Wealth Enhancement Advisory Services LLC Reduces Position in NIKE, Inc. $NKE

Wealth Enhancement Advisory Services LLC decreased its position in NIKE, Inc. (NYSE:NKE) by 56.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 322,044 shares of the footwear maker’s stock after selling 421,169 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in NIKE were worth $22,192,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mitchell Mcleod Pugh & Williams Inc. boosted its position in NIKE by 1.0% during the 2nd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 14,176 shares of the footwear maker’s stock valued at $1,007,000 after buying an additional 134 shares during the period. Main Street Financial Solutions LLC increased its position in shares of NIKE by 4.2% in the second quarter. Main Street Financial Solutions LLC now owns 3,441 shares of the footwear maker’s stock valued at $244,000 after acquiring an additional 139 shares during the period. St. Clair Advisors LLC raised its stake in shares of NIKE by 0.9% during the third quarter. St. Clair Advisors LLC now owns 15,217 shares of the footwear maker’s stock valued at $1,061,000 after acquiring an additional 140 shares during the last quarter. Salomon & Ludwin LLC boosted its holdings in shares of NIKE by 10.1% during the second quarter. Salomon & Ludwin LLC now owns 1,575 shares of the footwear maker’s stock worth $120,000 after purchasing an additional 145 shares during the period. Finally, HB Wealth Management LLC boosted its holdings in shares of NIKE by 0.3% during the second quarter. HB Wealth Management LLC now owns 52,012 shares of the footwear maker’s stock worth $3,695,000 after purchasing an additional 147 shares during the period. 64.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NKE. Piper Sandler set a $75.00 price target on NIKE and gave the company an “overweight” rating in a report on Friday, December 19th. The Goldman Sachs Group set a $77.00 target price on NIKE in a research note on Friday, December 19th. Barclays restated a “neutral” rating on shares of NIKE in a report on Thursday, January 15th. Truist Financial set a $69.00 price target on shares of NIKE in a report on Wednesday, January 14th. Finally, Wells Fargo & Company set a $65.00 price objective on shares of NIKE and gave the company an “overweight” rating in a research report on Friday, December 19th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $74.65.

NIKE Price Performance

Shares of NKE opened at $65.41 on Thursday. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $82.44. The firm’s 50-day simple moving average is $63.91 and its two-hundred day simple moving average is $69.16. The stock has a market cap of $96.83 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 3.29 and a beta of 1.28. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.40 and a current ratio of 2.06.

NIKE (NYSE:NKE) last released its earnings results on Thursday, December 18th. The footwear maker reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.16. The firm had revenue of $12.43 billion during the quarter, compared to analyst estimates of $12.19 billion. NIKE had a net margin of 5.43% and a return on equity of 18.43%. The business’s revenue was up .6% on a year-over-year basis. During the same period last year, the business earned $0.78 earnings per share. Analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 1st were issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.5%. This is a positive change from NIKE’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Monday, December 1st. NIKE’s dividend payout ratio is presently 96.47%.

Insiders Place Their Bets

In other news, Director Robert Holmes Swan acquired 8,691 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were bought at an average cost of $57.54 per share, with a total value of $500,080.14. Following the transaction, the director owned 43,293 shares of the company’s stock, valued at $2,491,079.22. This trade represents a 25.12% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Timothy D. Cook bought 50,000 shares of the firm’s stock in a transaction on Monday, December 22nd. The stock was purchased at an average cost of $58.97 per share, with a total value of $2,948,500.00. Following the completion of the acquisition, the director directly owned 105,480 shares of the company’s stock, valued at approximately $6,220,155.60. The trade was a 90.12% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 91,229 shares of company stock valued at $5,452,640. Company insiders own 0.80% of the company’s stock.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).