NIKE, Inc. (NYSE:NKE) Position Lifted by Cadence Bank

Cadence Bank raised its stake in NIKE, Inc. (NYSE:NKE) by 36.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 75,428 shares of the footwear maker’s stock after purchasing an additional 20,146 shares during the period. Cadence Bank’s holdings in NIKE were worth $5,708,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Tidal Investments LLC boosted 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 grew its position in shares of NIKE by 9.7% during the 3rd quarter. Denver PWM LLC now owns 2,574 shares of the footwear maker’s stock valued at $228,000 after buying an additional 227 shares during the last quarter. Confluence Investment Management LLC raised its stake in 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 acquiring an additional 14,592 shares during the period. Cacti Asset Management LLC bought a new position in NIKE in the fourth quarter worth about $9,987,000. Finally, GAMMA Investing LLC boosted its stake in NIKE by 1.0% in the fourth quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker’s stock valued at $1,136,000 after acquiring an additional 150 shares during the period. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Stock Performance

Shares of NYSE NKE opened at $55.73 on Friday. The stock’s fifty day simple moving average is $68.71 and its 200 day simple moving average is $74.09. The stock has a market capitalization of $82.44 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 2.52 and a beta of 1.15. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $98.04.

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

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.87%. NIKE’s dividend payout ratio is currently 53.16%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NKE. Cfra Research raised NIKE to a “moderate buy” rating in a report on Friday, March 21st. Piper Sandler reduced their price target on shares of NIKE from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Friday, April 11th. Wells Fargo & Company cut their price objective on shares of NIKE from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Robert W. Baird decreased their target price on shares of NIKE from $105.00 to $99.00 and set an “outperform” rating for the company in a research report on Friday, March 21st. Finally, Needham & Company LLC dropped their price target on shares of NIKE from $84.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, March 17th. Sixteen 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, NIKE presently has an average rating of “Moderate Buy” and an average target price of $85.15.

Insider Activity at NIKE

In other NIKE news, Director Robert Holmes Swan acquired 8,600 shares of NIKE stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average cost of $58.46 per share, with a total value of $502,756.00. Following the purchase, the director now owns 31,983 shares in the company, valued at approximately $1,869,726.18. The trade was a 36.78 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $72.83, for a total value of $12,361,581.56. Following the sale, the chairman now owns 896,632 shares of the company’s stock, valued at $65,301,708.56. The trade was a 15.92 % decrease in their ownership of the stock. The disclosure for this sale 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.