PNC Financial Services Group Inc. Cuts Stock Position in NIKE, Inc. $NKE

PNC Financial Services Group Inc. lessened its position in NIKE, Inc. (NYSE:NKE) by 3.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,103,635 shares of the footwear maker’s stock after selling 39,465 shares during the quarter. PNC Financial Services Group Inc.’s holdings in NIKE were worth $70,313,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of NKE. Guerra Advisors Inc purchased a new stake in shares of NIKE in the 3rd quarter valued at $34,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of NIKE in the 3rd quarter valued at $35,000. Accredited Wealth Management LLC raised its holdings in shares of NIKE by 268.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 516 shares of the footwear maker’s stock valued at $36,000 after buying an additional 376 shares during the period. Matrix Trust Co increased its holdings in NIKE by 43.6% during the 4th quarter. Matrix Trust Co now owns 596 shares of the footwear maker’s stock worth $38,000 after purchasing an additional 181 shares during the period. Finally, Ares Financial Consulting LLC purchased a new stake in NIKE during the 4th quarter worth about $40,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Insiders Place Their Bets

In other NIKE news, Director John W. Rogers, Jr. acquired 4,000 shares of the company’s stock in a transaction dated Thursday, April 9th. The shares were acquired at an average price of $43.34 per share, for a total transaction of $173,360.00. Following the acquisition, the director owned 41,022 shares in the company, valued at $1,777,893.48. The trade was a 10.80% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Timothy D. Cook acquired 25,000 shares of the company’s stock in a transaction dated Friday, April 10th. The stock was acquired at an average price of $42.43 per share, for a total transaction of $1,060,750.00. Following the acquisition, the director owned 130,480 shares in the company, valued at approximately $5,536,266.40. The trade was a 23.70% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have acquired 64,441 shares of company stock worth $2,734,204. Insiders own 0.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on NKE. Royal Bank Of Canada restated a “buy” rating on shares of NIKE in a report on Wednesday, April 1st. Barclays cut their price target on NIKE from $73.00 to $67.00 and set an “overweight” rating on the stock in a report on Wednesday, April 1st. Williams Trading cut their price target on NIKE from $80.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. UBS Group cut their price target on NIKE from $58.00 to $54.00 and set a “neutral” rating on the stock in a report on Wednesday, April 1st. Finally, Wells Fargo & Company set a $45.00 price target on NIKE and gave the stock an “equal weight” rating in a report on Friday, May 8th. Sixteen investment analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, NIKE has an average rating of “Hold” and a consensus target price of $62.04.

NIKE Trading Up 0.5%

NKE opened at $44.40 on Friday. NIKE, Inc. has a one year low of $41.35 and a one year high of $80.17. The company has a market cap of $65.75 billion, a P/E ratio of 29.40, a PEG ratio of 2.34 and a beta of 1.12. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.45 and a current ratio of 2.14. The business’s 50-day simple moving average is $46.81 and its 200-day simple moving average is $57.41.

NIKE (NYSE:NKE) last released its quarterly earnings data on Tuesday, March 31st. The footwear maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. NIKE had a return on equity of 16.41% and a net margin of 4.84%.The business had revenue of $11.28 billion for the quarter, compared to the consensus estimate of $11.23 billion. During the same quarter in the prior year, the business posted $0.54 EPS. The business’s revenue for the quarter was up .1% on a year-over-year basis. As a group, equities research analysts expect that NIKE, Inc. will post 1.51 EPS for the current fiscal year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be issued a $0.41 dividend. The ex-dividend date is Monday, June 1st. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.7%. NIKE’s dividend payout ratio is presently 108.61%.

Key NIKE News

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: NIKE shares are benefiting from a shift into consumer and cyclical stocks as market breadth improves, helping lift sentiment around the name. Nike Stock Is Testing A Level That Could Define The Next Move
• Positive Sentiment: Lower energy prices and softer long-term Treasury yields are helping consumer discretionary stocks, including NIKE, by easing inflation worries and supporting expectations for resilient consumer spending. Nike Stock Soars As Energy Prices And Bond Yields Drop
• Neutral Sentiment: NIKE remains a heavily watched stock, with recent articles and trending searches suggesting investors are actively reassessing the name rather than reacting to a single fundamental catalyst. NIKE, Inc. (NKE) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Analyst and commentary pieces are focused on whether NIKE is ready for a turnaround, but they do not point to a clear near-term catalyst on their own. Is Nike Stock (NKE) Ready for a Turnaround?
• Negative Sentiment: Some recent analysis remains cautious, arguing NIKE is still not cheap enough or that the operating environment is tough, which could limit upside if investors demand clearer evidence of a rebound. Nike: Not Cheap Enough Yet

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).