Secure Asset Management LLC Decreases Stake in NIKE, Inc. $NKE

Key Points

• Secure Asset Management LLC sold 8,308 shares of NIKE, reducing its position by 27.2%, leaving it with 22,279 shares worth approximately $1.58 million at the end of the reporting period.
• Several brokerages have upgraded NIKE's stock rating, with HSBC Global Research raising it to a "strong-buy", while Bank of America increased their price target from $80 to $84.
• NIKE declared a quarterly dividend of $0.40, with an annualized payout of $1.60, resulting in a yield of 2.2%; the ex-dividend date is set for September 2nd.

Secure Asset Management LLC lowered its position in NIKE, Inc. (NYSE:NKE - Free Report) by 27.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,279 shares of the footwear maker's stock after selling 8,308 shares during the quarter. Secure Asset Management LLC's holdings in NIKE were worth $1,583,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in NKE. Goldman Sachs Group Inc. raised its stake in shares of NIKE by 344.2% in the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker's stock valued at $1,694,842,000 after acquiring an additional 20,688,013 shares during the period. Wellington Management Group LLP grew its holdings in shares of NIKE by 24.9% in the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker's stock worth $2,880,971,000 after purchasing an additional 9,043,180 shares during the last quarter. Jennison Associates LLC bought a new position in shares of NIKE in the first quarter worth about $509,051,000. Nuveen LLC bought a new position in shares of NIKE in the first quarter worth about $502,285,000. Finally, Vanguard Group Inc. grew its holdings in shares of NIKE by 4.6% in the first quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker's stock worth $7,182,831,000 after purchasing an additional 4,957,494 shares during the last quarter. Hedge funds and other institutional investors own 64.25% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on NKE shares. TD Cowen upgraded shares of NIKE from a "hold" rating to a "buy" rating and upped their price target for the stock from $62.00 to $85.00 in a report on Wednesday, September 10th. The Goldman Sachs Group upped their price target on shares of NIKE from $72.00 to $81.00 and gave the stock a "buy" rating in a report on Friday, June 27th. Citigroup upgraded shares of NIKE from a "neutral" rating to a "positive" rating in a report on Friday. Telsey Advisory Group reiterated a "market perform" rating and set a $70.00 target price on shares of NIKE in a report on Friday, June 27th. Finally, 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 report on Friday, June 27th. Three equities research 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.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $79.04.

NIKE Stock Up 0.6%

Shares of NYSE:NKE traded up $0.40 during trading on Monday, reaching $71.29. The stock had a trading volume of 12,134,877 shares, compared to its average volume of 11,800,166. NIKE, Inc. has a one year low of $52.28 and a one year high of $90.62. The company has a market capitalization of $105.29 billion, a P/E ratio of 33.01, a PEG ratio of 2.57 and a beta of 1.24. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. The firm's 50-day simple moving average is $75.16 and its 200 day simple moving average is $67.38.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share 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 analysts' expectations of $10.69 billion. During the same period last year, the business earned $0.99 EPS. The company's revenue was down 11.9% compared to the same quarter last year. As a group, research analysts expect that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 2nd. NIKE's dividend payout ratio (DPR) is presently 74.07%.

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chairman directly owned 842,361 shares of the company's stock, valued at $60,894,276.69. This trade represents a 11.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.80% of the stock is owned by insiders.

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.