Western Pacific Wealth Management LP Cuts Holdings in NIKE, Inc. (NYSE:NKE)

Western Pacific Wealth Management LP lessened its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 17.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 255,288 shares of the footwear maker's stock after selling 52,850 shares during the period. NIKE accounts for about 14.7% of Western Pacific Wealth Management LP's investment portfolio, making the stock its biggest holding. Western Pacific Wealth Management LP's holdings in NIKE were worth $16,206,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Sowell Financial Services LLC raised its stake in NIKE by 5.4% during the 1st quarter. Sowell Financial Services LLC now owns 37,237 shares of the footwear maker's stock valued at $2,364,000 after purchasing an additional 1,921 shares during the period. Janney Montgomery Scott LLC boosted its holdings in NIKE by 8.2% in the first quarter. Janney Montgomery Scott LLC now owns 140,764 shares of the footwear maker's stock worth $8,936,000 after purchasing an additional 10,679 shares in the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH boosted its holdings in NIKE by 5.9% in the first quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 21,306 shares of the footwear maker's stock worth $1,353,000 after purchasing an additional 1,182 shares in the last quarter. Trust Point Inc. lifted its position in NIKE by 17.5% during the 1st quarter. Trust Point Inc. now owns 5,532 shares of the footwear maker's stock worth $351,000 after acquiring an additional 822 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC lifted its position in NIKE by 15.9% during the 1st quarter. Foster Victor Wealth Advisors LLC now owns 164,067 shares of the footwear maker's stock worth $10,415,000 after acquiring an additional 22,473 shares during the last quarter. Institutional investors own 64.25% of the company's stock.

Analyst Ratings Changes

NKE has been the subject of a number of research analyst reports. Citigroup cut their price objective on shares of NIKE from $72.00 to $57.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Williams Trading decreased their price target on shares of NIKE from $93.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday, April 21st. Bank of America reduced their price objective on shares of NIKE from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Robert W. Baird cut their target price on shares of NIKE from $105.00 to $99.00 and set an "outperform" rating on the stock in a report on Friday, March 21st. Finally, Truist Financial dropped their price objective on shares of NIKE from $90.00 to $82.00 and set a "buy" rating on the stock in a report on Friday, March 21st. Seventeen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, NIKE currently has a consensus rating of "Moderate Buy" and an average target price of $80.26.

Insider Buying and Selling at NIKE

In related news, Director Robert Holmes Swan acquired 8,600 shares of the business's stock in a transaction dated Friday, April 4th. The shares were purchased at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the completion of the acquisition, the director now directly owns 31,983 shares in the company, valued at $1,869,726.18. The trade was a 36.78% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.10% of the company's stock.

NIKE Trading Down 3.8%

NYSE NKE opened at $60.44 on Monday. The company's 50-day moving average price is $59.38 and its 200-day moving average price is $68.60. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The stock has a market cap of $89.40 billion, a PE ratio of 18.65, a PEG ratio of 2.52 and a beta of 1.21. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $98.04.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The firm had revenue of $11.27 billion for the quarter, compared to analysts' expectations of $11.02 billion. During the same period in the prior year, the business posted $0.98 earnings per share. The business's revenue for the quarter was down 9.1% on a year-over-year basis. Equities research analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Monday, June 2nd. NIKE's dividend payout ratio (DPR) is presently 53.16%.

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.

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