Alpha Cubed Investments LLC Trims Position in NIKE, Inc. (NYSE:NKE)

Alpha Cubed Investments LLC cut its holdings in shares of NIKE, Inc. (NYSE:NKE) by 23.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,731 shares of the footwear maker’s stock after selling 3,605 shares during the quarter. Alpha Cubed Investments LLC’s holdings in NIKE were worth $1,274,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of NKE. Iron Horse Wealth Management LLC grew its stake in shares of NIKE by 120.7% during the 4th quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock worth $28,000 after purchasing an additional 140 shares during the period. Planned Solutions Inc. acquired a new stake in shares of NIKE during the 4th quarter worth approximately $29,000. Raleigh Capital Management Inc. grew its stake in shares of NIKE by 134.2% during the 3rd quarter. Raleigh Capital Management Inc. now owns 377 shares of the footwear maker’s stock worth $36,000 after purchasing an additional 216 shares during the period. Stephens Consulting LLC grew its stake in shares of NIKE by 160.0% during the 3rd quarter. Stephens Consulting LLC now owns 390 shares of the footwear maker’s stock worth $37,000 after purchasing an additional 240 shares during the period. Finally, OFI Invest Asset Management acquired a new stake in shares of NIKE during the 3rd quarter worth approximately $37,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Stock Down 0.2 %

Shares of NYSE:NKE opened at $92.08 on Wednesday. The firm’s 50 day moving average price is $96.55 and its 200 day moving average price is $103.28. The stock has a market cap of $138.98 billion, a price-to-earnings ratio of 27.14, a price-to-earnings-growth ratio of 1.81 and a beta of 1.08. NIKE, Inc. has a fifty-two week low of $88.66 and a fifty-two week high of $128.38. The company has a quick ratio of 1.89, a current ratio of 2.74 and a debt-to-equity ratio of 0.63.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, March 21st. The footwear maker reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.29. NIKE had a net margin of 10.14% and a return on equity of 39.41%. The company had revenue of $12.43 billion for the quarter, compared to analysts’ expectations of $12.28 billion. As a group, equities research analysts predict that NIKE, Inc. will post 3.73 earnings per share for the current fiscal year.

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 4th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $1.48 dividend on an annualized basis and a yield of 1.61%. NIKE’s payout ratio is currently 43.53%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Truist Financial reaffirmed a “hold” rating and set a $111.00 price objective on shares of NIKE in a research note on Tuesday, March 19th. TheStreet cut shares of NIKE from a “b” rating to a “c+” rating in a research report on Tuesday, January 9th. HSBC reduced their target price on shares of NIKE from $120.00 to $115.00 and set a “hold” rating for the company in a research report on Monday, January 22nd. Evercore ISI reduced their target price on shares of NIKE from $127.00 to $117.00 and set an “outperform” rating for the company in a research report on Friday, March 22nd. Finally, Bank of America upgraded shares of NIKE from a “neutral” rating to a “buy” rating and increased their target price for the company from $110.00 to $113.00 in a research report on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, NIKE presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.26.

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.