Pitcairn Co. Sells 3,778 Shares of NIKE, Inc. (NYSE:NKE)

Pitcairn Co. trimmed its stake in NIKE, Inc. (NYSE:NKE) by 12.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,721 shares of the footwear maker’s stock after selling 3,778 shares during the period. Pitcairn Co.’s holdings in NIKE were worth $2,451,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. ING Groep NV bought a new position in NIKE during the third quarter valued at approximately $29,628,000. Cordatus Wealth Management LLC grew its position in NIKE by 19.5% during the third quarter. Cordatus Wealth Management LLC now owns 41,510 shares of the footwear maker’s stock valued at $3,669,000 after acquiring an additional 6,778 shares during the last quarter. Bristlecone Advisors LLC grew its position in NIKE by 14.3% during the third quarter. Bristlecone Advisors LLC now owns 93,521 shares of the footwear maker’s stock valued at $8,267,000 after acquiring an additional 11,665 shares during the last quarter. WoodTrust Financial Corp grew its position in NIKE by 19.9% during the third quarter. WoodTrust Financial Corp now owns 98,289 shares of the footwear maker’s stock valued at $8,689,000 after acquiring an additional 16,303 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in NIKE by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 8,602,534 shares of the footwear maker’s stock valued at $760,716,000 after acquiring an additional 117,187 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

NIKE Stock Performance

Shares of NIKE stock opened at $77.40 on Friday. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $116.05 billion, a P/E ratio of 22.18, a P/E/G ratio of 1.82 and a beta of 1.03. The business has a fifty day simple moving average of $80.51 and a two-hundred day simple moving average of $82.59. NIKE, Inc. has a 12 month low of $70.75 and a 12 month high of $123.39.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The firm had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $11.64 billion. During the same period last year, the company earned $0.94 earnings per share. The company’s revenue was down 10.4% on a year-over-year basis. On average, equities analysts forecast that NIKE, Inc. will post 2.75 earnings per share for the current fiscal year.

NIKE Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders 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 an increase from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 2.07%. NIKE’s dividend payout ratio (DPR) is presently 42.41%.

Analyst Ratings Changes

NKE has been the topic of a number of recent research reports. Williams Trading upgraded shares of NIKE from a “sell” rating to a “buy” rating and increased their price target for the company from $67.00 to $93.00 in a research report on Friday, August 16th. Bank of America reduced their price target on shares of NIKE from $104.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Morgan Stanley increased their price target on shares of NIKE from $79.00 to $82.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. JPMorgan Chase & Co. dropped their price objective on NIKE from $80.00 to $77.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. Finally, Truist Financial raised NIKE from a “hold” rating to a “buy” rating and increased their price objective for the company from $83.00 to $97.00 in a research note on Thursday, October 10th. Fourteen analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $95.86.

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.