Synovus Financial Corp Has $5.31 Million Stock Position in NIKE, Inc. (NYSE:NKE)

Synovus Financial Corp reduced its stake in NIKE, Inc. (NYSE:NKE) by 12.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 70,138 shares of the footwear maker’s stock after selling 10,163 shares during the period. Synovus Financial Corp’s holdings in NIKE were worth $5,308,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. XTX Topco Ltd bought a new position in NIKE during the 3rd quarter worth approximately $418,000. Tidal Investments LLC raised its holdings in NIKE by 65.4% in the third quarter. Tidal Investments LLC now owns 105,571 shares of the footwear maker’s stock worth $9,332,000 after purchasing an additional 41,752 shares during the period. Denver PWM LLC raised its holdings in NIKE by 9.7% in the third quarter. Denver PWM LLC now owns 2,574 shares of the footwear maker’s stock worth $228,000 after purchasing an additional 227 shares during the period. Confluence Investment Management LLC boosted its position in shares of NIKE by 6.3% during the fourth quarter. Confluence Investment Management LLC now owns 246,080 shares of the footwear maker’s stock worth $18,621,000 after purchasing an additional 14,592 shares in the last quarter. Finally, Cacti Asset Management LLC acquired a new position in shares of NIKE in the 4th quarter valued at $9,987,000. 64.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NKE. Citigroup lowered NIKE from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $102.00 to $72.00 in a report on Friday, February 7th. Wells Fargo & Company cut their price objective on NIKE from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, March 21st. BMO Capital Markets lowered their target price on NIKE from $95.00 to $92.00 and set an “outperform” rating for the company in a research note on Friday, March 21st. DA Davidson raised shares of NIKE to a “strong-buy” rating in a research note on Monday, December 23rd. Finally, Dbs Bank raised shares of NIKE from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.19.

NIKE Stock Performance

Shares of NKE stock opened at $54.44 on Monday. The company has a fifty day moving average price of $70.03 and a two-hundred day moving average price of $74.83. NIKE, Inc. has a one year low of $52.28 and a one year high of $98.04. The stock has a market cap of $80.52 billion, a P/E ratio of 16.80, a P/E/G ratio of 2.52 and a beta of 1.15. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.26. The business had revenue of $11.27 billion during the quarter, compared to the consensus estimate of $11.02 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. NIKE’s revenue was down 9.1% on a year-over-year basis. During the same period last year, the business posted $0.98 EPS. As a group, equities analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd were paid a dividend of $0.40 per share. The ex-dividend date was Monday, March 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.94%. NIKE’s dividend payout ratio is currently 53.16%.

Insider Buying and Selling

In other news, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the transaction, the chairman now directly owns 896,632 shares of the company’s stock, valued at $65,301,708.56. This represents a 15.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Holmes Swan acquired 8,600 shares of the business’s stock in a transaction on Friday, April 4th. The shares were bought at an average price of $58.46 per share, with a total value of $502,756.00. Following the completion of the transaction, the director now directly owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. The trade was a 36.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.10% of the stock is owned by insiders.

NIKE 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.