NIKE, Inc. (NYSE:NKE) Shares Sold by Arrowroot Family Office LLC

Arrowroot Family Office LLC lowered its position in shares of NIKE, Inc. (NYSE:NKE) by 16.8% in the third quarter, HoldingsChannel.com reports. The fund owned 6,739 shares of the footwear maker’s stock after selling 1,360 shares during the quarter. Arrowroot Family Office LLC’s holdings in NIKE were worth $596,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Douglas Lane & Associates LLC lifted its position in NIKE by 8.8% during the second quarter. Douglas Lane & Associates LLC now owns 5,141 shares of the footwear maker’s stock valued at $387,000 after purchasing an additional 414 shares during the period. Mather Group LLC. boosted its stake in shares of NIKE by 101.4% in the second quarter. Mather Group LLC. now owns 25,361 shares of the footwear maker’s stock worth $1,911,000 after buying an additional 12,770 shares during the last quarter. Lynx Investment Advisory acquired a new stake in NIKE during the second quarter worth about $47,000. Baker Ellis Asset Management LLC raised its position in NIKE by 17.2% during the second quarter. Baker Ellis Asset Management LLC now owns 15,224 shares of the footwear maker’s stock valued at $1,147,000 after acquiring an additional 2,235 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its holdings in NIKE by 11.9% in the second quarter. Kingswood Wealth Advisors LLC now owns 16,536 shares of the footwear maker’s stock valued at $1,246,000 after acquiring an additional 1,754 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NKE. Telsey Advisory Group dropped their price objective on shares of NIKE from $100.00 to $96.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 2nd. Stifel Nicolaus cut their price objective on shares of NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a report on Monday, August 26th. Truist Financial raised shares of NIKE from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $97.00 in a research note on Thursday, October 10th. Jefferies Financial Group lifted their price target on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a research note on Monday, September 30th. Finally, Barclays dropped their price objective on NIKE from $84.00 to $81.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 2nd. Fourteen equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, NIKE presently has an average rating of “Moderate Buy” and a consensus target price of $95.86.

NIKE Stock Performance

Shares of NIKE stock opened at $78.77 on Monday. The firm has a market cap of $118.10 billion, a PE ratio of 22.57, a price-to-earnings-growth ratio of 1.91 and a beta of 1.03. 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 business’s fifty day simple moving average is $80.18 and its 200-day simple moving average is $82.03.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS 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 company had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $11.64 billion. During the same quarter in the prior year, the company posted $0.94 earnings per share. 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 earnings per share for the current year.

NIKE Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be given a $0.40 dividend. This is a positive change from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.03%. NIKE’s payout ratio is presently 42.41%.

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.