Patten & Patten Inc. TN Sells 15,991 Shares of NIKE, Inc. $NKE

Key Points

• Patten & Patten Inc. TN reduced its holdings in NIKE, Inc. by 31.9%, selling 15,991 shares during the 2nd quarter, leaving them with 34,212 shares valued at approximately $2.43 million.
• NIKE reported a quarterly revenue of $11.72 billion, exceeding expectations and resulting in earnings per share of $0.49, which is a 1% increase year-over-year.
• Institutional investors own 64.25% of NIKE's stock, indicating strong institutional interest in the company despite recent insider selling activities.

Patten & Patten Inc. TN decreased its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 31.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 34,212 shares of the footwear maker's stock after selling 15,991 shares during the period. Patten & Patten Inc. TN's holdings in NIKE were worth $2,430,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Spire Wealth Management boosted its stake in NIKE by 4.4% during the first quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker's stock valued at $627,000 after buying an additional 416 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its stake in NIKE by 0.6% during the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker's stock valued at $69,932,000 after buying an additional 5,601 shares during the period. Clal Insurance Enterprises Holdings Ltd bought a new stake in NIKE during the first quarter valued at $25,963,000. BROOKFIELD Corp ON boosted its stake in NIKE by 36.2% during the first quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker's stock valued at $41,808,000 after buying an additional 175,000 shares during the period. Finally, Cadence Bank boosted its stake in NIKE by 10.0% during the first quarter. Cadence Bank now owns 83,002 shares of the footwear maker's stock valued at $5,269,000 after buying an additional 7,574 shares during the period. Institutional investors own 64.25% of the company's stock.

Insider Transactions at NIKE

In related news, EVP Treasure Heinle sold 4,300 shares of the business's stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $71.27, for a total transaction of $306,461.00. Following the transaction, the executive vice president owned 29,396 shares in the company, valued at $2,095,052.92. The trade was a 12.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Mark G. Parker sold 86,078 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total value of $6,535,902.54. Following the transaction, the chairman owned 744,988 shares in the company, valued at $56,566,938.84. This trade represents a 10.36% decrease in their position. The disclosure for this sale can be found here. 0.80% of the stock is owned by insiders.

NIKE Stock Up 1.2%

NKE opened at $68.45 on Thursday. The company has a market cap of $101.18 billion, a P/E ratio of 35.10, a P/E/G ratio of 2.49 and a beta of 1.29. The business's 50-day moving average price is $73.38 and its 200-day moving average price is $67.34. The company has a current ratio of 2.19, a quick ratio of 1.45 and a debt-to-equity ratio of 0.59. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $84.76.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, topping the consensus estimate of $0.27 by $0.22. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The firm had revenue of $11.72 billion for the quarter, compared to the consensus estimate of $10.96 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. The company's quarterly revenue was up 1.0% on a year-over-year basis. On average, equities analysts expect that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Tuesday, September 2nd. NIKE's payout ratio is currently 82.05%.

Analysts Set New Price Targets

Several research firms recently issued reports on NKE. Citigroup raised NIKE from a "neutral" rating to a "positive" rating in a research note on Friday, September 19th. Barclays set a $70.00 price target on NIKE and gave the stock a "positive" rating in a research note on Wednesday, October 1st. Telsey Advisory Group reaffirmed a "market perform" rating and set a $75.00 price target on shares of NIKE in a research note on Wednesday, October 1st. Robert W. Baird lifted their price target on NIKE from $80.00 to $88.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Finally, TD Cowen raised NIKE from a "hold" rating to a "buy" rating and lifted their price target for the stock from $62.00 to $85.00 in a research note on Wednesday, September 10th. Three analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $82.21.

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.

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