Institute for Wealth Management LLC. Sells 2,386 Shares of NIKE, Inc. (NYSE:NKE)

Institute for Wealth Management LLC. trimmed its holdings in NIKE, Inc. (NYSE:NKE) by 9.9% in the 4th quarter, HoldingsChannel reports. The firm owned 21,625 shares of the footwear maker’s stock after selling 2,386 shares during the quarter. Institute for Wealth Management LLC.’s holdings in NIKE were worth $1,636,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in NKE. Teachers Insurance & Annuity Association of America bought a new position in shares of NIKE during the third quarter worth $30,000. VitalStone Financial LLC lifted its stake in NIKE by 52.6% in the 3rd quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after purchasing an additional 150 shares in the last quarter. Dunhill Financial LLC boosted its holdings in shares of 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 purchasing an additional 169 shares during the last quarter. Riverview Trust Co purchased a new position in shares of NIKE during the third quarter valued at about $52,000. Finally, Catalyst Capital Advisors LLC bought a new stake in shares of NIKE in the third quarter worth about $54,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other NIKE news, Director John W. Rogers, Jr. acquired 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 27th. The shares were bought at an average cost of $76.65 per share, with a total value of $191,625.00. Following the completion of the acquisition, the director now directly owns 34,403 shares in the company, valued at $2,636,989.95. This represents a 7.84 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

NKE has been the subject of a number of research reports. Truist Financial dropped their price target on NIKE from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, December 20th. Morgan Stanley lowered their target price on NIKE from $80.00 to $74.00 and set an “equal weight” rating for the company in a research report on Friday, December 20th. Evercore ISI reduced their price target on shares of 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 shares of NIKE from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $72.00 to $90.00 in a research report on Friday, January 10th. Finally, Telsey Advisory Group downgraded shares of NIKE from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $93.00 to $80.00 in a report on Friday, December 20th. Fourteen analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.96.

NIKE Price Performance

NIKE stock opened at $78.28 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. The stock has a market cap of $115.79 billion, a price-to-earnings ratio of 24.16, a price-to-earnings-growth ratio of 2.44 and a beta of 1.02. The firm has a 50-day moving average of $75.55 and a two-hundred day moving average of $77.95. NIKE, Inc. has a 1 year low of $70.32 and a 1 year high of $107.43.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.15. The firm had revenue of $12.35 billion during the quarter, compared to analyst estimates of $12.11 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. NIKE’s quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.03 earnings per share. On average, research analysts forecast that NIKE, Inc. will post 2.09 earnings per share for the current year.

NIKE Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd were given a dividend of $0.40 per share. This is an increase from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.04%. NIKE’s dividend payout ratio is presently 49.38%.

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.