NewEdge Advisors LLC Sells 7,257 Shares of NIKE, Inc. $NKE

Key Points

• NewEdge Advisors LLC reduced its stake in NIKE by 10.2%, selling 7,257 shares and holding 63,964 shares worth $4,060,000 at the end of the first quarter.
• Analysts have a consensus rating of "Moderate Buy" for NIKE, with an average target price of $78.22, indicating positive outlook despite a recent 0.7% decline in share price.
• NIKE recently announced a quarterly dividend of $0.40 per share, representing a 2.2% yield, with an upcoming payout on October 1st.

NewEdge Advisors LLC cut its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 10.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 63,964 shares of the footwear maker's stock after selling 7,257 shares during the period. NewEdge Advisors LLC's holdings in NIKE were worth $4,060,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of NKE. Stone House Investment Management LLC bought a new stake in shares of NIKE during the first quarter valued at approximately $25,000. Heck Capital Advisors LLC acquired a new position in shares of NIKE in the 4th quarter worth approximately $28,000. Saudi Central Bank acquired a new position in shares of NIKE in the 1st quarter worth approximately $30,000. Roxbury Financial LLC raised its holdings in shares of NIKE by 52.1% in the 1st quarter. Roxbury Financial LLC now owns 587 shares of the footwear maker's stock worth $37,000 after buying an additional 201 shares in the last quarter. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of NIKE in the 1st quarter worth approximately $37,000. 64.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NKE has been the subject of a number of recent research reports. Bank of America increased their target price on NIKE from $80.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, June 27th. Jefferies Financial Group reissued a "buy" rating and issued a $115.00 target price on shares of NIKE in a report on Friday, August 22nd. Wells Fargo & Company increased their target price on NIKE from $55.00 to $60.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 14th. Royal Bank Of Canada dropped their target price on NIKE from $66.00 to $65.00 and set a "sector perform" rating for the company in a report on Tuesday, May 20th. Finally, Truist Financial decreased their price target on NIKE from $82.00 to $73.00 and set a "buy" rating on the stock in a research report on Tuesday, June 24th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and thirteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $78.22.

NIKE Stock Down 0.7%

Shares of NKE opened at $73.60 on Wednesday. The firm has a market capitalization of $108.70 billion, a price-to-earnings ratio of 34.07, a PEG ratio of 2.69 and a beta of 1.24. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21. The business's fifty day moving average price is $75.54 and its two-hundred day moving average price is $67.87. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $90.62.

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

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, September 2nd. NIKE's dividend payout ratio (DPR) is presently 74.07%.

Insider Buying and Selling

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.