NIKE, Inc. $NKE Shares Sold by Fortis Group Advisors LLC

Key Points

• Fortis Group Advisors LLC cut its NIKE stake by 99.2% in the fourth quarter, selling 59,459 shares and leaving it with just 470 shares worth about $30,000.
• NIKE’s latest earnings topped expectations, with quarterly EPS of $0.35 versus $0.29 expected and revenue of $11.28 billion slightly above estimates, though profit and revenue growth remained modest.
• Insider buying and dividend news stood out: CEO Elliott Hill and Director Timothy D. Cook both bought shares, and NIKE declared a $0.41 quarterly dividend, equal to a 3.7% annualized yield.

Fortis Group Advisors LLC trimmed its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 99.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 470 shares of the footwear maker's stock after selling 59,459 shares during the period. Fortis Group Advisors LLC's holdings in NIKE were worth $30,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of NIKE by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 116,993,541 shares of the footwear maker's stock worth $7,453,658,000 after buying an additional 1,702,342 shares during the last quarter. Capital World Investors increased its holdings in NIKE by 0.7% in the 3rd quarter. Capital World Investors now owns 42,239,013 shares of the footwear maker's stock valued at $2,945,326,000 after purchasing an additional 286,615 shares in the last quarter. Flossbach Von Storch SE increased its holdings in NIKE by 29.3% in the 4th quarter. Flossbach Von Storch SE now owns 12,753,317 shares of the footwear maker's stock valued at $812,514,000 after purchasing an additional 2,886,856 shares in the last quarter. Invesco Ltd. increased its holdings in NIKE by 3.3% in the 3rd quarter. Invesco Ltd. now owns 12,561,334 shares of the footwear maker's stock valued at $875,902,000 after purchasing an additional 404,136 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in NIKE by 42.3% in the 3rd quarter. Jennison Associates LLC now owns 11,838,528 shares of the footwear maker's stock valued at $825,501,000 after purchasing an additional 3,518,666 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Stock Performance

Shares of NKE stock opened at $44.40 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.45 and a current ratio of 2.14. NIKE, Inc. has a one year low of $41.35 and a one year high of $80.17. The company's 50-day simple moving average is $46.81 and its 200-day simple moving average is $57.41. The stock has a market capitalization of $65.75 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 2.34 and a beta of 1.12.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The footwear maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The business had revenue of $11.28 billion for the quarter, compared to analysts' expectations of $11.23 billion. During the same quarter last year, the company posted $0.54 earnings per share. The company's quarterly revenue was up .1% compared to the same quarter last year. Equities analysts anticipate that NIKE, Inc. will post 1.51 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.64 annualized dividend and a dividend yield of 3.7%. NIKE's dividend payout ratio (DPR) is presently 108.61%.

Insider Activity at NIKE

In related news, CEO Elliott Hill purchased 23,660 shares of NIKE stock in a transaction dated Monday, April 13th. The shares were acquired at an average price of $42.27 per share, with a total value of $1,000,108.20. Following the completion of the transaction, the chief executive officer owned 265,247 shares of the company's stock, valued at approximately $11,211,990.69. This trade represents a 9.79% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy D. Cook purchased 25,000 shares of NIKE stock in a transaction dated Friday, April 10th. The shares were bought at an average cost of $42.43 per share, for a total transaction of $1,060,750.00. Following the transaction, the director directly owned 130,480 shares of the company's stock, valued at approximately $5,536,266.40. The trade was a 23.70% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders acquired 64,441 shares of company stock worth $2,734,204. 0.80% of the stock is currently owned by company insiders.

Key Headlines Impacting NIKE

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: NIKE shares are benefiting from a shift into consumer and cyclical stocks as market breadth improves, helping lift sentiment around the name. Nike Stock Is Testing A Level That Could Define The Next Move
• Positive Sentiment: Lower energy prices and softer long-term Treasury yields are helping consumer discretionary stocks, including NIKE, by easing inflation worries and supporting expectations for resilient consumer spending. Nike Stock Soars As Energy Prices And Bond Yields Drop
• Neutral Sentiment: NIKE remains a heavily watched stock, with recent articles and trending searches suggesting investors are actively reassessing the name rather than reacting to a single fundamental catalyst. NIKE, Inc. (NKE) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Analyst and commentary pieces are focused on whether NIKE is ready for a turnaround, but they do not point to a clear near-term catalyst on their own. Is Nike Stock (NKE) Ready for a Turnaround?
• Negative Sentiment: Some recent analysis remains cautious, arguing NIKE is still not cheap enough or that the operating environment is tough, which could limit upside if investors demand clearer evidence of a rebound. Nike: Not Cheap Enough Yet

Analysts Set New Price Targets

Several brokerages recently issued reports on NKE. Evercore lowered their price target on NIKE from $69.00 to $57.00 and set an "outperform" rating for the company in a report on Wednesday, April 1st. Truist Financial lowered their price target on NIKE from $69.00 to $57.00 and set a "buy" rating for the company in a report on Wednesday, April 1st. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of NIKE in a report on Monday, April 13th. Wells Fargo & Company set a $45.00 price target on NIKE and gave the company an "equal weight" rating in a report on Friday, May 8th. Finally, Barclays lowered their target price on NIKE from $73.00 to $67.00 and set an "overweight" rating for the company in a research note on Wednesday, April 1st. Sixteen equities research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $62.04.

About NIKE

Nike, Inc NYSE: NKE is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).

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