Drive Wealth Management LLC Trims Position in NIKE, Inc. (NYSE:NKE)

Drive Wealth Management LLC trimmed its stake in NIKE, Inc. (NYSE:NKE) by 16.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,577 shares of the footwear maker’s stock after selling 2,137 shares during the period. Drive Wealth Management LLC’s holdings in NIKE were worth $939,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Transcendent Capital Group LLC raised its position in NIKE by 97.6% during the 1st quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock valued at $38,000 after purchasing an additional 200 shares in the last quarter. VitalStone Financial LLC raised 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 acquiring an additional 150 shares in the last quarter. Bruce G. Allen Investments LLC lifted its stake in NIKE by 272.5% in the second quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock worth $39,000 after acquiring an additional 376 shares during the period. Triad Wealth Partners LLC bought a new position in NIKE during the 2nd quarter worth about $44,000. Finally, Riverview Trust Co bought a new position in NIKE during the 3rd quarter worth about $52,000. 64.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada lowered their price target on shares of NIKE from $82.00 to $80.00 and set a “sector perform” rating for the company in a research report on Thursday, November 7th. Telsey Advisory Group cut their price target on NIKE from $100.00 to $96.00 and set an “outperform” rating on the stock in a report on Wednesday, October 2nd. Daiwa America cut NIKE from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Bank of America cut their target price on NIKE from $104.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, October 2nd. Finally, Morgan Stanley boosted their target price on shares of NIKE from $79.00 to $82.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Fourteen research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $96.48.

NIKE Price Performance

Shares of NKE opened at $76.66 on Monday. The business’s 50-day moving average is $80.89 and its two-hundred day moving average is $83.15. The company has a market capitalization of $114.94 billion, a P/E ratio of 21.97, a P/E/G ratio of 1.86 and a beta of 1.03. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. NIKE, Inc. has a fifty-two week low of $70.75 and a fifty-two week high of $123.39.

NIKE (NYSE:NKE) last announced 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 the consensus estimate 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% compared to the same quarter last year. During the same period last year, the firm earned $0.94 EPS. Research analysts predict that NIKE, Inc. will post 2.74 earnings per share for the current year.

NIKE Increases Dividend

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