GRIMES & Co WEALTH MANAGEMENT LLC Cuts Stock Position in NIKE, Inc. $NKE

GRIMES & Co WEALTH MANAGEMENT LLC cut its stake in shares of NIKE, Inc. (NYSE:NKE) by 14.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 87,275 shares of the footwear maker’s stock after selling 14,392 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in NIKE were worth $6,086,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mascoma Wealth Management LLC acquired a new stake in shares of NIKE in the 2nd quarter worth $26,000. Halbert Hargrove Global Advisors LLC lifted its position in NIKE by 952.6% in the second quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock valued at $28,000 after purchasing an additional 362 shares during the period. Twin Peaks Wealth Advisors LLC purchased a new stake in NIKE in the 2nd quarter valued at approximately $31,000. Matrix Trust Co raised its stake in shares of NIKE by 53.1% during the 2nd quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock worth $31,000 after buying an additional 153 shares in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of NIKE in the 2nd quarter valued at approximately $35,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NKE. Guggenheim reaffirmed a “buy” rating on shares of NIKE in a report on Wednesday, December 31st. BNP Paribas Exane lowered their price target on shares of NIKE from $38.00 to $35.00 and set an “underperform” rating on the stock in a research note on Friday, December 19th. Raymond James Financial reiterated a “market perform” rating on shares of NIKE in a report on Monday, December 15th. Williams Trading decreased their price objective on shares of NIKE from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, December 19th. Finally, Weiss Ratings lowered shares of NIKE from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.16.

Insider Activity at NIKE

In related news, Director Timothy D. Cook purchased 50,000 shares of the business’s stock in a transaction dated Monday, December 22nd. The stock was bought at an average cost of $58.97 per share, with a total value of $2,948,500.00. Following the completion of the acquisition, the director directly owned 105,480 shares in the company, valued at $6,220,155.60. The trade was a 90.12% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Elliott Hill acquired 16,388 shares of NIKE stock in a transaction dated Monday, December 29th. The stock was bought at an average price of $61.10 per share, for a total transaction of $1,001,306.80. Following the completion of the transaction, the chief executive officer directly owned 241,587 shares of the company’s stock, valued at approximately $14,760,965.70. This represents a 7.28% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 91,229 shares of company stock valued at $5,452,640 in the last ninety days. 0.80% of the stock is owned by insiders.

NIKE Stock Performance

NYSE:NKE opened at $65.61 on Tuesday. The company has a current ratio of 2.06, a quick ratio of 1.40 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $97.12 billion, a P/E ratio of 38.59, a price-to-earnings-growth ratio of 2.84 and a beta of 1.28. The firm has a 50-day moving average price of $63.51 and a two-hundred day moving average price of $69.59. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $82.44.

NIKE (NYSE:NKE) last released its quarterly earnings results on Thursday, December 18th. The footwear maker reported $0.53 EPS for the quarter, beating the consensus estimate of $0.37 by $0.16. NIKE had a net margin of 5.43% and a return on equity of 18.43%. The business had revenue of $12.43 billion for the quarter, compared to analyst estimates of $12.19 billion. During the same period in the prior year, the business earned $0.78 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. As a group, research analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 1st were issued a dividend of $0.41 per share. This is a boost from NIKE’s previous quarterly dividend of $0.40. The ex-dividend date was Monday, December 1st. This represents a $1.64 dividend on an annualized basis and a yield of 2.5%. NIKE’s payout ratio is currently 96.47%.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).