Naviter Wealth LLC Purchases 3,057 Shares of NIKE, Inc. (NYSE:NKE)

Naviter Wealth LLC raised its position in shares of NIKE, Inc. (NYSE:NKE) by 25.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,020 shares of the footwear maker’s stock after acquiring an additional 3,057 shares during the period. Naviter Wealth LLC’s holdings in NIKE were worth $1,417,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in NKE. Truist Financial Corp boosted its holdings in shares of NIKE by 21.7% during the third quarter. Truist Financial Corp now owns 705,830 shares of the footwear maker’s stock worth $67,491,000 after acquiring an additional 126,074 shares during the period. Axxcess Wealth Management LLC boosted its stake in shares of NIKE by 32.3% in the third quarter. Axxcess Wealth Management LLC now owns 9,133 shares of the footwear maker’s stock valued at $873,000 after buying an additional 2,229 shares during the period. Alps Advisors Inc. boosted its stake in shares of NIKE by 114.5% in the third quarter. Alps Advisors Inc. now owns 73,649 shares of the footwear maker’s stock valued at $7,042,000 after buying an additional 39,310 shares during the period. Legacy Advisors LLC boosted its stake in shares of NIKE by 14.7% in the third quarter. Legacy Advisors LLC now owns 48,523 shares of the footwear maker’s stock valued at $4,656,000 after buying an additional 6,232 shares during the period. Finally, London Co. of Virginia boosted its stake in shares of NIKE by 10.0% in the third quarter. London Co. of Virginia now owns 148,269 shares of the footwear maker’s stock valued at $14,177,000 after buying an additional 13,503 shares during the period. Institutional investors own 64.25% of the company’s stock.

Insider Buying and Selling

In other NIKE news, Director Robert Holmes Swan bought 2,941 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $77.02 per share, for a total transaction of $226,515.82. Following the acquisition, the director now directly owns 20,946 shares of the company’s stock, valued at approximately $1,613,260.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total value of $15,682,726.92. Following the completion of the sale, the chairman now owns 1,102,090 shares in the company, valued at approximately $102,648,662.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert Holmes Swan purchased 2,941 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the acquisition, the director now directly owns 20,946 shares in the company, valued at approximately $1,613,260.92. The disclosure for this purchase can be found here. Insiders have sold 213,660 shares of company stock worth $19,946,333 in the last quarter. Insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

NKE has been the subject of several recent research reports. Bank of America cut their price target on NIKE from $113.00 to $104.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Robert W. Baird lowered their price objective on shares of NIKE from $125.00 to $100.00 and set an “outperform” rating for the company in a research report on Friday, June 28th. Wedbush lowered their price objective on shares of NIKE from $115.00 to $97.00 and set an “outperform” rating for the company in a research report on Friday, June 28th. Stifel Nicolaus restated a “hold” rating and set a $88.00 price objective (down from $117.00) on shares of NIKE in a research report on Friday, June 28th. Finally, Oppenheimer restated an “outperform” rating and set a $120.00 price objective on shares of NIKE in a research report on Friday, June 28th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $97.19.

NIKE Price Performance

NKE stock opened at $76.06 on Wednesday. The stock has a market capitalization of $114.80 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01. The company’s 50-day moving average is $92.94 and its 200-day moving average is $98.54. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. NIKE, Inc. has a 1 year low of $74.29 and a 1 year high of $123.39.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. The company had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 EPS. Equities research analysts expect that NIKE, Inc. will post 3.47 EPS for the current fiscal year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were issued a $0.37 dividend. The ex-dividend date was Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.95%. NIKE’s dividend payout ratio is presently 39.68%.

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.