Price T Rowe Associates Inc. MD Trims Holdings in NIKE, Inc. $NKE

Key Points

• Price T Rowe Associates Inc. MD reduced its stake in NIKE, Inc. by 0.9%, selling 34,631 shares to own 3,885,366 shares now worth approximately $246.6 million.
• Various institutional investors, including Brighton Jones LLC and T. Rowe Price Investment Management Inc., significantly increased their stakes in NIKE in the previous quarter, with one reporting a 388.5% increase.
• NIKE has announced a quarterly dividend of $0.40 per share, which is set to be paid on October 1st, resulting in an annual yield of 2.0%.

Price T Rowe Associates Inc. MD lessened its stake in NIKE, Inc. (NYSE:NKE - Free Report) by 0.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,885,366 shares of the footwear maker's stock after selling 34,631 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.26% of NIKE worth $246,644,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Sandhill Capital Partners LLC lifted its holdings in shares of NIKE by 7.0% in the 1st quarter. Sandhill Capital Partners LLC now owns 57,099 shares of the footwear maker's stock worth $3,625,000 after acquiring an additional 3,746 shares during the last quarter. GM Advisory Group LLC lifted its holdings in shares of NIKE by 200.7% in the 1st quarter. GM Advisory Group LLC now owns 29,993 shares of the footwear maker's stock worth $1,904,000 after acquiring an additional 20,020 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of NIKE by 30.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 226,612 shares of the footwear maker's stock worth $14,386,000 after acquiring an additional 52,820 shares during the last quarter. Frisch Financial Group Inc. lifted its holdings in shares of NIKE by 7.4% in the 1st quarter. Frisch Financial Group Inc. now owns 3,274 shares of the footwear maker's stock worth $209,000 after acquiring an additional 227 shares during the last quarter. Finally, Capital Analysts LLC lifted its holdings in shares of NIKE by 135.1% in the 1st quarter. Capital Analysts LLC now owns 5,212 shares of the footwear maker's stock worth $330,000 after acquiring an additional 2,995 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NKE. Piper Sandler boosted their price objective on shares of NIKE from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. JPMorgan Chase & Co. upgraded shares of NIKE from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $64.00 to $93.00 in a report on Monday, July 28th. Jefferies Financial Group restated a "buy" rating and issued a $115.00 price objective on shares of NIKE in a report on Friday, August 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of NIKE from $77.00 to $71.00 and set a "buy" rating for the company in a report on Friday, June 20th. Finally, Wells Fargo & Company upped their price target on shares of NIKE from $55.00 to $60.00 and gave the company an "equal weight" rating in a report on Wednesday, May 14th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, NIKE presently has an average rating of "Moderate Buy" and an average price target of $78.22.

NIKE Trading Down 0.6%

NIKE stock traded down $0.45 during mid-day trading on Wednesday, reaching $78.20. 12,633,901 shares of the company traded hands, compared to its average volume of 16,515,779. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.21 and a quick ratio of 1.50. The firm's 50 day moving average price is $73.23 and its 200 day moving average price is $67.77. The firm has a market capitalization of $115.50 billion, a price-to-earnings ratio of 36.20, a P/E/G ratio of 2.88 and a beta of 1.27. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. The business had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.69 billion. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The company's quarterly revenue was down 11.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.99 EPS. On average, analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

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

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the transaction, the chairman directly owned 842,361 shares of the company's stock, valued at approximately $60,894,276.69. The trade was a 11.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.80% of the company's stock.

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.