Penobscot Investment Management Company Inc. Sells 3,591 Shares of NIKE, Inc. (NYSE:NKE)

Penobscot Investment Management Company Inc. lessened its stake in shares of NIKE, Inc. (NYSE:NKE) by 11.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 29,191 shares of the footwear maker’s stock after selling 3,591 shares during the period. Penobscot Investment Management Company Inc.’s holdings in NIKE were worth $2,209,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of NKE. JNBA Financial Advisors raised its position in NIKE by 1.3% during the 4th quarter. JNBA Financial Advisors now owns 10,045 shares of the footwear maker’s stock valued at $760,000 after purchasing an additional 131 shares in the last quarter. Frisch Financial Group Inc. lifted its stake in NIKE by 4.7% in the third quarter. Frisch Financial Group Inc. now owns 3,036 shares of the footwear maker’s stock worth $269,000 after acquiring an additional 136 shares during the period. Nations Financial Group Inc. IA ADV grew its holdings in NIKE by 0.7% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 20,446 shares of the footwear maker’s stock worth $1,547,000 after acquiring an additional 136 shares in the last quarter. GAMMA Investing LLC increased its position in NIKE by 1.0% during the 4th quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker’s stock valued at $1,136,000 after purchasing an additional 150 shares during the period. Finally, Game Plan Financial Advisors LLC raised its holdings in shares of NIKE by 11.1% in the 4th quarter. Game Plan Financial Advisors LLC now owns 1,500 shares of the footwear maker’s stock valued at $114,000 after purchasing an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

NKE opened at $66.64 on Wednesday. The firm has a fifty day moving average price of $74.52 and a 200 day moving average price of $77.21. NIKE, Inc. has a 1 year low of $65.17 and a 1 year high of $98.04. The stock has a market cap of $98.57 billion, a P/E ratio of 20.57, a P/E/G ratio of 2.52 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same period in the prior year, the company posted $0.98 EPS. The company’s revenue for the quarter was down 9.1% on a year-over-year basis. Equities research analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current 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 paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Monday, March 3rd. NIKE’s payout ratio is 53.16%.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NKE. DA Davidson raised shares of NIKE to a “strong-buy” rating in a report on Monday, December 23rd. Truist Financial reduced their price target on NIKE from $90.00 to $82.00 and set a “buy” rating for the company in a research report on Friday, March 21st. BMO Capital Markets cut their target price on NIKE from $95.00 to $92.00 and set an “outperform” rating on the stock in a research note on Friday, March 21st. Piper Sandler raised shares of NIKE from a “neutral” rating to an “overweight” rating and increased their price target for the company from $72.00 to $90.00 in a research report on Friday, January 10th. Finally, Bank of America cut their price objective on shares of NIKE from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, December 20th. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.38.

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.