Palisade Asset Management LLC Sells 344 Shares of NIKE, Inc. (NYSE:NKE)

Palisade Asset Management LLC lessened its position in shares of NIKE, Inc. (NYSE:NKE) by 1.1% in the third quarter, HoldingsChannel.com reports. The fund owned 30,619 shares of the footwear maker’s stock after selling 344 shares during the period. Palisade Asset Management LLC’s holdings in NIKE were worth $2,707,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Advisors Asset Management Inc. increased its stake in shares of NIKE by 86.0% in the 1st quarter. Advisors Asset Management Inc. now owns 20,957 shares of the footwear maker’s stock valued at $1,970,000 after purchasing an additional 9,689 shares during the last quarter. LRI Investments LLC acquired a new stake in NIKE in the first quarter valued at about $127,000. Epoch Investment Partners Inc. grew its position in NIKE by 1.6% in the first quarter. Epoch Investment Partners Inc. now owns 14,326 shares of the footwear maker’s stock valued at $1,346,000 after acquiring an additional 227 shares during the last quarter. Ceeto Capital Group LLC acquired a new position in NIKE during the first quarter worth about $222,000. Finally, Transcendent Capital Group LLC lifted its holdings in shares of NIKE by 97.6% in the first quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock worth $38,000 after acquiring an additional 200 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NKE. UBS Group lifted their price target on shares of NIKE from $78.00 to $82.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Telsey Advisory Group decreased their target price on shares of NIKE from $100.00 to $96.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 2nd. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $97.00 in a research note on Thursday, October 10th. Stifel Nicolaus reduced their price objective on NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a research report on Monday, August 26th. Finally, Royal Bank of Canada lowered their target price on NIKE from $82.00 to $80.00 and set a “sector perform” rating for the company in a report on Thursday, November 7th. Fourteen investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and an average price target of $95.86.

NIKE Price Performance

Shares of NKE opened at $77.40 on Friday. The firm has a market cap of $116.05 billion, a PE ratio of 22.18, a price-to-earnings-growth ratio of 1.82 and a beta of 1.03. NIKE, Inc. has a 52-week low of $70.75 and a 52-week high of $123.39. The business’s 50 day moving average price is $80.51 and its two-hundred day moving average price is $82.67. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter in the previous year, the company earned $0.94 EPS. NIKE’s quarterly revenue was down 10.4% compared to the same quarter last year. On average, equities analysts anticipate that NIKE, Inc. will post 2.75 EPS for the current year.

NIKE Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be paid a $0.40 dividend. The ex-dividend date is Monday, December 2nd. This is an increase from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 2.07%. NIKE’s dividend payout ratio (DPR) is currently 42.41%.

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.