Cadence Bank Purchases 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 increased its position in NIKE, Inc. (NYSE:NKE - Free Report) by 10.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 83,002 shares of the footwear maker's stock after acquiring 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.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. AlTi Global Inc. lifted its position in NIKE by 0.4% during the fourth quarter. AlTi Global Inc. now owns 36,996 shares of the footwear maker's stock valued at $2,813,000 after purchasing an additional 150 shares in the last quarter. Peregrine Asset Advisers Inc. lifted its position in NIKE by 1.2% during the first quarter. Peregrine Asset Advisers Inc. now owns 15,119 shares of the footwear maker's stock valued at $934,000 after purchasing an additional 181 shares in the last quarter. Aaron Wealth Advisors LLC lifted its position in NIKE by 4.3% during the first quarter. Aaron Wealth Advisors LLC now owns 4,666 shares of the footwear maker's stock valued at $296,000 after purchasing an additional 192 shares in the last quarter. Crew Capital Management Ltd. lifted its position in NIKE by 1.4% during the first quarter. Crew Capital Management Ltd. now owns 13,752 shares of the footwear maker's stock valued at $873,000 after purchasing an additional 192 shares in the last quarter. Finally, Sculati Wealth Management LLC lifted its position in NIKE by 1.4% during the fourth quarter. Sculati Wealth Management LLC now owns 14,387 shares of the footwear maker's stock valued at $1,089,000 after purchasing an additional 195 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at NIKE

In related news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction that occurred 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 owned 842,361 shares of the company's stock, valued at $60,894,276.69. This represents a 11.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NKE. HSBC upgraded NIKE from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a research report on Friday, June 27th. DZ Bank downgraded NIKE from a "buy" rating to a "hold" rating and set a $76.00 price objective on the stock. in a research report on Thursday, July 10th. Hsbc Global Res upgraded NIKE from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 27th. Jefferies Financial Group restated a "buy" rating and issued a $115.00 price objective on shares of NIKE in a research report on Friday, August 22nd. Finally, Barclays boosted their price objective on NIKE from $53.00 to $64.00 and gave the company an "equal weight" rating in a research report on Friday, June 27th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and thirteen have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $78.22.

NIKE Trading Up 0.4%

NYSE NKE traded up $0.28 during trading hours on Thursday, hitting $78.34. 3,406,927 shares of the company were exchanged, compared to its average volume of 16,435,068. The stock has a 50-day moving average price of $73.60 and a 200 day moving average price of $67.84. 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, Inc. has a 52 week low of $52.28 and a 52 week high of $90.62. The stock has a market cap of $115.70 billion, a PE ratio of 36.26, a price-to-earnings-growth ratio of 2.86 and a beta of 1.27.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. NIKE had a return on equity of 23.33% and a net margin of 6.95%.The firm had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.69 billion. During the same period in the prior year, the business posted $0.99 earnings per share. The company's revenue for the quarter was down 11.9% on a year-over-year basis. Analysts forecast 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 $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.60 annualized dividend and a yield of 2.0%. NIKE's dividend payout ratio is 74.07%.

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.