Pitcairn Co. Sells 3,778 Shares of NIKE, Inc. (NYSE:NKE)

Pitcairn Co. trimmed its holdings in NIKE, Inc. (NYSE:NKE) by 12.0% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 27,721 shares of the footwear maker’s stock after selling 3,778 shares during the quarter. Pitcairn Co.’s holdings in NIKE were worth $2,451,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Kingsview Wealth Management LLC increased its holdings in NIKE by 25.2% in the 3rd quarter. Kingsview Wealth Management LLC now owns 89,189 shares of the footwear maker’s stock worth $7,884,000 after buying an additional 17,941 shares in the last quarter. Cerity Partners LLC boosted its position in NIKE by 2.6% in the third quarter. Cerity Partners LLC now owns 409,706 shares of the footwear maker’s stock worth $36,231,000 after purchasing an additional 10,546 shares during the last quarter. Great Valley Advisor Group Inc. boosted its position in NIKE by 4.9% in the third quarter. Great Valley Advisor Group Inc. now owns 11,409 shares of the footwear maker’s stock worth $1,009,000 after purchasing an additional 532 shares during the last quarter. Leelyn Smith LLC boosted its position in NIKE by 12.0% in the third quarter. Leelyn Smith LLC now owns 38,192 shares of the footwear maker’s stock worth $3,376,000 after purchasing an additional 4,107 shares during the last quarter. Finally, Camden National Bank boosted its position in NIKE by 61.0% in the third quarter. Camden National Bank now owns 86,834 shares of the footwear maker’s stock worth $7,676,000 after purchasing an additional 32,915 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NKE shares. JPMorgan Chase & Co. dropped their target price on NIKE from $80.00 to $77.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 2nd. Daiwa America cut NIKE from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Evercore ISI dropped their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 2nd. Piper Sandler reaffirmed a “neutral” rating and set a $80.00 price objective on shares of NIKE in a research report on Friday, September 20th. Finally, Jefferies Financial Group lifted their price objective on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Fourteen equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $95.86.

NIKE Stock Performance

NYSE:NKE opened at $77.40 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. NIKE, Inc. has a 1 year low of $70.75 and a 1 year high of $123.39. The stock’s 50 day simple moving average is $80.51 and its two-hundred day simple moving average is $82.59. The company has a market cap of $116.05 billion, a price-to-earnings ratio of 22.18, a PEG ratio of 1.82 and a beta of 1.03.

NIKE (NYSE:NKE) last released its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The business 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 posted $0.94 EPS. The company’s revenue was down 10.4% compared to the same quarter last year. As a group, equities analysts anticipate that NIKE, Inc. will post 2.75 earnings per share for the current fiscal year.

NIKE Increases Dividend

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

About NIKE

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.