Arrowroot Family Office LLC Sells 1,360 Shares of NIKE, Inc. (NYSE:NKE)

Arrowroot Family Office LLC trimmed its holdings in NIKE, Inc. (NYSE:NKE) by 16.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,739 shares of the footwear maker’s stock after selling 1,360 shares during the quarter. Arrowroot Family Office LLC’s holdings in NIKE were worth $596,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of NKE. Beacon Investment Advisory Services Inc. boosted its stake in NIKE by 74.8% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 7,832 shares of the footwear maker’s stock worth $692,000 after purchasing an additional 3,352 shares in the last quarter. Benjamin Edwards Inc. increased its holdings in shares of NIKE by 3,520.3% in the 3rd quarter. Benjamin Edwards Inc. now owns 106,146 shares of the footwear maker’s stock worth $9,383,000 after purchasing an additional 103,214 shares in the last quarter. Erste Asset Management GmbH bought a new position in shares of NIKE during the third quarter valued at $1,688,000. Cobblestone Capital Advisors LLC NY boosted its position in shares of NIKE by 49.6% during the third quarter. Cobblestone Capital Advisors LLC NY now owns 13,592 shares of the footwear maker’s stock valued at $1,202,000 after buying an additional 4,506 shares during the last quarter. Finally, L.M. Kohn & Company raised its position in NIKE by 2.5% in the 3rd quarter. L.M. Kohn & Company now owns 9,028 shares of the footwear maker’s stock worth $798,000 after buying an additional 223 shares during the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on NKE shares. Morgan Stanley increased their price target on NIKE from $79.00 to $82.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Jefferies Financial Group lifted their price objective on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Wells Fargo & Company upped their target price on shares of NIKE from $86.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, September 20th. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and boosted their price objective for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. Finally, Barclays decreased their target price on NIKE from $84.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 2nd. Fourteen equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, NIKE presently has an average rating of “Moderate Buy” and an average target price of $95.86.

NIKE Price Performance

NYSE NKE opened at $78.77 on Monday. The company has a market cap of $118.10 billion, a PE ratio of 22.57, a P/E/G ratio of 1.91 and a beta of 1.03. NIKE, Inc. has a 52-week low of $70.75 and a 52-week high of $123.39. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. The firm’s 50 day moving average price is $80.18 and its 200-day moving average price is $82.03.

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

NIKE Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be paid a $0.40 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 2.03%. NIKE’s dividend payout ratio (DPR) is 42.41%.

NIKE 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.