Kennon Green & Company LLC Sells 5,344 Shares of NIKE, Inc. $NKE

Key Points

• Kennon Green & Company LLC reduced its stake in NIKE by 35.2%, selling 5,344 shares, and now holds 9,856 shares valued at $724,000.
• Several institutional investors, including Vanguard Group and Goldman Sachs, significantly increased their holdings in NIKE during the first quarter, with institutional investors now owning 64.25% of the stock.
• NIKE reported earnings of $0.49 per share for the last quarter, surpassing estimates, with revenue of $11.72 billion, indicating 1.0% growth year-over-year.

Kennon Green & Company LLC lessened its stake in NIKE, Inc. (NYSE:NKE - Free Report) by 35.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,856 shares of the footwear maker's stock after selling 5,344 shares during the quarter. Kennon Green & Company LLC's holdings in NIKE were worth $724,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of NKE. Vanguard Group Inc. boosted its holdings in NIKE by 4.6% during the first quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker's stock worth $7,182,831,000 after purchasing an additional 4,957,494 shares during the last quarter. Wellington Management Group LLP increased its position in shares of 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. raised its holdings in NIKE by 344.2% during the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker's stock worth $1,694,842,000 after acquiring an additional 20,688,013 shares in the last quarter. Bank of New York Mellon Corp boosted its position in NIKE by 3.0% during 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 purchasing an additional 620,214 shares during the last quarter. Finally, Flossbach Von Storch SE boosted its position in NIKE by 24.0% during the first quarter. Flossbach Von Storch SE now owns 10,286,619 shares of the footwear maker's stock valued at $652,995,000 after purchasing an additional 1,988,547 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Truist Financial reiterated a "buy" rating and issued a $85.00 price target on shares of NIKE in a research note on Wednesday, October 1st. Jefferies Financial Group reaffirmed a "buy" rating and set a $115.00 target price on shares of NIKE in a report on Monday, September 29th. Sanford C. Bernstein reissued a "buy" rating and issued a $90.00 price target on shares of NIKE in a report on Monday. UBS Group set a $71.00 target price on NIKE and gave the company a "neutral" rating in a research report on Friday, September 19th. Finally, JPMorgan Chase & Co. lifted their price target on NIKE from $93.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, October 1st. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $82.21.

NIKE Trading Up 0.4%

Shares of NKE stock opened at $67.67 on Wednesday. The firm has a market capitalization of $100.03 billion, a P/E ratio of 34.70, a P/E/G ratio of 2.48 and a beta of 1.29. The company has a quick ratio of 1.45, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The stock's fifty day simple moving average is $73.52 and its 200 day simple moving average is $67.33. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $84.76.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.22. The company had revenue of $11.72 billion for the quarter, compared to analysts' expectations of $10.96 billion. NIKE had a net margin of 6.23% and a return on equity of 21.16%. NIKE's revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 earnings per share. As a group, sell-side analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.4%. NIKE's dividend payout ratio is presently 82.05%.

Insider Buying and Selling

In other news, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction 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 completion of the sale, the chairman directly owned 744,988 shares in the company, valued at $56,566,938.84. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Treasure Heinle sold 4,300 shares of the firm's stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $71.27, for a total value of $306,461.00. Following the sale, the executive vice president directly owned 29,396 shares of the company's stock, valued at $2,095,052.92. This represents a 12.76% decrease in their position. The disclosure for this sale can be found here. Corporate 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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