Bedell Frazier Investment Counselling LLC Reduces Position in NIKE, Inc. (NYSE:NKE)

Bedell Frazier Investment Counselling LLC lessened its holdings in shares of NIKE, Inc. (NYSE:NKE) by 5.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,033 shares of the footwear maker’s stock after selling 5,138 shares during the period. NIKE accounts for approximately 1.8% of Bedell Frazier Investment Counselling LLC’s investment portfolio, making the stock its 18th biggest position. Bedell Frazier Investment Counselling LLC’s holdings in NIKE were worth $7,429,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of NKE. Advisors Asset Management Inc. grew its stake in NIKE by 86.0% during the 1st quarter. Advisors Asset Management Inc. now owns 20,957 shares of the footwear maker’s stock valued at $1,970,000 after acquiring an additional 9,689 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in shares of NIKE by 1.6% in the 1st quarter. Epoch Investment Partners Inc. now owns 14,326 shares of the footwear maker’s stock valued at $1,346,000 after buying an additional 227 shares during the period. Waverly Advisors LLC grew its stake in shares of NIKE by 33.2% in the 1st quarter. Waverly Advisors LLC now owns 11,758 shares of the footwear maker’s stock valued at $1,105,000 after buying an additional 2,931 shares during the period. Bayesian Capital Management LP purchased a new stake in shares of NIKE in the 1st quarter valued at approximately $1,825,000. Finally, Kennedy Capital Management LLC purchased a new stake in shares of NIKE in the 1st quarter valued at approximately $5,454,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Price Performance

Shares of NKE opened at $77.40 on Monday. NIKE, Inc. has a twelve month low of $70.75 and a twelve month high of $123.39. The firm’s fifty day simple moving average is $80.51 and its 200-day simple moving average is $82.52. The firm has a market capitalization of $116.05 billion, a price-to-earnings ratio of 22.18, a PEG ratio of 1.88 and a beta of 1.03. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $11.64 billion. During the same period last year, the business earned $0.94 EPS. NIKE’s revenue for the quarter was down 10.4% compared to the same quarter last year. Equities analysts forecast that NIKE, Inc. will post 2.75 EPS for the current fiscal year.

NIKE Increases Dividend

The business 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 is a positive change from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend is Monday, December 2nd. NIKE’s dividend payout ratio (DPR) is currently 42.41%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NKE. Truist Financial raised shares of NIKE from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $97.00 in a research note on Thursday, October 10th. 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 note on Wednesday, September 25th. Williams Trading raised shares of NIKE from a “sell” rating to a “buy” rating and increased their price objective for the stock from $67.00 to $93.00 in a research report on Friday, August 16th. UBS Group increased their price objective on shares of NIKE from $78.00 to $82.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Sanford C. Bernstein lowered their price objective on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a research report on Thursday, September 19th. Fourteen research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $95.86.

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.