NIKE, Inc. (NYSE:NKE) Holdings Cut by DAVENPORT & Co LLC

DAVENPORT & Co LLC cut its stake in shares of NIKE, Inc. (NYSE:NKE) by 10.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 91,733 shares of the footwear maker’s stock after selling 10,783 shares during the quarter. DAVENPORT & Co LLC’s holdings in NIKE were worth $6,903,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Heck Capital Advisors LLC acquired a new position in NIKE during the 4th quarter worth $28,000. Teachers Insurance & Annuity Association of America acquired a new stake in NIKE in the third quarter worth about $30,000. VitalStone Financial LLC grew its position in NIKE by 52.6% in the 3rd quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after buying an additional 150 shares in the last quarter. Dunhill Financial LLC increased its stake in NIKE by 52.2% during the 3rd quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock valued at $44,000 after buying an additional 169 shares during the period. Finally, Riverview Trust Co bought a new stake in shares of NIKE during the 3rd quarter worth about $52,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Price Performance

NKE opened at $76.61 on Tuesday. The stock has a fifty day moving average price of $75.60 and a 200 day moving average price of $78.06. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. NIKE, Inc. has a 1 year low of $70.32 and a 1 year high of $107.43. The stock has a market cap of $113.32 billion, a price-to-earnings ratio of 23.65, a PEG ratio of 2.50 and a beta of 1.01.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.63 by $0.15. The business had revenue of $12.35 billion during the quarter, compared to analysts’ expectations of $12.11 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.03 EPS. Analysts forecast that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.09%. This is a positive change from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date was Monday, December 2nd. NIKE’s dividend payout ratio (DPR) is currently 49.38%.

Insider Transactions at NIKE

In other NIKE news, Director John W. Rogers, Jr. purchased 2,500 shares of the firm’s stock in a transaction on Friday, December 27th. The shares were purchased at an average price of $76.65 per share, for a total transaction of $191,625.00. Following the completion of the purchase, the director now directly owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

NKE has been the topic of a number of research analyst reports. Morgan Stanley lowered their price objective on shares of NIKE from $80.00 to $74.00 and set an “equal weight” rating on the stock in a research note on Friday, December 20th. Evercore ISI lowered their price target on NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $72.00 to $90.00 in a report on Friday, January 10th. Telsey Advisory Group cut shares of NIKE from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $93.00 to $80.00 in a research report on Friday, December 20th. Finally, TD Cowen reduced their price objective on shares of NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a research report on Monday, November 18th. Fourteen analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $89.77.

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.