Western Pacific Wealth Management LP Trims Stock Position in NIKE, Inc. $NKE

Key Points

• Western Pacific Wealth Management LP significantly reduced its stake in NIKE, Inc. by 99.6%, selling 254,376 shares during the second quarter, leaving it with only 912 shares valued at $65,000.
• Analysts have mixed opinions on NIKE, with TD Cowen upgrading the stock to a "buy" rating and increasing the price target to $85, while Deutsche Bank has lowered its target to $71.
• NIKE recently announced a quarterly dividend of $0.40 per share, translating to an annualized payout of $1.60 and a dividend yield of 2.2%.

Western Pacific Wealth Management LP trimmed its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 99.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 912 shares of the footwear maker's stock after selling 254,376 shares during the period. Western Pacific Wealth Management LP's holdings in NIKE were worth $65,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its position in NIKE by 4.6% during 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. Wellington Management Group LLP increased its position in NIKE by 24.9% during 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. Goldman Sachs Group Inc. increased its position in NIKE by 344.2% during the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker's stock worth $1,694,842,000 after purchasing an additional 20,688,013 shares during the last quarter. Bank of New York Mellon Corp increased its position in NIKE by 3.0% during the first quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker's stock worth $1,332,331,000 after purchasing an additional 620,214 shares during the last quarter. Finally, Flossbach Von Storch SE increased its position in NIKE by 24.0% during the first quarter. Flossbach Von Storch SE now owns 10,286,619 shares of the footwear maker's stock worth $652,995,000 after purchasing an additional 1,988,547 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Piper Sandler raised their price objective on shares of NIKE from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Citigroup upgraded shares of NIKE from a "neutral" rating to a "positive" rating in a research report on Friday. Jefferies Financial Group reiterated a "buy" rating and set a $115.00 price target on shares of NIKE in a research report on Friday, August 22nd. Zacks Research upgraded shares of NIKE from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 26th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of NIKE in a research report on Monday, August 18th. Three research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $79.04.

NIKE Stock Up 0.6%

Shares of NYSE NKE traded up $0.40 during midday trading on Monday, hitting $71.29. The company's stock had a trading volume of 9,938,535 shares, compared to its average volume of 16,140,535. The business's fifty day simple moving average is $75.19 and its two-hundred day simple moving average is $67.43. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.21 and a quick ratio of 1.50. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $90.62. The firm has a market capitalization of $105.29 billion, a price-to-earnings ratio of 33.01, a price-to-earnings-growth ratio of 2.57 and a beta of 1.24.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $10.69 billion. During the same quarter last year, the firm posted $0.99 earnings per share. The business's revenue for the quarter was down 11.9% compared to the same quarter last year. On average, equities analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.40 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.2%. NIKE's payout ratio is currently 74.07%.

Insider Transactions at NIKE

In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE 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 owned 842,361 shares in the company, valued at $60,894,276.69. The trade was a 11.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.80% of the stock is owned by corporate insiders.

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.