Palisade Capital Management LP Has $860,000 Holdings in NIKE, Inc. (NYSE:NKE)

Palisade Capital Management LP cut its holdings in shares of NIKE, Inc. (NYSE:NKE) by 8.1% in the first quarter, Holdings Channel reports. The institutional investor owned 13,545 shares of the footwear maker’s stock after selling 1,200 shares during the quarter. Palisade Capital Management LP’s holdings in NIKE were worth $860,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the business. Spire Wealth Management increased its position in shares of NIKE by 4.4% during the first quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker’s stock valued at $627,000 after purchasing an additional 416 shares during the period. Renaissance Technologies LLC increased its position in shares of NIKE by 1,302.7% during the fourth quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker’s stock valued at $196,901,000 after purchasing an additional 2,416,601 shares during the period. Capitolis Liquid Global Markets LLC grew its position in NIKE by 40.9% in the fourth quarter. Capitolis Liquid Global Markets LLC now owns 310,000 shares of the footwear maker’s stock valued at $23,458,000 after acquiring an additional 90,000 shares during the period. Janus Henderson Group PLC grew its position in NIKE by 8.3% in the fourth quarter. Janus Henderson Group PLC now owns 6,081,021 shares of the footwear maker’s stock valued at $460,160,000 after acquiring an additional 463,470 shares during the period. Finally, Markel Group Inc. grew its position in NIKE by 0.8% in the fourth quarter. Markel Group Inc. now owns 432,400 shares of the footwear maker’s stock valued at $32,720,000 after acquiring an additional 3,500 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Trading Down 0.1%

Shares of NIKE stock opened at $76.28 on Friday. The firm has a market cap of $112.83 billion, a price-to-earnings ratio of 35.31, a PEG ratio of 2.76 and a beta of 1.25. The business has a 50-day moving average price of $61.99 and a 200-day moving average price of $67.50. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $90.62.

NIKE (NYSE:NKE) last released its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.69 billion. NIKE had a return on equity of 23.33% and a net margin of 6.95%. The firm’s revenue was down 11.9% on a year-over-year basis. During the same quarter last year, the business posted $0.99 earnings per share. Equities research analysts anticipate that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Monday, June 2nd. NIKE’s dividend payout ratio is presently 53.16%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. HSBC raised NIKE from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a research note on Friday, June 27th. Wells Fargo & Company upped their price target on NIKE from $55.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 14th. UBS Group reaffirmed a “neutral” rating and set a $63.00 price target on shares of NIKE in a research note on Friday, June 27th. Williams Trading cut their target price on NIKE from $93.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, April 21st. Finally, Piper Sandler raised their target price on NIKE from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, June 27th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $77.19.

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.