Cadence Bank Acquires 7,574 Shares of NIKE, Inc. $NKE

Key Points

• Cadence Bank increased its holdings in NIKE, Inc. by 10% during the 1st quarter, owning a total of 83,002 shares valued at approximately $5.27 million.
• Chairman Mark G. Parker sold 110,000 shares of NIKE worth nearly $7.95 million, resulting in an 11.55% decrease in his ownership stake.
• NIKE announced a quarterly dividend of $0.40, representing an annual yield of 2.0%, with the payment scheduled for October 1st.

Cadence Bank raised its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,002 shares of the footwear maker's stock after purchasing an additional 7,574 shares during the period. Cadence Bank's holdings in NIKE were worth $5,269,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its stake in shares of NIKE by 344.2% in 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 purchasing an additional 20,688,013 shares during the last quarter. Wellington Management Group LLP lifted its holdings 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 buying an additional 9,043,180 shares during the period. Jennison Associates LLC acquired a new position in NIKE in the first quarter valued at $509,051,000. Nuveen LLC acquired a new position in shares of NIKE during the first quarter valued at about $502,285,000. Finally, Vanguard Group Inc. raised its holdings in shares of NIKE by 4.6% during 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 purchasing an additional 4,957,494 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Stock Up 1.0%

NKE stock traded up $0.76 during trading on Monday, reaching $79.14. The stock had a trading volume of 12,481,342 shares, compared to its average volume of 10,106,631. NIKE, Inc. has a one year low of $52.28 and a one year high of $90.62. The company's 50 day moving average is $72.85 and its two-hundred day moving average is $67.69. The company has a market capitalization of $116.88 billion, a price-to-earnings ratio of 36.64, a P/E/G ratio of 2.85 and a beta of 1.27. 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 (NYSE:NKE - Get Free Report) last released its earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share 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 firm had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.69 billion. During the same period in the prior year, the firm earned $0.99 EPS. The company's revenue was down 11.9% compared to the same quarter last year. Equities research analysts forecast that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

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

Wall Street Analysts Forecast Growth

NKE has been the topic of several research reports. JPMorgan Chase & Co. upgraded shares of NIKE from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $64.00 to $93.00 in a report on Monday, July 28th. HSBC upgraded shares of NIKE from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a report on Friday, June 27th. Truist Financial lowered 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. Argus upgraded shares of NIKE to a "buy" rating in a report on Sunday, July 6th. Finally, Telsey Advisory Group restated a "market perform" rating and issued a $70.00 target price on shares of NIKE in a report on Friday, June 27th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $78.22.

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $75.93, for a total value of $6,535,902.54. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.80% of the stock is owned by corporate insiders.

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.