Synovus Financial Corp Sells 10,163 Shares of NIKE, Inc. (NYSE:NKE)

Synovus Financial Corp lowered its position in shares of NIKE, Inc. (NYSE:NKE) by 12.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 70,138 shares of the footwear maker’s stock after selling 10,163 shares during the period. Synovus Financial Corp’s holdings in NIKE were worth $5,308,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of NKE. Advisors Capital Management LLC boosted its stake in shares of NIKE by 5.0% during the fourth quarter. Advisors Capital Management LLC now owns 4,234 shares of the footwear maker’s stock valued at $320,000 after purchasing an additional 202 shares in the last quarter. TCM Advisors LLC raised its holdings in NIKE by 3.7% in the 4th quarter. TCM Advisors LLC now owns 11,100 shares of the footwear maker’s stock valued at $840,000 after buying an additional 400 shares during the last quarter. Sagespring Wealth Partners LLC acquired a new stake in NIKE during the 4th quarter worth approximately $358,000. Rockefeller Capital Management L.P. grew its holdings in NIKE by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 520,734 shares of the footwear maker’s stock worth $39,419,000 after acquiring an additional 10,903 shares during the last quarter. Finally, Quinn Opportunity Partners LLC acquired a new position in NIKE in the 4th quarter valued at approximately $1,816,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Trading Up 0.1 %

NYSE:NKE opened at $54.44 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. NIKE, Inc. has a one year low of $52.28 and a one year high of $98.04. The company has a market cap of $80.52 billion, a PE ratio of 16.80, a PEG ratio of 2.52 and a beta of 1.15. The firm has a 50-day moving average of $70.03 and a 200-day moving average of $74.83.

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

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.94%. The ex-dividend date was Monday, March 3rd. NIKE’s dividend payout ratio (DPR) is presently 53.16%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Morgan Stanley reduced their price objective on shares of NIKE from $72.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Friday, March 21st. Piper Sandler reduced their price target on NIKE from $90.00 to $70.00 and set an “overweight” rating on the stock in a research report on Friday. China Renaissance initiated coverage on NIKE in a research report on Wednesday, March 19th. They set a “hold” rating for the company. Cfra Research upgraded NIKE to a “moderate buy” rating in a report on Friday, March 21st. Finally, Citigroup downgraded shares of NIKE from a “buy” rating to a “neutral” rating and decreased their target price for the company from $102.00 to $72.00 in a research report on Friday, February 7th. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $86.19.

Insiders Place Their Bets

In related news, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the completion of the sale, the chairman now directly owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert Holmes Swan acquired 8,600 shares of the business’s stock in a transaction on Friday, April 4th. The stock was acquired at an average cost of $58.46 per share, for a total transaction of $502,756.00. Following the transaction, the director now owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. The trade was a 36.78 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.10% of the company’s stock.

NIKE Company 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.