PNC Financial Services Group Inc. Has $79.32 Million Holdings in NIKE, Inc. (NYSE:NKE)

Key Points

• PNC Financial Services Group Inc. reduced its stake in NIKE, Inc. by 7.8%, selling 106,112 shares and currently holding a total of 1,249,483 shares valued at approximately $79.3 million.
• Chairman Mark G. Parker sold 110,000 shares at an average price of $72.29, decreasing his ownership by 11.55% and retaining approximately $60.9 million worth of shares.
• Analysts have raised their price targets for NIKE, with Goldman Sachs increasing it to $81.00 and JPMorgan Chase raising it to $93.00, maintaining a consensus rating of "Moderate Buy."

PNC Financial Services Group Inc. trimmed its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 7.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,249,483 shares of the footwear maker's stock after selling 106,112 shares during the quarter. PNC Financial Services Group Inc. owned 0.08% of NIKE worth $79,317,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Heck Capital Advisors LLC bought a new position in shares of NIKE during the fourth quarter worth $28,000. EnRich Financial Partners LLC boosted its position in shares of NIKE by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 412 shares of the footwear maker's stock worth $31,000 after purchasing an additional 273 shares in the last quarter. Ritter Daniher Financial Advisory LLC DE boosted its position in shares of NIKE by 95.1% during the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 513 shares of the footwear maker's stock worth $39,000 after purchasing an additional 250 shares in the last quarter. Putney Financial Group LLC bought a new position in shares of NIKE during the fourth quarter worth $40,000. Finally, Minot DeBlois Advisors LLC bought a new position in shares of NIKE during the fourth quarter worth $42,000. 64.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 110,000 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total value of $7,951,900.00. Following the transaction, the chairman owned 842,361 shares in the company, valued at approximately $60,894,276.69. This represents a 11.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.80% of the company's stock.

Analyst Ratings Changes

NKE has been the topic of several research reports. Stifel Nicolaus cut their price objective on shares of NIKE from $75.00 to $64.00 and set a "hold" rating on the stock in a research report on Thursday, April 10th. Truist Financial cut their price objective on shares of NIKE from $82.00 to $73.00 and set a "buy" rating on the stock in a research report on Tuesday, June 24th. Piper Sandler boosted their price objective on shares of NIKE from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, June 27th. The Goldman Sachs Group boosted their price objective on shares of NIKE from $72.00 to $81.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Finally, Wells Fargo & Company boosted their price objective on shares of NIKE from $55.00 to $60.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, NIKE has a consensus rating of "Moderate Buy" and an average price target of $78.22.

NIKE Stock Performance

Shares of NIKE stock traded down $0.16 during trading on Tuesday, hitting $74.66. 1,375,474 shares of the stock were exchanged, compared to its average volume of 17,323,162. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $90.62. The stock has a market capitalization of $110.26 billion, a price-to-earnings ratio of 34.53, a price-to-earnings-growth ratio of 2.71 and a beta of 1.27. The company has a fifty day moving average price of $68.66 and a 200-day moving average price of $67.51. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, beating 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 business had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.69 billion. During the same quarter in the prior year, the business earned $0.99 EPS. NIKE's quarterly revenue was down 11.9% on a year-over-year basis. As a group, equities analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

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.