Violich Capital Management Inc. Sells 58,395 Shares of NIKE, Inc. (NYSE:NKE)

Violich Capital Management Inc. lowered its position in shares of NIKE, Inc. (NYSE:NKE) by 42.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 79,006 shares of the footwear maker’s stock after selling 58,395 shares during the quarter. NIKE comprises approximately 0.8% of Violich Capital Management Inc.’s investment portfolio, making the stock its 29th largest position. Violich Capital Management Inc.’s holdings in NIKE were worth $5,978,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. boosted its stake in shares of NIKE by 6,029.6% in the 4th quarter. Pacer Advisors Inc. now owns 6,821,270 shares of the footwear maker’s stock worth $516,166,000 after buying an additional 6,709,985 shares during the last quarter. Loomis Sayles & Co. L P raised its stake in NIKE by 1,209,638.7% during the 3rd quarter. Loomis Sayles & Co. L P now owns 6,508,394 shares of the footwear maker’s stock worth $575,342,000 after acquiring an additional 6,507,856 shares during the period. Assenagon Asset Management S.A. raised its position in shares of NIKE by 358.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,015,267 shares of the footwear maker’s stock valued at $228,165,000 after purchasing an additional 2,357,745 shares during the period. State Street Corp lifted its position in shares of NIKE by 3.3% in the third quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after acquiring an additional 1,862,021 shares in the last quarter. Finally, Holocene Advisors LP bought a new position in NIKE in the 3rd quarter worth approximately $148,635,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Price Performance

Shares of NKE opened at $70.90 on Tuesday. The business’s 50-day moving average is $75.12 and its two-hundred day moving average is $78.09. The company has a market capitalization of $104.88 billion, a P/E ratio of 21.88, a P/E/G ratio of 2.34 and a beta of 1.01. NIKE, Inc. has a fifty-two week low of $68.62 and a fifty-two week high of $107.43. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.15. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company had revenue of $12.35 billion during the quarter, compared to analysts’ expectations of $12.11 billion. During the same period last year, the business earned $1.03 earnings per share. NIKE’s quarterly revenue was down 7.7% on a year-over-year basis. Research analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 2nd were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, December 2nd. This is an increase from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 2.26%. NIKE’s dividend payout ratio is 49.38%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. BMO Capital Markets raised their price objective on NIKE from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Telsey Advisory Group reiterated a “market perform” rating and issued a $80.00 target price on shares of NIKE in a report on Thursday, February 6th. Robert W. Baird reduced their price objective on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, December 23rd. Bank of America decreased their target price on NIKE from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, December 20th. Finally, Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $72.00 to $90.00 in a report on Friday, January 10th. Fifteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $88.62.

Insider Activity at NIKE

In other NIKE news, Director John W. Rogers, Jr. bought 2,500 shares of NIKE stock in a transaction dated Friday, December 27th. The stock was acquired at an average cost of $76.65 per share, with a total value of $191,625.00. Following the purchase, the director now directly owns 34,403 shares in the company, valued at $2,636,989.95. This represents a 7.84 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 1.10% of the stock is owned by company insiders.

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.