Whitener Capital Management Inc. Sells 8,676 Shares of NIKE, Inc. $NKE

Key Points

• Whitener Capital Management Inc. reduced its stake in NIKE, Inc. by 26.5%, selling 8,676 shares and holding 24,006 shares valued at approximately $1.7 million as of the latest filing.
• Several analysts have recently adjusted their price targets for NIKE, with Deutsche Bank lowering its target from $77 to $71, while Citigroup upgraded its rating to "positive".
• NIKE announced a quarterly dividend of $0.40 per share, with a dividend yield of 2.3%, payable on October 1st.

Whitener Capital Management Inc. trimmed its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 26.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,006 shares of the footwear maker's stock after selling 8,676 shares during the period. Whitener Capital Management Inc.'s holdings in NIKE were worth $1,705,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Heck Capital Advisors LLC bought a new position in shares of NIKE during the fourth quarter valued at about $28,000. Stone House Investment Management LLC bought a new position in NIKE in the first quarter worth about $25,000. Matrix Trust Co increased its stake in shares of NIKE by 53.1% during the second quarter. Matrix Trust Co now owns 441 shares of the footwear maker's stock valued at $31,000 after purchasing an additional 153 shares in the last quarter. Saudi Central Bank bought a new position in shares of NIKE during the first quarter valued at approximately $30,000. Finally, Putney Financial Group LLC bought a new position in shares of NIKE during the fourth quarter valued at approximately $40,000. 64.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NKE has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft reduced their price target on shares of NIKE from $77.00 to $71.00 and set a "buy" rating for the company in a research report on Friday, June 20th. Citigroup upgraded shares of NIKE from a "neutral" rating to a "positive" rating in a research report on Friday. Truist Financial decreased their price target on shares of NIKE from $82.00 to $73.00 and set a "buy" rating on the stock in a research report on Tuesday, June 24th. Barclays raised their price objective on shares of NIKE from $64.00 to $65.00 and gave the company an "equal weight" rating in a research report on Thursday. Finally, Morgan Stanley raised their price objective on shares of NIKE from $61.00 to $64.00 and gave the company an "equal weight" rating in a research report on Friday, June 27th. Three 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $79.04.

NIKE Trading Down 1.7%

NKE opened at $70.88 on Friday. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $90.62. The business has a fifty day simple moving average of $75.19 and a 200-day simple moving average of $67.50. The firm has a market cap of $104.68 billion, a P/E ratio of 32.81, a P/E/G ratio of 2.57 and a beta of 1.24. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60.

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 analysts' consensus estimates of $0.12 by $0.02. NIKE had a return on equity of 23.33% and a net margin of 6.95%.The company had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.69 billion. During the same period in the previous year, the business earned $0.99 EPS. NIKE's revenue for the quarter was down 11.9% on a year-over-year basis. On average, equities analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 2nd. NIKE's dividend payout ratio is currently 74.07%.

Insider Buying and Selling at NIKE

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the transaction, the chairman owned 842,361 shares of the company's stock, valued at $60,894,276.69. This represents a 11.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.80% of the stock is currently 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.

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