Palisade Asset Management LLC Sells 344 Shares of NIKE, Inc. (NYSE:NKE)

Palisade Asset Management LLC reduced its stake in NIKE, Inc. (NYSE:NKE) by 1.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,619 shares of the footwear maker’s stock after selling 344 shares during the quarter. Palisade Asset Management LLC’s holdings in NIKE were worth $2,707,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC boosted its position 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 buying an additional 200 shares during the period. VitalStone Financial LLC boosted its position in NIKE by 52.6% during the 3rd 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 grew 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 worth $39,000 after acquiring an additional 376 shares in the last quarter. Triad Wealth Partners LLC acquired a new stake in shares of NIKE in the second quarter valued at approximately $44,000. Finally, Riverview Trust Co bought a new stake in shares of NIKE in the third quarter worth $52,000. 64.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NKE. Needham & Company LLC assumed coverage on shares of NIKE in a research note on Friday. They issued a “buy” rating and a $84.00 price target on the stock. Guggenheim lowered their target price on NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Piper Sandler reissued a “neutral” rating and set a $80.00 price target on shares of NIKE in a research report on Friday, September 20th. UBS Group boosted their price target on NIKE from $78.00 to $82.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Evercore ISI cut their price objective on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Wednesday, October 2nd. Fourteen research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $95.86.

NIKE Trading Up 3.1 %

NKE stock opened at $77.40 on Friday. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39. The company has a market capitalization of $116.05 billion, a PE ratio of 22.18, a price-to-earnings-growth ratio of 1.82 and a beta of 1.03. The company’s 50-day simple moving average is $80.51 and its 200 day simple moving average is $82.67. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36.

NIKE (NYSE:NKE) last announced its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) 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 analyst estimates of $11.64 billion. During the same quarter in the prior year, the business posted $0.94 EPS. The business’s revenue was down 10.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that NIKE, Inc. will post 2.75 earnings per share for the current year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Monday, December 2nd. This is a positive change from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio (DPR) is 42.41%.

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.