Glenmede Trust Co. NA Sells 113,420 Shares of NIKE, Inc. (NYSE:NKE)

Glenmede Trust Co. NA decreased its position in NIKE, Inc. (NYSE:NKE) by 36.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 200,078 shares of the footwear maker’s stock after selling 113,420 shares during the quarter. Glenmede Trust Co. NA’s holdings in NIKE were worth $17,687,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. ING Groep NV bought a new position in NIKE in the 3rd quarter worth $29,628,000. Cordatus Wealth Management LLC grew its position in shares of NIKE by 19.5% in the third quarter. Cordatus Wealth Management LLC now owns 41,510 shares of the footwear maker’s stock valued at $3,669,000 after purchasing an additional 6,778 shares during the last quarter. Bristlecone Advisors LLC increased its stake in shares of NIKE by 14.3% in the third quarter. Bristlecone Advisors LLC now owns 93,521 shares of the footwear maker’s stock worth $8,267,000 after purchasing an additional 11,665 shares during the period. Lazard Freres Gestion S.A.S. lifted its position in shares of NIKE by 23.2% during the 3rd quarter. Lazard Freres Gestion S.A.S. now owns 747,675 shares of the footwear maker’s stock worth $66,094,000 after purchasing an additional 140,632 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its position in shares of NIKE by 11.8% during the 3rd quarter. D.A. Davidson & CO. now owns 104,951 shares of the footwear maker’s stock worth $9,278,000 after purchasing an additional 11,108 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Trading Up 0.9 %

Shares of NKE opened at $78.34 on Friday. 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 company has a market cap of $117.46 billion, a price-to-earnings ratio of 22.45, a PEG ratio of 1.90 and a beta of 1.03. The stock has a fifty day moving average price of $80.34 and a two-hundred day moving average price of $82.27. NIKE, Inc. has a 52-week low of $70.75 and a 52-week high of $123.39.

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

NIKE Increases Dividend

The business 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 dividend of $0.40 per share. This is a boost from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Monday, December 2nd. NIKE’s dividend payout ratio is 42.41%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Williams Trading raised NIKE from a “sell” rating to a “buy” rating and lifted their price target for the stock from $67.00 to $93.00 in a research report on Friday, August 16th. Daiwa America lowered shares of NIKE from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Barclays reduced their price target on shares of NIKE from $84.00 to $81.00 and set an “equal weight” rating for the company in a report on Wednesday, October 2nd. Piper Sandler restated a “neutral” rating and set a $80.00 price objective on shares of NIKE in a report on Friday, September 20th. Finally, Guggenheim reduced their target price on shares of NIKE from $115.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, October 2nd. Fourteen investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $95.86.

About NIKE

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.