Tower Bridge Advisors Sells 5,111 Shares of NIKE, Inc. (NYSE:NKE)

Tower Bridge Advisors reduced its position in NIKE, Inc. (NYSE:NKE) by 67.1% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,505 shares of the footwear maker’s stock after selling 5,111 shares during the period. Tower Bridge Advisors’ holdings in NIKE were worth $221,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in NKE. Transcendent Capital Group LLC grew its holdings in shares of NIKE by 97.6% during the first quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock worth $38,000 after purchasing an additional 200 shares in the last quarter. VitalStone Financial LLC grew its holdings in shares of NIKE by 52.6% during the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after purchasing an additional 150 shares in the last quarter. Bruce G. Allen Investments LLC grew its holdings in shares of NIKE by 272.5% during 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 bought a new stake in NIKE in the 2nd quarter worth approximately $44,000. Finally, MFA Wealth Advisors LLC bought a new stake in NIKE in the 2nd quarter worth approximately $46,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Sanford C. Bernstein dropped their target price on NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a research report on Thursday, September 19th. Deutsche Bank Aktiengesellschaft dropped their target price on NIKE from $95.00 to $92.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Evercore ISI dropped their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. Piper Sandler restated a “neutral” rating and issued a $80.00 target price on shares of NIKE in a research report on Friday, September 20th. Finally, TD Cowen boosted their target price on NIKE from $71.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Fourteen investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, NIKE currently has an average rating of “Moderate Buy” and an average target price of $96.48.

NIKE Price Performance

Shares of NKE stock opened at $76.66 on Monday. The stock has a market cap of $114.94 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 1.86 and a beta of 1.03. The business’s fifty day moving average is $80.89 and its 200 day moving average is $83.15. NIKE, Inc. has a twelve month low of $70.75 and a twelve month high of $123.39. 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 issued its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The firm’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 earnings per share. Research analysts expect that NIKE, Inc. will post 2.74 EPS for the current fiscal year.

NIKE Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.09%. This is a boost from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, December 2nd. NIKE’s dividend payout ratio is presently 42.41%.

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.