NIKE, Inc. (NYSE:NKE) Shares Sold by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC lowered its position in shares of NIKE, Inc. (NYSE:NKE) by 92.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,404 shares of the footwear maker’s stock after selling 27,522 shares during the period. Cornerstone Wealth Group LLC’s holdings in NIKE were worth $213,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Transcendent Capital Group LLC boosted its stake in shares of NIKE by 97.6% during the 1st quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock worth $38,000 after acquiring an additional 200 shares in the last quarter. VitalStone Financial LLC boosted its position in NIKE by 52.6% in the 3rd 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 last quarter. Bruce G. Allen Investments LLC grew its stake in NIKE by 272.5% in the second quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock worth $39,000 after purchasing an additional 376 shares in the last quarter. Triad Wealth Partners LLC acquired a new position in NIKE in the second quarter worth about $44,000. Finally, Riverview Trust Co acquired a new position in NIKE in the third quarter worth about $52,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

Analyst Ratings Changes

NKE has been the subject of a number of research reports. Telsey Advisory Group decreased their target price on NIKE from $100.00 to $96.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. Bank of America dropped their target price on NIKE from $104.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Truist Financial raised NIKE from a “hold” rating to a “buy” rating and boosted their target price for the stock from $83.00 to $97.00 in a report on Thursday, October 10th. JPMorgan Chase & Co. dropped their price target on NIKE from $80.00 to $77.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. Finally, Jefferies Financial Group upped their price target on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a report on Monday, September 30th. Fourteen research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.56.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the sale, the chairman now owns 1,031,226 shares of the company’s stock, valued at $80,435,628. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.10% of the company’s stock.

NIKE Trading Up 0.9 %

Shares of NKE opened at $77.13 on Friday. The firm’s 50 day simple moving average is $82.24 and its 200 day simple moving average is $84.61. The company has a market capitalization of $115.65 billion, a P/E ratio of 22.10, a P/E/G ratio of 1.86 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. NIKE, Inc. has a 1-year low of $70.75 and a 1-year high of $123.39.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, beating the consensus estimate of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. During the same quarter last year, the firm earned $0.94 EPS. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. Sell-side analysts forecast that NIKE, Inc. will post 2.74 earnings per share for the current fiscal year.

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.