NIKE, Inc. $NKE Stake Lowered by Wesbanco Bank Inc.

Key Points

• Wesbanco Bank Inc. cut its NIKE stake by 59% in the first quarter, selling 67,469 shares and leaving it with 46,799 shares worth about $2.47 million.
• NIKE’s stock was trading near $40.76, close to its 52-week low of $40.00, with analysts maintaining an overall Hold consensus and a average price target of $59.01.
• The company recently posted quarterly earnings of $0.35 per share, beating estimates, but Wall Street remains cautious ahead of upcoming results amid concerns about the turnaround, competition, and softer demand trends.

Wesbanco Bank Inc. trimmed its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 59.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 46,799 shares of the footwear maker's stock after selling 67,469 shares during the quarter. Wesbanco Bank Inc.'s holdings in NIKE were worth $2,472,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Brighton Jones LLC increased its holdings in shares of NIKE by 388.5% in the 4th quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker's stock worth $15,316,000 after acquiring an additional 160,980 shares during the period. Caxton Associates LLP bought a new position in NIKE in the 1st quarter worth about $311,000. United Bank increased its stake in shares of NIKE by 11.3% in the second quarter. United Bank now owns 17,067 shares of the footwear maker's stock valued at $1,212,000 after purchasing an additional 1,736 shares during the period. NewEdge Advisors LLC raised its holdings in shares of NIKE by 0.3% during the second quarter. NewEdge Advisors LLC now owns 64,161 shares of the footwear maker's stock valued at $4,558,000 after buying an additional 197 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of NIKE by 6.5% during the second quarter. CIBC Asset Management Inc now owns 191,268 shares of the footwear maker's stock valued at $13,588,000 after buying an additional 11,646 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company's stock.

NIKE Trading Down 0.3%

Shares of NIKE stock opened at $40.76 on Friday. The business has a fifty day simple moving average of $44.19 and a 200-day simple moving average of $53.96. NIKE, Inc. has a fifty-two week low of $40.00 and a fifty-two week high of $80.17. The firm has a market cap of $60.36 billion, a price-to-earnings ratio of 26.99, a price-to-earnings-growth ratio of 1.77 and a beta of 1.12. The company has a quick ratio of 1.45, a current ratio of 2.14 and a debt-to-equity ratio of 0.50.

NIKE (NYSE:NKE - Get Free Report) last released its earnings results on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. NIKE had a return on equity of 16.41% and a net margin of 4.84%.The firm had revenue of $11.28 billion for the quarter, compared to analyst estimates of $11.23 billion. During the same period in the previous year, the company earned $0.54 earnings per share. NIKE's revenue was up .1% compared to the same quarter last year. On average, equities analysts forecast that NIKE, Inc. will post 1.49 EPS for the current fiscal year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Monday, June 1st. NIKE's payout ratio is presently 108.61%.

Insider Buying and Selling at NIKE

In related news, Director Robert Holmes Swan purchased 11,781 shares of the company's stock in a transaction on Tuesday, April 7th. The shares were bought at an average price of $42.44 per share, with a total value of $499,985.64. Following the completion of the acquisition, the director owned 55,074 shares of the company's stock, valued at approximately $2,337,340.56. This represents a 27.21% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Philip Mccartney sold 17,398 shares of the firm's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $46.18, for a total value of $803,439.64. Following the sale, the executive vice president directly owned 53,133 shares of the company's stock, valued at approximately $2,453,681.94. This represents a 24.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders acquired 64,441 shares of company stock valued at $2,734,204. Corporate insiders own 0.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NKE. Zacks Research cut NIKE from a "hold" rating to a "strong sell" rating in a research report on Monday, June 1st. BNP Paribas Exane reissued an "underperform" rating on shares of NIKE in a research note on Tuesday, June 23rd. Truist Financial cut their price objective on shares of NIKE from $69.00 to $57.00 and set a "buy" rating on the stock in a research note on Wednesday, April 1st. Needham & Company LLC reiterated a "hold" rating on shares of NIKE in a research report on Thursday, June 4th. Finally, Royal Bank Of Canada cut shares of NIKE from an "outperform" rating to a "sector perform" rating and lowered their target price for the company from $70.00 to $50.00 in a research note on Wednesday, June 10th. Fourteen analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $59.01.

Key NIKE News

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: Oppenheimer lowered its price target to $60 but kept an outperform rating, signaling some analysts still see meaningful upside from current levels. Oppenheimer target update
• Positive Sentiment: Investors are also watching for any improvement from NIKE’s “Win Now” turnaround strategy and upcoming guidance, which could help support sentiment if management shows clearer progress. Nike fiscal Q4 preview
• Neutral Sentiment: NIKE is expected to report results after Tuesday’s close, and traders are bracing for a potentially large post-earnings move as attention centers on revenue trends, margins, and forward guidance. Investopedia earnings move preview
• Neutral Sentiment: Wall Street is closely focused on the new CFO transition, with investors waiting to see whether leadership changes help or hurt execution in the near term. Nike shares in focus as company names new CFO
• Negative Sentiment: KeyBanc turned more cautious, saying NIKE’s recovery is taking longer than expected amid slower turnaround progress and stronger competition from rivals. KeyBanc downgrade
• Negative Sentiment: Other coverage points to a “soft” quarter, with pressure from China weakness, tariffs, promotions, and operational uncertainty weighing on expectations ahead of earnings. Nike likely to report soft quarterly results
• Negative Sentiment: Stifel and Deutsche Bank also cut price targets, reinforcing a more cautious Street view before the report. Stifel target cut Deutsche Bank target cut

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).

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