Penobscot Investment Management Company Inc. Cuts Stock Holdings in NIKE, Inc. (NYSE:NKE)

Penobscot Investment Management Company Inc. decreased its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 15.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,328 shares of the footwear maker's stock after selling 8,155 shares during the period. Penobscot Investment Management Company Inc.'s holdings in NIKE were worth $4,813,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of NKE. FMR LLC boosted its stake in NIKE by 0.7% in the third quarter. FMR LLC now owns 18,502,409 shares of the footwear maker's stock valued at $1,769,200,000 after acquiring an additional 125,746 shares in the last quarter. Northern Trust Corp raised its holdings in shares of NIKE by 4.5% during the third quarter. Northern Trust Corp now owns 15,557,676 shares of the footwear maker's stock valued at $1,487,625,000 after purchasing an additional 674,198 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of NIKE by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,200,932 shares of the footwear maker's stock valued at $766,829,000 after buying an additional 89,947 shares during the period. Newport Trust Company LLC bought a new stake in shares of NIKE during the third quarter valued at approximately $679,775,000. Finally, Massachusetts Financial Services Co. MA raised its position in shares of NIKE by 37.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,791,531 shares of the footwear maker's stock worth $553,786,000 after purchasing an additional 1,583,541 shares during the period. Institutional investors and hedge funds own 64.25% of the company's stock.

NIKE Price Performance

Shares of NYSE:NKE traded down $1.80 during trading on Tuesday, reaching $92.26. The company had a trading volume of 6,487,974 shares, compared to its average volume of 9,340,923. The firm has a market capitalization of $139.25 billion, a PE ratio of 27.42, a price-to-earnings-growth ratio of 1.82 and a beta of 1.09. The firm's fifty day moving average is $96.78 and its 200 day moving average is $103.33. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.89 and a current ratio of 2.74. NIKE, Inc. has a twelve month low of $88.66 and a twelve month high of $128.68.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings data on Thursday, March 21st. The footwear maker reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.29. The firm had revenue of $12.43 billion during the quarter, compared to analyst estimates of $12.28 billion. NIKE had a return on equity of 39.41% and a net margin of 10.14%. On average, equities analysts forecast that NIKE, Inc. will post 3.73 EPS for the current year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 4th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend was Friday, March 1st. NIKE's dividend payout ratio (DPR) is 43.53%.

Wall Street Analysts Forecast Growth

NKE has been the subject of several research analyst reports. HSBC dropped their target price on shares of NIKE from $120.00 to $115.00 and set a "hold" rating for the company in a research report on Monday, January 22nd. Williams Trading reiterated a "sell" rating and issued a $85.00 target price (down from $92.00) on shares of NIKE in a research report on Monday, March 18th. Jefferies Financial Group reduced their target price on NIKE from $110.00 to $100.00 and set a "hold" rating on the stock in a research note on Friday, March 22nd. Piper Sandler dropped their price target on NIKE from $107.00 to $98.00 and set a "neutral" rating for the company in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group reduced their price objective on NIKE from $135.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday, March 22nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, NIKE presently has an average rating of "Moderate Buy" and a consensus target price of $116.26.

NIKE Company 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.