NIKE, Inc. $NKE Position Trimmed by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC decreased its holdings in NIKE, Inc. (NYSE:NKE) by 11.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,777 shares of the footwear maker’s stock after selling 1,907 shares during the quarter. Palumbo Wealth Management LLC’s holdings in NIKE were worth $1,050,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of NIKE by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker’s stock valued at $7,182,831,000 after purchasing an additional 4,957,494 shares during the period. Wellington Management Group LLP boosted its holdings in shares of NIKE by 24.9% in the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock worth $2,880,971,000 after buying an additional 9,043,180 shares during the period. Goldman Sachs Group Inc. increased its position in shares of NIKE by 344.2% in the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker’s stock worth $1,694,842,000 after acquiring an additional 20,688,013 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of NIKE by 3.0% during the first quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker’s stock valued at $1,332,331,000 after acquiring an additional 620,214 shares during the period. Finally, Flossbach Von Storch SE raised its stake in NIKE by 24.0% during the 1st quarter. Flossbach Von Storch SE now owns 10,286,619 shares of the footwear maker’s stock valued at $652,995,000 after purchasing an additional 1,988,547 shares during the period. Institutional investors and hedge funds own 64.25% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NKE. TD Cowen raised NIKE from a “hold” rating to a “buy” rating and raised their target price for the stock from $62.00 to $85.00 in a research report on Wednesday, September 10th. UBS Group set a $71.00 price objective on NIKE and gave the stock a “neutral” rating in a research report on Friday, September 19th. Robert W. Baird upped their target price on NIKE from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, June 27th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of NIKE from $77.00 to $71.00 and set a “buy” rating for the company in a research report on Friday, June 20th. Finally, Morgan Stanley boosted their price objective on shares of NIKE from $64.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday. Three analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and an average target price of $79.46.

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the transaction, the chairman directly owned 744,988 shares of the company’s stock, valued at $56,566,938.84. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.80% of the company’s stock.

NIKE Trading Up 0.4%

NYSE:NKE opened at $71.21 on Thursday. The stock’s 50 day moving average price is $75.12 and its 200 day moving average price is $67.43. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $90.62. The company has a market capitalization of $105.17 billion, a P/E ratio of 32.97, a P/E/G ratio of 2.58 and a beta of 1.24. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The firm had revenue of $11.10 billion during the quarter, compared to analysts’ expectations of $10.69 billion. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The company’s revenue was down 11.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.99 earnings per share. On average, research analysts forecast that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 2nd. NIKE’s payout ratio is presently 74.07%.

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.