Azimuth Capital Investment Management LLC Cuts Position in NIKE, Inc. (NYSE:NKE)

Posted by Defense World Staff on Jun 14th, 2023

Azimuth Capital Investment Management LLC decreased its stake in NIKE, Inc. (NYSE:NKE – Get Rating) by 2.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 70,984 shares of the footwear maker’s stock after selling 1,832 shares during the quarter. Azimuth Capital Investment Management LLC’s holdings in NIKE were worth $8,306,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of NIKE by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 108,615,256 shares of the footwear maker’s stock worth $9,028,100,000 after purchasing an additional 984,780 shares during the period. State Street Corp boosted its holdings in shares of NIKE by 1.3% in the 3rd quarter. State Street Corp now owns 55,245,370 shares of the footwear maker’s stock worth $4,608,491,000 after purchasing an additional 682,827 shares during the period. Geode Capital Management LLC boosted its holdings in shares of NIKE by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 22,362,086 shares of the footwear maker’s stock worth $2,612,331,000 after purchasing an additional 133,973 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of NIKE by 7.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,334,239 shares of the footwear maker’s stock worth $2,028,279,000 after purchasing an additional 1,254,209 shares during the period. Finally, Edgewood Management LLC boosted its holdings in shares of NIKE by 4.3% in the 3rd quarter. Edgewood Management LLC now owns 14,367,995 shares of the footwear maker’s stock worth $1,194,268,000 after purchasing an additional 595,267 shares during the period. Hedge funds and other institutional investors own 63.20% of the company’s stock.

NIKE Stock Down 0.1 %

Shares of NKE stock opened at $106.77 on Wednesday. NIKE, Inc. has a 1-year low of $82.22 and a 1-year high of $131.31. The stock’s fifty day moving average price is $117.86 and its 200 day moving average price is $119.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.73 and a quick ratio of 1.79. The company has a market cap of $164.10 billion, a price-to-earnings ratio of 30.77, a price-to-earnings-growth ratio of 2.50 and a beta of 1.11.

NIKE (NYSE:NKE – Get Rating) last announced its earnings results on Tuesday, March 21st. The footwear maker reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.24. NIKE had a return on equity of 35.98% and a net margin of 10.82%. The firm had revenue of $12.40 billion for the quarter, compared to the consensus estimate of $11.48 billion. During the same period in the previous year, the business earned $0.87 EPS. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, research analysts expect that NIKE, Inc. will post 3.24 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Monday, June 5th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Friday, June 2nd. This represents a $1.36 annualized dividend and a yield of 1.27%. NIKE’s payout ratio is presently 39.19%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their price target on NIKE from $156.00 to $152.00 and set an “overweight” rating for the company in a research note on Wednesday, March 22nd. Telsey Advisory Group raised their price target on NIKE from $133.00 to $138.00 and gave the stock an “outperform” rating in a research note on Friday, March 17th. Oppenheimer raised their price target on NIKE from $135.00 to $150.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 21st. Daiwa Capital Markets raised their price target on NIKE from $116.00 to $123.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 28th. Finally, Wedbush decreased their price target on NIKE from $145.00 to $139.00 and set an “outperform” rating for the company in a research note on Wednesday, March 22nd. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $133.80.

Insider Buying and Selling at NIKE

In other NIKE news, CFO Matthew Friend sold 9,210 shares of the business’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $107.50, for a total transaction of $990,075.00. Following the sale, the chief financial officer now owns 41,771 shares in the company, valued at approximately $4,490,382.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction dated Thursday, April 6th. The stock was sold at an average price of $119.25, for a total transaction of $13,117,500.00. Following the sale, the chairman now owns 1,376,961 shares in the company, valued at approximately $164,202,599.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Matthew Friend sold 9,210 shares of the business’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $107.50, for a total value of $990,075.00. Following the sale, the chief financial officer now owns 41,771 shares in the company, valued at approximately $4,490,382.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 229,492 shares of company stock worth $27,437,715. 0.40% of the stock is currently owned by insiders.

About NIKE

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NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells men's, women's, and kids athletic footwear, apparel, equipment, and accessories 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.