper Sandler increased their target price on NIKE from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, NIKE currently has a consensus rating of "Moderate Buy" and a consensus target price of $78.22.

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.