Cutler Investment Counsel LLC Cuts Stake in NIKE, Inc. (NYSE:NKE)

Cutler Investment Counsel LLC lessened its holdings in NIKE, Inc. (NYSE:NKE) by 2.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 102,939 shares of the footwear maker’s stock after selling 2,665 shares during the period. Cutler Investment Counsel LLC’s holdings in NIKE were worth $9,137,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Transcendent Capital Group LLC raised its stake in shares of NIKE by 97.6% during the first quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock worth $38,000 after purchasing an additional 200 shares during the last quarter. VitalStone Financial LLC boosted its position in NIKE by 52.6% during the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after acquiring an additional 150 shares during the last quarter. Bruce G. Allen Investments LLC increased its stake in shares of NIKE by 272.5% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock valued at $39,000 after acquiring an additional 376 shares during the last quarter. Triad Wealth Partners LLC acquired a new position in NIKE in the second quarter valued at $44,000. Finally, MFA Wealth Advisors LLC purchased a new position in shares of NIKE in the 2nd quarter valued at $46,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Price Performance

Shares of NYSE NKE traded up $0.98 during mid-day trading on Friday, reaching $76.66. The company’s stock had a trading volume of 13,584,939 shares, compared to its average volume of 11,489,007. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39. The stock has a fifty day moving average of $80.89 and a two-hundred day moving average of $83.27. The firm has a market capitalization of $114.94 billion, a PE ratio of 21.97, a P/E/G ratio of 1.86 and a beta of 1.03.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $11.64 billion. During the same period in the previous year, the firm posted $0.94 EPS. The business’s quarterly revenue was down 10.4% on a year-over-year basis. As a group, sell-side analysts anticipate that NIKE, Inc. will post 2.74 EPS for the current fiscal year.

NIKE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.09%. This is a boost from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, December 2nd. NIKE’s dividend payout ratio is presently 42.41%.

Analysts Set New Price Targets

NKE has been the topic of several research reports. UBS Group upped their price target on NIKE from $78.00 to $82.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group upped 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. Guggenheim dropped their target price on shares of NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Telsey Advisory Group dropped their price objective on shares of NIKE from $100.00 to $96.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. Finally, Truist Financial upgraded 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 report on Thursday, October 10th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $96.48.

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.