NIKE, Inc. $NKE Shares Sold by Texas Capital Bank Wealth Management Services Inc

Key Points

• Texas Capital Bank Wealth Management Services cut its NIKE stake by 76.7% in the fourth quarter, selling 71,355 shares and leaving it with 21,649 shares worth about $1.38 million.
• NIKE reported quarterly earnings of $0.35 per share, beating estimates, while revenue came in at $11.28 billion, also slightly above expectations. Analysts now have a mixed view on the stock, with a consensus rating of Hold and an average price target of $62.04.
• The company declared a $0.41 quarterly dividend payable July 1, implying an annualized yield of 3.6%. NIKE also saw insider buying, including purchases by CEO Elliott Hill and Director Robert Holmes Swan.

Texas Capital Bank Wealth Management Services Inc reduced its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 76.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,649 shares of the footwear maker's stock after selling 71,355 shares during the period. Texas Capital Bank Wealth Management Services Inc's holdings in NIKE were worth $1,379,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of NKE. Geode Capital Management LLC grew its stake in shares of NIKE by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 26,442,879 shares of the footwear maker's stock valued at $1,677,251,000 after buying an additional 233,925 shares during the period. TrustBank purchased a new stake in shares of NIKE during the 4th quarter valued at $225,000. Malaga Cove Capital LLC grew its stake in shares of NIKE by 115.2% during the 4th quarter. Malaga Cove Capital LLC now owns 14,295 shares of the footwear maker's stock valued at $911,000 after buying an additional 7,653 shares during the period. Bleakley Financial Group LLC grew its stake in shares of NIKE by 186.5% during the 4th quarter. Bleakley Financial Group LLC now owns 40,373 shares of the footwear maker's stock valued at $2,572,000 after buying an additional 26,283 shares during the period. Finally, Cary Street Partners Financial LLC grew its stake in shares of NIKE by 14.2% during the 4th quarter. Cary Street Partners Financial LLC now owns 24,723 shares of the footwear maker's stock valued at $1,575,000 after buying an additional 3,078 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

NKE has been the subject of a number of research reports. Berenberg Bank reaffirmed a "neutral" rating on shares of NIKE in a research report on Wednesday, May 6th. Piper Sandler reaffirmed a "neutral" rating and set a $50.00 price target (down from $60.00) on shares of NIKE in a research report on Friday, April 10th. Sanford C. Bernstein reaffirmed a "buy" rating on shares of NIKE in a research report on Monday, May 11th. UBS Group decreased their price target on shares of NIKE from $58.00 to $54.00 and set a "neutral" rating for the company in a research report on Wednesday, April 1st. Finally, Guggenheim decreased their price target on shares of NIKE from $77.00 to $74.00 and set a "buy" rating for the company in a research report on Wednesday, April 1st. Sixteen analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $62.04.

NIKE Stock Performance

NYSE:NKE opened at $45.96 on Thursday. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.14 and a quick ratio of 1.45. The firm has a 50-day moving average of $46.05 and a two-hundred day moving average of $56.93. The stock has a market cap of $68.06 billion, a P/E ratio of 30.44, a PEG ratio of 2.38 and a beta of 1.12. NIKE, Inc. has a 1-year low of $41.35 and a 1-year high of $80.17.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The company had revenue of $11.28 billion during the quarter, compared to analysts' expectations of $11.23 billion. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The firm's revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 EPS. On average, research analysts expect that NIKE, Inc. will post 1.51 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, July 1st. Shareholders of record on Monday, June 1st will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, June 1st. NIKE's dividend payout ratio is presently 108.61%.

Insider Activity

In other news, CEO Elliott Hill acquired 23,660 shares of the firm's stock in a transaction on Monday, April 13th. The stock was bought at an average cost of $42.27 per share, with a total value of $1,000,108.20. Following the transaction, the chief executive officer directly owned 265,247 shares in the company, valued at approximately $11,211,990.69. This represents a 9.79% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert Holmes Swan acquired 11,781 shares of the firm's stock in a transaction on Tuesday, April 7th. The stock was purchased at an average cost of $42.44 per share, with a total value of $499,985.64. Following the completion of the transaction, the director owned 55,074 shares in the company, valued at $2,337,340.56. The trade was a 27.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 64,441 shares of company stock valued at $2,734,204. Corporate insiders own 0.80% of the company's stock.

NIKE Company Profile

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.