Truvestments Capital LLC Reduces Stake in NIKE, Inc. (NYSE:NKE)

Truvestments Capital LLC reduced its stake in NIKE, Inc. (NYSE:NKE) by 10.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,895 shares of the footwear maker’s stock after selling 225 shares during the quarter. Truvestments Capital LLC’s holdings in NIKE were worth $143,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in NKE. Axxcess Wealth Management LLC grew its holdings in NIKE by 2.6% in the 3rd quarter. Axxcess Wealth Management LLC now owns 6,355 shares of the footwear maker’s stock valued at $562,000 after buying an additional 163 shares in the last quarter. Harbour Investments Inc. grew its holdings in NIKE by 6.6% in the 3rd quarter. Harbour Investments Inc. now owns 5,749 shares of the footwear maker’s stock valued at $508,000 after buying an additional 357 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of NIKE by 10.9% during the 3rd quarter. Baillie Gifford & Co. now owns 182,830 shares of the footwear maker’s stock worth $16,162,000 after purchasing an additional 17,978 shares during the period. Verus Capital Partners LLC grew its holdings in shares of NIKE by 44.4% during the 3rd quarter. Verus Capital Partners LLC now owns 6,000 shares of the footwear maker’s stock worth $530,000 after purchasing an additional 1,845 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of NIKE by 5.2% during the 3rd quarter. Victory Capital Management Inc. now owns 748,386 shares of the footwear maker’s stock worth $66,157,000 after purchasing an additional 37,035 shares during the period. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NKE. DA Davidson upgraded NIKE to a “strong-buy” rating in a report on Monday, December 23rd. Truist Financial lowered their price target on NIKE from $97.00 to $90.00 and set a “buy” rating for the company in a report on Friday, December 20th. Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $72.00 to $90.00 in a report on Friday, January 10th. Stifel Nicolaus lowered their price target on NIKE from $79.00 to $75.00 and set a “hold” rating for the company in a report on Friday, December 20th. Finally, TD Cowen lowered their price target on NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a report on Monday, November 18th. Fourteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.77.

NIKE Price Performance

NKE stock opened at $73.62 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. The firm has a market capitalization of $108.89 billion, a P/E ratio of 22.72, a P/E/G ratio of 2.52 and a beta of 1.02. The business’s 50-day moving average is $74.73 and its two-hundred day moving average is $77.99. NIKE, Inc. has a 1 year low of $68.62 and a 1 year high of $102.49.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.15. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The business had revenue of $12.35 billion for the quarter, compared to analyst estimates of $12.11 billion. During the same quarter last year, the company earned $1.03 EPS. The business’s quarterly revenue was down 7.7% on a year-over-year basis. Analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Monday, March 3rd. NIKE’s dividend payout ratio (DPR) is presently 49.38%.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the sale, the chairman now owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John W. Rogers, Jr. bought 2,500 shares of the business’s stock in a transaction dated Friday, December 27th. The shares were acquired at an average cost of $76.65 per share, for a total transaction of $191,625.00. Following the transaction, the director now directly owns 34,403 shares in the company, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.10% of the company’s stock.

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.