Prudential PLC Trims Position in NIKE, Inc. (NYSE:NKE)

Prudential PLC reduced its holdings in NIKE, Inc. (NYSE:NKE) by 71.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,786 shares of the footwear maker’s stock after selling 49,279 shares during the period. Prudential PLC’s holdings in NIKE were worth $1,491,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cim LLC purchased a new position in shares of NIKE during the 4th quarter valued at about $14,275,000. TKG Advisors LLC purchased a new position in NIKE during the fourth quarter valued at approximately $1,012,000. Brown Advisory Inc. lifted its holdings in NIKE by 4.3% in the fourth quarter. Brown Advisory Inc. now owns 4,668,949 shares of the footwear maker’s stock valued at $506,908,000 after acquiring an additional 192,752 shares during the period. Missouri Trust & Investment Co boosted its position in NIKE by 11.3% in the 4th quarter. Missouri Trust & Investment Co now owns 11,492 shares of the footwear maker’s stock worth $1,248,000 after purchasing an additional 1,167 shares in the last quarter. Finally, Spartan Planning & Wealth Management acquired a new stake in shares of NIKE during the 4th quarter worth approximately $182,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Price Performance

Shares of NKE stock opened at $78.40 on Thursday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. The company has a market capitalization of $118.33 billion, a PE ratio of 21.02, a price-to-earnings-growth ratio of 2.11 and a beta of 1.02. The firm’s 50-day moving average is $77.09 and its two-hundred day moving average is $88.12. NIKE, Inc. has a 12 month low of $70.75 and a 12 month high of $123.39.

NIKE (NYSE:NKE) last released its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, beating the consensus estimate of $0.85 by $0.16. The firm had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.66 EPS. Analysts predict that NIKE, Inc. will post 3.1 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Tuesday, September 3rd. NIKE’s dividend payout ratio is presently 39.68%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NKE shares. Williams Trading raised shares of NIKE from a “sell” rating to a “buy” rating and increased their price target for the stock from $67.00 to $93.00 in a report on Friday, August 16th. Raymond James restated a “market perform” rating on shares of NIKE in a research report on Friday, June 28th. Barclays cut NIKE from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $109.00 to $80.00 in a report on Friday, June 28th. Bank of America cut their price objective on NIKE from $113.00 to $104.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Finally, Piper Sandler reiterated a “neutral” rating and set a $80.00 target price on shares of NIKE in a research report on Friday, August 23rd. Fourteen research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, NIKE presently has a consensus rating of “Moderate Buy” and an average price target of $95.59.

Insider Buying and Selling

In related news, Director Robert Holmes Swan bought 2,941 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were bought at an average price of $77.02 per share, with a total value of $226,515.82. Following the completion of the transaction, the director now directly owns 20,946 shares of the company’s stock, valued at approximately $1,613,260.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Robert Holmes Swan purchased 2,941 shares of NIKE stock in a transaction dated Friday, June 28th. The shares were acquired at an average cost of $77.02 per share, with a total value of $226,515.82. Following the purchase, the director now owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Mark G. Parker sold 52,487 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the transaction, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The disclosure for this sale can be found here. Corporate insiders own 0.50% 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.