Coronation Fund Managers Ltd. Sells 1,606 Shares of NIKE, Inc. (NYSE:NKE)

Coronation Fund Managers Ltd. trimmed its stake in NIKE, Inc. (NYSE:NKE) by 2.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 55,387 shares of the footwear maker’s stock after selling 1,606 shares during the quarter. Coronation Fund Managers Ltd.’s holdings in NIKE were worth $4,191,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Range Financial Group LLC purchased a new stake in NIKE during the 4th quarter valued at about $642,000. Cacti Asset Management LLC bought a new position in shares of NIKE in the fourth quarter worth approximately $9,987,000. Capricorn Fund Managers Ltd purchased a new stake in shares of NIKE during the fourth quarter valued at approximately $5,384,000. Klein Pavlis & Peasley Financial Inc. increased its position in shares of NIKE by 31.1% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,835 shares of the footwear maker’s stock valued at $1,955,000 after acquiring an additional 6,124 shares in the last quarter. Finally, FNY Investment Advisers LLC raised its holdings in NIKE by 5,745.9% in the 4th quarter. FNY Investment Advisers LLC now owns 8,652 shares of the footwear maker’s stock worth $654,000 after acquiring an additional 8,504 shares during the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Stock Performance

Shares of NYSE NKE opened at $68.69 on Monday. 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, Inc. has a 1 year low of $68.62 and a 1 year high of $107.43. The firm has a fifty day moving average price of $75.12 and a 200-day moving average price of $78.04. The stock has a market cap of $101.60 billion, a PE ratio of 21.20, a price-to-earnings-growth ratio of 2.34 and a beta of 1.01.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $12.11 billion. During the same quarter in the prior year, the business posted $1.03 EPS. NIKE’s revenue for the quarter was down 7.7% compared to the same quarter last year. Equities analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 2nd were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This is a boost from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 2.33%. NIKE’s payout ratio is currently 49.38%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NKE. Royal Bank of Canada cut their target price on NIKE from $82.00 to $80.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $84.00 price objective on shares of NIKE in a research report on Friday. Citigroup lowered NIKE from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $102.00 to $72.00 in a research report on Friday. Piper Sandler raised shares of NIKE from a “neutral” rating to an “overweight” rating and raised their price target for the company from $72.00 to $90.00 in a report on Friday, January 10th. Finally, Robert W. Baird decreased their price objective on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, December 23rd. Fifteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.62.

Insiders Place Their Bets

In related news, Director John W. Rogers, Jr. bought 2,500 shares of the stock in a transaction dated Friday, December 27th. The shares were purchased at an average price of $76.65 per share, with a total value of $191,625.00. Following the completion of the acquisition, the director now owns 34,403 shares of the company’s stock, valued at $2,636,989.95. This represents a 7.84 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is currently owned by corporate insiders.

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.