Truist Financial Corp Reduces Stake in NIKE, Inc. $NKE

Truist Financial Corp decreased its stake in shares of NIKE, Inc. (NYSE:NKE) by 18.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 377,085 shares of the footwear maker’s stock after selling 83,986 shares during the period. Truist Financial Corp’s holdings in NIKE were worth $26,788,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of NKE. Stone House Investment Management LLC purchased a new stake in shares of NIKE in the first quarter worth about $25,000. Halbert Hargrove Global Advisors LLC lifted its stake in NIKE by 952.6% in the 2nd quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock worth $28,000 after purchasing an additional 362 shares in the last quarter. Saudi Central Bank purchased a new stake in NIKE in the 1st quarter worth approximately $30,000. Matrix Trust Co lifted its stake in NIKE by 53.1% in the 2nd quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock worth $31,000 after purchasing an additional 153 shares in the last quarter. Finally, Opal Wealth Advisors LLC purchased a new stake in NIKE in the 2nd quarter worth approximately $35,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the transaction, the chairman directly owned 842,361 shares of the company’s stock, valued at approximately $60,894,276.69. The trade was a 11.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.80% of the company’s stock.

NIKE Stock Up 0.5%

Shares of NYSE:NKE opened at $74.59 on Friday. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $84.76. The company has a market cap of $110.16 billion, a PE ratio of 38.25, a P/E/G ratio of 2.79 and a beta of 1.29. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.50. The stock’s 50-day moving average is $74.71 and its 200 day moving average is $67.32.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.22. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The firm had revenue of $11.72 billion for the quarter, compared to analysts’ expectations of $10.96 billion. During the same period in the previous year, the firm earned $0.70 earnings per share. The business’s revenue was up 1.0% compared to the same quarter last year. Sell-side analysts anticipate that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, September 2nd. NIKE’s payout ratio is presently 82.05%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. KeyCorp set a $90.00 price objective on NIKE and gave the stock an “overweight” rating in a research report on Thursday. DZ Bank raised NIKE from a “hold” rating to a “buy” rating in a report on Wednesday. Bank of America raised their price target on NIKE from $80.00 to $84.00 and gave the company a “buy” rating in a report on Friday, June 27th. Argus raised shares of NIKE to a “buy” rating in a research note on Sunday, July 6th. Finally, Piper Sandler set a $84.00 target price on shares of NIKE and gave the company an “overweight” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.57.

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.