NIKE, Inc. (NYSE:NKE) Stock Position Cut by Spire Wealth Management

Spire Wealth Management trimmed its stake in shares of NIKE, Inc. (NYSE:NKE) by 8.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 9,456 shares of the footwear maker’s stock after selling 819 shares during the period. Spire Wealth Management’s holdings in NIKE were worth $716,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in NKE. Garrison Point Advisors LLC increased its position in shares of NIKE by 1.9% in the third quarter. Garrison Point Advisors LLC now owns 6,704 shares of the footwear maker’s stock worth $593,000 after acquiring an additional 126 shares in the last quarter. Stephens Consulting LLC boosted its stake in NIKE by 20.0% in the 3rd quarter. Stephens Consulting LLC now owns 768 shares of the footwear maker’s stock worth $68,000 after purchasing an additional 128 shares during the period. PSI Advisors LLC grew its position in NIKE by 26.3% during the 3rd quarter. PSI Advisors LLC now owns 624 shares of the footwear maker’s stock worth $55,000 after purchasing an additional 130 shares in the last quarter. Chapin Davis Inc. raised its stake in NIKE by 1.2% during the 3rd quarter. Chapin Davis Inc. now owns 11,430 shares of the footwear maker’s stock valued at $1,010,000 after purchasing an additional 133 shares during the period. Finally, Meridian Financial Partners LLC boosted its position in shares of NIKE by 1.6% in the third quarter. Meridian Financial Partners LLC now owns 8,396 shares of the footwear maker’s stock worth $742,000 after buying an additional 133 shares during the period. 64.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. TD Cowen dropped their price target on NIKE from $78.00 to $73.00 and set a “hold” rating on the stock in a research report on Monday, November 18th. Piper Sandler raised shares of NIKE from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $72.00 to $90.00 in a research report on Friday, January 10th. Bank of America decreased their price target on shares of NIKE from $95.00 to $90.00 and set a “buy” rating for the company in a report on Friday, December 20th. Deutsche Bank Aktiengesellschaft cut their target price on shares of NIKE from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. lowered their price target on shares of NIKE from $77.00 to $73.00 and set a “neutral” rating on the stock in a report on Monday, December 2nd. Fourteen research 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 stock has an average rating of “Moderate Buy” and a consensus target price of $89.77.

NIKE Trading Up 0.3 %

Shares of NYSE:NKE opened at $76.79 on Wednesday. The stock’s 50-day moving average is $75.54 and its 200-day moving average is $78.09. NIKE, Inc. has a 52-week low of $70.32 and a 52-week high of $107.43. The company has a market cap of $113.57 billion, a P/E ratio of 23.70, a P/E/G ratio of 2.50 and a beta of 1.01. 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 issued its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 EPS 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 period in the previous year, the business posted $1.03 EPS. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. Equities research analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd were issued 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 annualized dividend and a dividend yield of 2.08%. NIKE’s payout ratio is presently 49.38%.

Insider Activity

In other news, Director John W. Rogers, Jr. purchased 2,500 shares of the stock in a transaction that occurred on Friday, December 27th. The shares were purchased at an average cost of $76.65 per share, for a total transaction of $191,625.00. Following the completion of the purchase, the director now directly owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. The trade was a 7.84 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is owned by company 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.