Fred Alger Management LLC Trims Stock Holdings in NIKE, Inc. (NYSE:NKE)

Fred Alger Management LLC cut its holdings in shares of NIKE, Inc. (NYSE:NKE) by 70.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,891 shares of the footwear maker’s stock after selling 13,810 shares during the quarter. Fred Alger Management LLC’s holdings in NIKE were worth $521,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Legal & General Group Plc raised its holdings in NIKE by 5.5% in the second quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock valued at $832,785,000 after acquiring an additional 571,544 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of NIKE by 6.0% in the 3rd quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock valued at $910,801,000 after purchasing an additional 583,207 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of NIKE by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 8,602,534 shares of the footwear maker’s stock worth $760,716,000 after purchasing an additional 117,187 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in NIKE by 19.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,209,868 shares of the footwear maker’s stock worth $637,352,000 after purchasing an additional 1,184,252 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its holdings in NIKE by 1,209,638.7% in the third quarter. Loomis Sayles & Co. L P now owns 6,508,394 shares of the footwear maker’s stock valued at $575,342,000 after buying an additional 6,507,856 shares during the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NKE. Deutsche Bank Aktiengesellschaft decreased their target price on NIKE from $95.00 to $92.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Sanford C. Bernstein lowered their target price on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a research note on Thursday, September 19th. Truist Financial upgraded shares of NIKE from a “hold” rating to a “buy” rating and raised their price target for the stock from $83.00 to $97.00 in a research report on Thursday, October 10th. Royal Bank of Canada lowered their price objective on shares of NIKE from $82.00 to $80.00 and set a “sector perform” rating for the company in a research report on Thursday, November 7th. Finally, Needham & Company LLC started coverage on shares of NIKE in a report on Friday, November 22nd. They issued a “buy” rating and a $84.00 target price on the stock. Fourteen investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $95.86.

NIKE Trading Up 0.5 %

Shares of NIKE stock opened at $78.77 on Monday. The business has a fifty day simple moving average of $80.18 and a 200-day simple moving average of $82.03. The firm has a market cap of $118.10 billion, a price-to-earnings ratio of 22.57, a price-to-earnings-growth ratio of 1.91 and a beta of 1.03. NIKE, Inc. has a fifty-two week low of $70.75 and a fifty-two week high of $123.39. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last announced 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. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $11.64 billion. During the same quarter in the previous year, the company posted $0.94 EPS. The business’s revenue was down 10.4% compared to the same quarter last year. On average, equities analysts forecast that NIKE, Inc. will post 2.75 EPS for the current fiscal year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio is 42.41%.

NIKE Company Profile

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.