PNC Financial Services Group Inc. Reduces Holdings in NIKE, Inc. $NKE

Key Points

• PNC Financial Services Group cut its NIKE stake by 3.5% in the fourth quarter, selling 39,465 shares and leaving it with 1,103,635 shares worth about $70.3 million.
• NIKE reported quarterly earnings of $0.35 per share, topping estimates of $0.29, while revenue of $11.28 billion also slightly beat forecasts.
• Analyst sentiment remains cautious: the stock’s consensus rating is Hold, with an average price target of $62.04, even after some insiders recently bought shares.

PNC Financial Services Group Inc. trimmed its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 3.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,103,635 shares of the footwear maker's stock after selling 39,465 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.07% of NIKE worth $70,313,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Guerra Advisors Inc acquired a new position in NIKE during the third quarter worth $34,000. Gordian Capital Singapore Pte Ltd acquired a new position in NIKE during the third quarter worth $35,000. Accredited Wealth Management LLC boosted its stake in NIKE by 268.6% during the third quarter. Accredited Wealth Management LLC now owns 516 shares of the footwear maker's stock worth $36,000 after buying an additional 376 shares during the last quarter. Matrix Trust Co boosted its stake in NIKE by 43.6% during the fourth quarter. Matrix Trust Co now owns 596 shares of the footwear maker's stock worth $38,000 after buying an additional 181 shares during the last quarter. Finally, Ares Financial Consulting LLC acquired a new position in NIKE during the fourth quarter worth $40,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Stock Performance

Shares of NIKE stock opened at $44.40 on Friday. NIKE, Inc. has a 52 week low of $41.35 and a 52 week high of $80.17. The business's fifty day simple moving average is $46.81 and its 200-day simple moving average is $57.41. The firm has a market cap of $65.75 billion, a PE ratio of 29.40, a price-to-earnings-growth ratio of 2.34 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 announced its quarterly earnings results on Tuesday, March 31st. The footwear maker reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. NIKE had a return on equity of 16.41% and a net margin of 4.84%.The business had revenue of $11.28 billion for the quarter, compared to analyst estimates of $11.23 billion. During the same quarter in the prior year, the company posted $0.54 EPS. The company's quarterly revenue was up .1% on a year-over-year basis. Equities analysts forecast that NIKE, Inc. will post 1.51 earnings per share for the current year.

NIKE Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. CICC Research lowered NIKE from an "outperform" rating to a "market perform" rating and lowered their price objective for the stock from $69.00 to $58.00 in a research note on Monday, April 6th. Wells Fargo & Company set a $45.00 price objective on NIKE and gave the stock an "equal weight" rating in a research note on Friday, May 8th. China Renaissance lowered their price objective on NIKE from $74.60 to $50.30 and set a "hold" rating on the stock in a research note on Thursday, April 2nd. DA Davidson lowered NIKE from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $72.00 to $46.00 in a research note on Thursday, April 2nd. Finally, Berenberg Bank reissued a "neutral" rating on shares of NIKE in a research note on Wednesday, May 6th. Sixteen equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $62.04.

Insiders Place Their Bets

In other NIKE news, Director John W. Rogers, Jr. purchased 4,000 shares of the firm's stock in a transaction dated Thursday, April 9th. The shares were acquired at an average price of $43.34 per share, with a total value of $173,360.00. Following the purchase, the director directly owned 41,022 shares in the company, valued at approximately $1,777,893.48. This trade represents a 10.80% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Timothy D. Cook purchased 25,000 shares of the firm's stock in a transaction dated Friday, April 10th. The stock was acquired at an average cost of $42.43 per share, for a total transaction of $1,060,750.00. Following the purchase, the director owned 130,480 shares in the company, valued at approximately $5,536,266.40. The trade was a 23.70% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders acquired 64,441 shares of company stock worth $2,734,204. Company insiders own 0.80% of the company's stock.

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

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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