Ipswich Investment Management Co. Inc. Cuts Stock Position in NIKE, Inc. (NYSE:NKE)

Ipswich Investment Management Co. Inc. decreased its holdings in shares of NIKE, Inc. (NYSE:NKE) by 26.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,300 shares of the footwear maker’s stock after selling 2,257 shares during the period. Ipswich Investment Management Co. Inc.’s holdings in NIKE were worth $557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Northcape Wealth Management LLC acquired a new position in NIKE during the third quarter worth $224,000. Linscomb Wealth Inc. increased its stake in shares of NIKE by 2,163.2% during the third quarter. Linscomb Wealth Inc. now owns 77,174 shares of the footwear maker’s stock worth $6,822,000 after purchasing an additional 73,764 shares in the last quarter. Bank of Marin acquired a new position in shares of NIKE during the 3rd quarter worth about $287,000. Valley Wealth Managers Inc. lifted its stake in NIKE by 69,300.0% in the 3rd quarter. Valley Wealth Managers Inc. now owns 694 shares of the footwear maker’s stock valued at $61,000 after buying an additional 693 shares in the last quarter. Finally, Archer Investment Corp boosted its holdings in NIKE by 4.2% in the 3rd quarter. Archer Investment Corp now owns 5,918 shares of the footwear maker’s stock worth $523,000 after buying an additional 236 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. TD Cowen increased their target price on NIKE from $71.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Robert W. Baird increased their price objective on NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Sanford C. Bernstein decreased their price objective on NIKE from $112.00 to $109.00 and set an “outperform” rating on the stock in a report on Thursday, September 19th. Stifel Nicolaus dropped their target price on shares of NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a report on Monday, August 26th. Finally, Telsey Advisory Group decreased their price target on shares of NIKE from $100.00 to $96.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 2nd. Fourteen analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $96.48.

NIKE Stock Up 1.3 %

NYSE:NKE opened at $76.66 on Friday. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39. The stock’s fifty day moving average is $80.89 and its two-hundred day moving average is $83.27. The stock has a market capitalization of $114.94 billion, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 1.86 and a beta of 1.03. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last announced its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. NIKE’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period last year, the business posted $0.94 EPS. Research analysts anticipate that NIKE, Inc. will post 2.74 EPS for the current year.

NIKE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 2.09%. NIKE’s dividend payout ratio is 42.41%.

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.