Synovus Financial Corp Has $6.29 Million Holdings in NIKE, Inc. $NKE

Key Points

• Synovus Financial Corp increased its holdings in NIKE, Inc. by 41.2% during the first quarter, acquiring an additional 28,871 shares, bringing its total to 99,009 shares valued at approximately $6.28 million.
• NIKE reported earnings of $0.14 per share for the last quarter, exceeding analyst expectations, despite a 11.9% year-over-year decline in revenue with total earnings of $11.10 billion.
• The company announced a quarterly dividend of $0.40 per share, representing a 2.0% yield and a payout ratio of 74.07%, with payment scheduled for October 1st.

Synovus Financial Corp raised its stake in NIKE, Inc. (NYSE:NKE - Free Report) by 41.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 99,009 shares of the footwear maker's stock after purchasing an additional 28,871 shares during the period. Synovus Financial Corp's holdings in NIKE were worth $6,285,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC boosted 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 valued at $15,316,000 after buying an additional 160,980 shares during the period. Bank Pictet & Cie Europe AG boosted its holdings in shares of NIKE by 10.3% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 190,915 shares of the footwear maker's stock valued at $14,447,000 after buying an additional 17,888 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of NIKE by 79.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 173,792 shares of the footwear maker's stock valued at $13,151,000 after buying an additional 77,044 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in shares of NIKE by 46.1% in the 4th quarter. Integrated Wealth Concepts LLC now owns 25,346 shares of the footwear maker's stock valued at $1,918,000 after buying an additional 7,998 shares during the period. Finally, Johnson Financial Group Inc. boosted its holdings in shares of NIKE by 33.4% in the 4th quarter. Johnson Financial Group Inc. now owns 6,439 shares of the footwear maker's stock valued at $495,000 after buying an additional 1,613 shares during the period. Institutional investors own 64.25% of the company's stock.

NIKE Price Performance

Shares of NYSE:NKE traded down $0.45 during trading on Wednesday, reaching $78.20. The company had a trading volume of 12,633,901 shares, compared to its average volume of 9,298,987. The firm's fifty day moving average is $73.60 and its 200 day moving average is $67.84. The firm has a market capitalization of $115.50 billion, a PE ratio of 36.20, a price-to-earnings-growth ratio of 2.86 and a beta of 1.27. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $90.62. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21.

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 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 company had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.69 billion. During the same period in the prior year, the business posted $0.99 EPS. The business's revenue for the quarter was down 11.9% compared to the same quarter last year. On average, equities analysts forecast that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

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

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 86,078 shares of the business's 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. The trade was a 10.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.80% of the stock is owned by insiders.

Analysts Set New Price Targets

NKE has been the subject of several research reports. Telsey Advisory Group reaffirmed a "market perform" rating and issued a $70.00 price target on shares of NIKE in a report on Friday, June 27th. DZ Bank lowered shares of NIKE from a "buy" rating to a "hold" rating and set a $76.00 target price for the company. in a research note on Thursday, July 10th. Barclays boosted their target price on shares of NIKE from $53.00 to $64.00 and gave the company an "equal weight" rating in a research note on Friday, June 27th. HSBC raised shares of NIKE from a "hold" rating to a "buy" rating and set a $80.00 target price for the company in a research note on Friday, June 27th. Finally, Wall Street Zen lowered shares of NIKE from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, NIKE currently has an average rating of "Moderate Buy" and a consensus price target of $78.22.

About NIKE

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.