NIKE, Inc. $NKE Stock Holdings Lessened by Procyon Advisors LLC

Key Points

• Procyon Advisors LLC significantly reduced its stake in NIKE, Inc. by 85.9%, now holding 4,411 shares valued at $313,000 after selling 26,765 shares during the second quarter.
• Several institutional investors, including Vanguard Group and Goldman Sachs, have increased their positions in NIKE, with Goldman Sachs raising its stake by 344.2% to 26.7 million shares.
• NIKE's quarterly earnings report showed earnings of $0.14 per share, beating estimates, but revenue was down 11.9% year-over-year, totaling $11.10 billion compared to a forecast of $10.69 billion.

Procyon Advisors LLC lowered its stake in NIKE, Inc. (NYSE:NKE - Free Report) by 85.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,411 shares of the footwear maker's stock after selling 26,765 shares during the period. Procyon Advisors LLC's holdings in NIKE were worth $313,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of NKE. Brighton Jones LLC increased its holdings in NIKE by 388.5% in the 4th quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker's stock worth $15,316,000 after acquiring an additional 160,980 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of NIKE by 10.3% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 190,915 shares of the footwear maker's stock worth $14,447,000 after purchasing an additional 17,888 shares in the last quarter. Waverly Advisors LLC increased its position in shares of NIKE by 53.3% during the fourth quarter. Waverly Advisors LLC now owns 19,591 shares of the footwear maker's stock worth $1,482,000 after purchasing an additional 6,810 shares in the last quarter. Novem Group purchased a new stake in shares of NIKE during the fourth quarter worth approximately $406,000. Finally, Cornerstone Advisory LLC grew its holdings in shares of NIKE by 28.6% during the fourth quarter. Cornerstone Advisory LLC now owns 3,712 shares of the footwear maker's stock worth $271,000 after buying an additional 825 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company's stock.

NIKE Stock Down 1.7%

Shares of NYSE NKE traded down $1.22 on Friday, hitting $70.88. The company had a trading volume of 33,397,876 shares, compared to its average volume of 10,678,684. NIKE, Inc. has a 12-month low of $52.28 and a 12-month high of $90.62. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $104.68 billion, a P/E ratio of 32.81, a PEG ratio of 2.57 and a beta of 1.24. The business has a 50 day moving average of $75.19 and a two-hundred day moving average of $67.50.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. NIKE had a return on equity of 23.33% and a net margin of 6.95%.The business had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.69 billion. During the same quarter last year, the business posted $0.99 EPS. The business's revenue was down 11.9% on a year-over-year basis. As a group, equities research analysts forecast 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 issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, September 2nd. NIKE's payout ratio is presently 74.07%.

Insider Activity

In other 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 transaction of $6,535,902.54. Following the sale, the chairman owned 744,988 shares in the company, valued at $56,566,938.84. The trade was a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. DZ Bank lowered shares of NIKE from a "buy" rating to a "hold" rating and set a $76.00 price objective for the company. in a report on Thursday, July 10th. Telsey Advisory Group reaffirmed a "market perform" rating and set a $70.00 target price on shares of NIKE in a research note on Friday, June 27th. Piper Sandler increased their target price on shares of NIKE from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Zacks Research raised shares of NIKE from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 26th. Finally, Bank of America increased their price objective on shares of NIKE from $80.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $79.04.

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.