NIKE, Inc. (NYSE:NKE) Position Reduced by SouthState Corp

SouthState Corp reduced its position in NIKE, Inc. (NYSE:NKE) by 8.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,644 shares of the footwear maker’s stock after selling 4,806 shares during the period. SouthState Corp’s holdings in NIKE were worth $4,831,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in NKE. Transcendent Capital Group LLC raised its stake in NIKE by 97.6% during the 1st quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock valued at $38,000 after purchasing an additional 200 shares during the period. VitalStone Financial LLC raised its position in NIKE by 52.6% during the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after buying an additional 150 shares during the period. Bruce G. Allen Investments LLC lifted its stake in NIKE by 272.5% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock worth $39,000 after acquiring an additional 376 shares in the last quarter. Triad Wealth Partners LLC acquired a new stake in NIKE during the 2nd quarter worth about $44,000. Finally, MFA Wealth Advisors LLC acquired a new stake in NIKE during the 2nd quarter worth about $46,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on NKE shares. Bank of America reduced their price target on shares of NIKE from $104.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Truist Financial upgraded shares of NIKE from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $97.00 in a research report on Thursday, October 10th. Williams Trading raised shares of NIKE from a “sell” rating to a “buy” rating and upped their price target for the stock from $67.00 to $93.00 in a research note on Friday, August 16th. UBS Group lifted their price objective on NIKE from $78.00 to $82.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Guggenheim lowered their target price on NIKE from $115.00 to $110.00 and set a “buy” 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 given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.30.

NIKE Stock Performance

Shares of NYSE NKE opened at $74.86 on Tuesday. NIKE, Inc. has a 12 month low of $70.75 and a 12 month high of $123.39. The company has a market cap of $112.24 billion, a P/E ratio of 21.45, a P/E/G ratio of 1.86 and a beta of 1.03. The business’s 50 day moving average is $80.79 and its two-hundred day moving average is $83.03. 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The business had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. NIKE’s revenue was down 10.4% compared to the same quarter last year. On average, equities analysts expect that NIKE, Inc. will post 2.74 EPS for the current year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a dividend of $0.40 per share. The ex-dividend date is Monday, December 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.14%. This is a positive change from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio is currently 42.41%.

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.