GRIMES & Co WEALTH MANAGEMENT LLC Reduces Stock Position in NIKE, Inc. $NKE

GRIMES & Co WEALTH MANAGEMENT LLC lessened its stake in NIKE, Inc. (NYSE:NKE) by 14.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 87,275 shares of the footwear maker’s stock after selling 14,392 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in NIKE were worth $6,086,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC increased its stake in NIKE by 697.5% during the 3rd quarter. Exchange Traded Concepts LLC now owns 228,889 shares of the footwear maker’s stock worth $15,960,000 after buying an additional 200,187 shares during the period. Soros Fund Management LLC boosted its position in NIKE by 33.0% in the 2nd quarter. Soros Fund Management LLC now owns 302,320 shares of the footwear maker’s stock valued at $21,477,000 after buying an additional 75,000 shares during the period. Brighton Jones LLC grew its stake in shares of NIKE by 54.6% in the third quarter. Brighton Jones LLC now owns 104,791 shares of the footwear maker’s stock worth $7,307,000 after acquiring an additional 37,019 shares in the last quarter. Soltis Investment Advisors LLC increased its position in shares of NIKE by 238.8% during the second quarter. Soltis Investment Advisors LLC now owns 141,356 shares of the footwear maker’s stock worth $10,042,000 after acquiring an additional 99,638 shares during the period. Finally, Banco Santander S.A. raised its stake in shares of NIKE by 28.3% in the second quarter. Banco Santander S.A. now owns 221,117 shares of the footwear maker’s stock valued at $15,708,000 after acquiring an additional 48,764 shares in the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 86,078 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $64.80, for a total transaction of $5,577,854.40. Following the transaction, the chairman directly owned 647,615 shares in the company, valued at approximately $41,965,452. This trade represents a 11.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jorgen Vig Knudstorp purchased 16,150 shares of NIKE stock in a transaction that occurred on Friday, November 7th. The stock was acquired at an average price of $62.09 per share, with a total value of $1,002,753.50. Following the transaction, the director owned 21,388 shares in the company, valued at $1,327,980.92. The trade was a 308.32% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 91,229 shares of company stock valued at $5,452,640. 0.80% of the stock is owned by insiders.

NIKE Stock Performance

NYSE NKE opened at $65.61 on Tuesday. The company has a fifty day moving average of $63.51 and a two-hundred day moving average of $69.59. The company has a market capitalization of $97.12 billion, a PE ratio of 38.59, a P/E/G ratio of 2.84 and a beta of 1.28. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $82.44. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.06 and a quick ratio of 1.40.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, December 18th. The footwear maker reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.16. The business had revenue of $12.43 billion for the quarter, compared to analysts’ expectations of $12.19 billion. NIKE had a return on equity of 18.43% and a net margin of 5.43%.The business’s revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.78 earnings per share. As a group, analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 1st were paid a $0.41 dividend. This is an increase from NIKE’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Monday, December 1st. NIKE’s dividend payout ratio (DPR) is presently 96.47%.

Wall Street Analysts Forecast Growth

NKE has been the subject of several analyst reports. Morgan Stanley set a $72.00 target price on NIKE and gave the stock a “positive” rating in a research note on Wednesday, October 1st. JPMorgan Chase & Co. lowered their price objective on NIKE from $100.00 to $86.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Jefferies Financial Group restated a “buy” rating and set a $110.00 target price on shares of NIKE in a research note on Monday. BNP Paribas Exane reduced their target price on shares of NIKE from $38.00 to $35.00 and set an “underperform” rating on the stock in a report on Friday, December 19th. Finally, Needham & Company LLC cut shares of NIKE from a “buy” rating to a “hold” rating in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $75.16.

NIKE Profile

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).