Bank of New York Mellon Corp Cuts Stock Holdings in NIKE, Inc. $NKE

Bank of New York Mellon Corp reduced its position in shares of NIKE, Inc. (NYSE:NKE) by 10.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,758,498 shares of the footwear maker’s stock after selling 2,229,709 shares during the period. Bank of New York Mellon Corp owned approximately 1.27% of NIKE worth $1,332,604,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in NKE. Goldman Sachs Group Inc. increased its stake in NIKE by 344.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker’s stock worth $1,694,842,000 after buying an additional 20,688,013 shares during the period. Wellington Management Group LLP increased its stake in NIKE by 24.9% during the 1st quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock worth $2,880,971,000 after buying an additional 9,043,180 shares during the period. Jennison Associates LLC purchased a new stake in NIKE during the 1st quarter worth $509,051,000. Nuveen LLC acquired a new position in NIKE during the 1st quarter worth $502,285,000. Finally, Vanguard Group Inc. grew its holdings in NIKE by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker’s stock worth $7,182,831,000 after acquiring an additional 4,957,494 shares in the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 86,078 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the completion of the sale, the chairman directly owned 744,988 shares of the company’s stock, valued at $56,566,938.84. This trade represents a 10.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Treasure Heinle sold 4,300 shares of the company’s stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $71.27, for a total transaction of $306,461.00. Following the completion of the sale, the executive vice president owned 29,396 shares of the company’s stock, valued at approximately $2,095,052.92. This trade represents a 12.76% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.80% of the company’s stock.

NIKE Trading Down 0.5%

NIKE stock opened at $64.59 on Monday. The company has a quick ratio of 1.45, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average price of $71.29 and a two-hundred day moving average price of $68.41. The firm has a market capitalization of $95.48 billion, a price-to-earnings ratio of 33.12, a PEG ratio of 2.41 and a beta of 1.29. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $82.44.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.22. The firm had revenue of $11.72 billion during the quarter, compared to the consensus estimate of $10.96 billion. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.70 earnings per share. Sell-side analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Tuesday, September 2nd. NIKE’s dividend payout ratio is 82.05%.

Analyst Ratings Changes

Several research analysts have weighed in on NKE shares. Truist Financial reissued a “buy” rating and set a $85.00 price objective on shares of NIKE in a report on Wednesday, October 1st. Piper Sandler set a $84.00 price objective on shares of NIKE and gave the stock an “overweight” rating in a report on Wednesday, October 1st. Telsey Advisory Group reissued a “market perform” rating and set a $75.00 price objective on shares of NIKE in a report on Wednesday, October 1st. DZ Bank raised shares of NIKE from a “hold” rating to a “buy” rating in a report on Wednesday, October 1st. Finally, UBS Group set a $71.00 price objective on shares of NIKE and gave the stock a “neutral” rating in a report on Friday, September 19th. Three research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $82.21.

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.