Sonora Investment Management Group LLC Cuts Position in NIKE, Inc. (NYSE:NKE)

Sonora Investment Management Group LLC decreased its position in shares of NIKE, Inc. (NYSE:NKE) by 0.9% during the fourth quarter, HoldingsChannel reports. The firm owned 16,988 shares of the footwear maker’s stock after selling 152 shares during the period. Sonora Investment Management Group LLC’s holdings in NIKE were worth $1,285,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in NKE. State Street Corp lifted its position in NIKE by 3.3% in the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock worth $5,140,796,000 after buying an additional 1,862,021 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of NIKE by 5.1% during the third quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock worth $2,425,886,000 after acquiring an additional 1,343,093 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of NIKE by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock worth $2,204,451,000 after acquiring an additional 251,411 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of NIKE by 6.0% in the 3rd quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock valued at $910,801,000 after purchasing an additional 583,207 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of NIKE by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,602,534 shares of the footwear maker’s stock valued at $760,716,000 after purchasing an additional 117,187 shares during the last quarter. Institutional investors own 64.25% of the company’s stock.

Analyst Ratings Changes

NKE has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $84.00 price target on shares of NIKE in a research note on Friday, December 20th. Truist Financial lowered their target price on NIKE from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, December 20th. Barclays reduced their price target on NIKE from $79.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Friday, December 20th. Evercore ISI dropped their price objective on NIKE from $105.00 to $97.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, DA Davidson raised shares of NIKE to a “strong-buy” rating in a research note on Monday, December 23rd. 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $89.96.

Insider Activity at NIKE

In other news, Director John W. Rogers, Jr. purchased 2,500 shares of the business’s stock in a transaction dated 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 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by insiders.

NIKE Price Performance

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

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.15. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company had revenue of $12.35 billion for the quarter, compared to the consensus estimate of $12.11 billion. During the same quarter in the prior year, the business posted $1.03 EPS. The firm’s quarterly revenue was down 7.7% compared to the same quarter last year. Analysts anticipate that NIKE, Inc. will post 2.09 earnings per share for the current fiscal year.

NIKE Increases Dividend

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

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.