Raymond James Trust N.A. Lowers Stock Holdings in NIKE, Inc. (NYSE:NKE)

Raymond James Trust N.A. cut its holdings in shares of NIKE, Inc. (NYSE:NKE) by 1.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,911 shares of the footwear maker’s stock after selling 471 shares during the period. Raymond James Trust N.A.’s holdings in NIKE were worth $3,970,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Transcendent Capital Group LLC lifted its holdings in NIKE by 97.6% during the 1st quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock worth $38,000 after buying an additional 200 shares in the last quarter. VitalStone Financial LLC raised its stake in shares of NIKE by 52.6% in the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after acquiring an additional 150 shares in the last quarter. Bruce G. Allen Investments LLC boosted its holdings in NIKE by 272.5% in the second quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock valued at $39,000 after purchasing an additional 376 shares during the period. Triad Wealth Partners LLC acquired a new position in NIKE during the 2nd quarter worth $44,000. Finally, Riverview Trust Co purchased a new stake in NIKE during the 3rd quarter worth about $52,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Stock Performance

Shares of NKE stock opened at $77.40 on Friday. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The stock has a 50 day simple moving average of $80.51 and a 200-day simple moving average of $82.67. The company has a market cap of $116.05 billion, a price-to-earnings ratio of 22.18, a price-to-earnings-growth ratio of 1.82 and a beta of 1.03. NIKE, Inc. has a 12-month low of $70.75 and a 12-month high of $123.39.

NIKE (NYSE:NKE) last released its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.18. The firm had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. NIKE’s revenue was down 10.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.94 earnings per share. On average, equities analysts forecast that NIKE, Inc. will post 2.75 EPS for the current year.

NIKE Increases Dividend

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

Analysts Set New Price Targets

NKE has been the subject of several recent research reports. Piper Sandler reiterated a “neutral” rating and issued a $80.00 price objective on shares of NIKE in a research note on Friday, September 20th. Royal Bank of Canada lowered their price target on shares of NIKE from $82.00 to $80.00 and set a “sector perform” rating for the company in a report on Thursday, November 7th. Wells Fargo & Company increased their price objective on shares of NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Truist Financial raised shares of NIKE from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $83.00 to $97.00 in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. cut their price target on NIKE from $80.00 to $77.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 2nd. Fourteen investment 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 stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.86.

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.