Fmr LLC Sells 1,466,272 Shares of NIKE, Inc. (NYSE:NKE)

Fmr LLC cut its position in NIKE, Inc. (NYSE:NKE) by 8.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 16,053,279 shares of the footwear maker’s stock after selling 1,466,272 shares during the period. Fmr LLC’s holdings in NIKE were worth $1,419,110,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. VitalStone Financial LLC increased its holdings in shares of NIKE by 52.6% in the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after purchasing an additional 150 shares during the last quarter. Bruce G. Allen Investments LLC increased its holdings in shares of NIKE by 272.5% in the second quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock valued at $39,000 after purchasing an additional 376 shares during the last quarter. Triad Wealth Partners LLC acquired a new position in shares of NIKE in the second quarter valued at $44,000. MFA Wealth Advisors LLC acquired a new position in shares of NIKE in the second quarter valued at $46,000. Finally, Lynx Investment Advisory acquired a new position in shares of NIKE in the second quarter valued at $47,000. 64.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on NKE. Guggenheim decreased their price objective on shares of NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Evercore ISI reduced their target price on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. reduced their target price on shares of NIKE from $80.00 to $77.00 and set a “neutral” rating for the company in a research report on Wednesday, October 2nd. Piper Sandler reissued a “neutral” rating and issued a $80.00 target price on shares of NIKE in a research report on Friday, September 20th. Finally, Robert W. Baird boosted their target price on shares of NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Fourteen equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $95.86.

NIKE Price Performance

Shares of NKE stock opened at $77.61 on Wednesday. The stock has a market cap of $116.37 billion, a price-to-earnings ratio of 22.24, a PEG ratio of 1.92 and a beta of 1.03. The business’s fifty day moving average is $80.44 and its 200 day moving average is $82.32. NIKE, Inc. has a twelve month low of $70.75 and a twelve month high of $123.39. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The firm’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 earnings per share. Research analysts expect that NIKE, Inc. will post 2.75 EPS for the current fiscal year.

NIKE Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.06%. This is a boost from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, December 2nd. NIKE’s dividend payout ratio is presently 42.41%.

NIKE Company 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.