California Public Employees Retirement System Cuts Position in NIKE, Inc. (NYSE:NKE)

California Public Employees Retirement System decreased its position in shares of NIKE, Inc. (NYSE:NKE) by 6.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,270,287 shares of the footwear maker’s stock after selling 159,718 shares during the period. California Public Employees Retirement System’s holdings in NIKE were worth $171,793,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of NIKE by 3.3% during the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after buying an additional 1,862,021 shares in the last quarter. Wellington Management Group LLP grew its position in NIKE by 5.1% during the third quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock valued at $2,425,886,000 after acquiring an additional 1,343,093 shares during the last quarter. Geode Capital Management LLC grew its position in NIKE by 1.0% during the third quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock valued at $2,204,451,000 after acquiring an additional 251,411 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of NIKE by 18.1% during the fourth quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock worth $1,541,246,000 after acquiring an additional 3,121,929 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of NIKE in the 4th quarter worth approximately $1,126,288,000. Institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

Shares of NIKE stock opened at $63.32 on Monday. NIKE, Inc. has a 12 month low of $62.76 and a 12 month high of $98.04. The firm has a market capitalization of $93.65 billion, a P/E ratio of 19.54, a P/E/G ratio of 2.52 and a beta of 1.02. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The business has a fifty day simple moving average of $74.16 and a two-hundred day simple moving average of $76.92.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.26. The company had revenue of $11.27 billion during the quarter, compared to analysts’ expectations of $11.02 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. NIKE’s revenue was down 9.1% on a year-over-year basis. During the same period last year, the company posted $0.98 EPS. On average, equities analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be given a $0.40 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.53%. NIKE’s dividend payout ratio is currently 53.16%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Telsey Advisory Group reaffirmed a “market perform” rating and set a $80.00 target price on shares of NIKE in a report on Monday, March 17th. UBS Group reduced their price objective on NIKE from $73.00 to $66.00 and set a “neutral” rating on the stock in a research note on Friday, March 21st. China Renaissance began coverage on NIKE in a research note on Wednesday, March 19th. They issued a “hold” rating for the company. Truist Financial dropped their target price on NIKE from $90.00 to $82.00 and set a “buy” rating for the company in a report on Friday, March 21st. Finally, Morgan Stanley decreased their price target on NIKE from $72.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Friday, March 21st. Fifteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and an average price target of $87.38.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 169,732 shares of the business’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $72.83, for a total value of $12,361,581.56. Following the sale, the chairman now directly owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. The trade was a 15.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.10% of the stock is currently owned by company insiders.

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.