Dearborn Partners LLC Sells 8,362 Shares of NIKE, Inc. (NYSE:NKE)

Dearborn Partners LLC decreased its position in NIKE, Inc. (NYSE:NKE) by 46.6% during the 3rd quarter, Holdings Channel reports. The firm owned 9,573 shares of the footwear maker’s stock after selling 8,362 shares during the period. Dearborn Partners LLC’s holdings in NIKE were worth $846,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in NKE. M&G Plc bought a new stake in shares of NIKE in the first quarter worth about $10,109,000. Spirepoint Private Client LLC bought a new stake in shares of NIKE in the 1st quarter worth approximately $425,000. Alera Investment Advisors LLC increased its stake in shares of NIKE by 6.3% during the first quarter. Alera Investment Advisors LLC now owns 2,358 shares of the footwear maker’s stock valued at $222,000 after buying an additional 139 shares during the period. Ontario Teachers Pension Plan Board bought a new position in shares of NIKE during the first quarter valued at approximately $868,000. Finally, Patten & Patten Inc. TN lifted its stake in NIKE by 2.1% in the first quarter. Patten & Patten Inc. TN now owns 70,671 shares of the footwear maker’s stock worth $6,642,000 after acquiring an additional 1,476 shares during the period. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Price Performance

NKE opened at $76.66 on Friday. The company’s 50-day simple moving average is $80.97 and its two-hundred day simple moving average is $83.39. 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 stock has a market capitalization of $114.94 billion, a P/E ratio of 21.97, a P/E/G ratio of 1.86 and a beta of 1.03. NIKE, Inc. has a 52-week low of $70.75 and a 52-week high of $123.39.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $11.64 billion. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The firm’s revenue for the quarter was down 10.4% compared to the same quarter last year. As a group, analysts predict that NIKE, Inc. will post 2.74 EPS for the current year.

NIKE Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be paid a $0.40 dividend. This is an increase from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Monday, December 2nd. NIKE’s dividend payout ratio (DPR) is 42.41%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Williams Trading upgraded shares of NIKE from a “sell” rating to a “buy” rating and upped their price objective for the stock from $67.00 to $93.00 in a report on Friday, August 16th. Truist Financial upgraded shares of NIKE from a “hold” rating to a “buy” rating and raised their price objective for the stock from $83.00 to $97.00 in a report on Thursday, October 10th. TD Cowen upped their target price on NIKE from $71.00 to $78.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Robert W. Baird raised their target price on NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Finally, Daiwa America lowered NIKE from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, NIKE has a consensus rating of “Moderate Buy” and a consensus price target of $96.48.

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.