Zions Bancorporation N.A. Lowers Position in NIKE, Inc. (NYSE:NKE)

Zions Bancorporation N.A. cut its holdings in shares of NIKE, Inc. (NYSE:NKE) by 18.6% during the third quarter, Holdings Channel.com reports. The fund owned 855 shares of the footwear maker’s stock after selling 195 shares during the period. Zions Bancorporation N.A.’s holdings in NIKE were worth $76,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Transcendent Capital Group LLC grew its stake in NIKE by 97.6% in the 1st quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock valued at $38,000 after acquiring an additional 200 shares during the period. VitalStone Financial LLC grew its position in shares of NIKE by 52.6% in the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after purchasing an additional 150 shares during the period. Bruce G. Allen Investments LLC increased its stake 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 purchased a new position in NIKE in the 2nd quarter valued at about $44,000. Finally, Riverview Trust Co acquired a new stake in NIKE in the 3rd quarter worth about $52,000. 64.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NKE shares. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and raised their target price for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. Stifel Nicolaus lowered their target price on shares of NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a research note on Monday, August 26th. Morgan Stanley increased their target price 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. Jefferies Financial Group raised their price target on shares of NIKE from $80.00 to $85.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Finally, Bank of America dropped their price objective on shares of NIKE from $104.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, October 2nd. Fourteen analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $96.48.

NIKE Stock Performance

Shares of NIKE stock opened at $76.66 on Friday. 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, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39. The firm’s 50 day moving average is $80.97 and its two-hundred day moving average is $83.39. The firm has a market capitalization of $114.94 billion, a P/E ratio of 21.88, a P/E/G ratio of 1.86 and a beta of 1.03.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The firm had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. During the same period in the previous year, the company earned $0.94 earnings per share. NIKE’s quarterly revenue was down 10.4% compared to the same quarter last year. Research analysts forecast 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 dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Monday, December 2nd. This is an increase from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio (DPR) is currently 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.