Cetera Investment Advisers has reduced its stake in NIKE, Inc. (NYSE:NKE) by 14.6% in the fourth quarter, as per its recent SEC filing. The institutional investor now holds 195,444 shares after divesting 33,494 shares during that period, with the total value of its holdings reaching approximately $14.79 million.
In addition to Cetera’s actions, other hedge funds have adjusted their positions in NIKE. International Assets Investment Management LLC initiated a new investment worth about $512,000, while Watts Gwilliam & Co. LLC also made a new investment valued at $326,000 during the same quarter. Fortitude Family Office LLC increased its stake in NIKE by 6.1%, now owning a total of 2,988 shares valued at $226,000. Wealth Enhancement Advisory Services LLC and Harbor Capital Advisors Inc. have also made minor increases in their investments.
On the trading front, NIKE shares opened at $58.35 and have seen fluctuations over the past year, with a low of $52.28 and a high of $98.04. The company’s market capitalization is currently at $86.31 billion with a P/E ratio of 18.01. Recently, NIKE reported strong quarterly earnings, revealing earnings per share of $0.54, surpassing expectations. Despite this, revenue declined by 9.1% compared to the previous year.
Furthermore, NIKE has announced a quarterly dividend of $0.40 per share, payable on July 1, to shareholders of record as of June 2, reflecting an annualized dividend of $1.60 and a yield of 2.74%.
Market sentiments have been mixed, with several brokerages adjusting their target prices for NIKE. Truist Financial lowered its target price from $90 to $82, while Goldman Sachs reduced its target from $88 to $72, both maintaining a “buy” rating. Conversely, Guggenheim reiterated a “buy” rating but set a higher price objective of $110, underlining the ongoing interest in NIKE’s stock among analysts.
In insider news, Director Robert Holmes Swan purchased 8,600 shares at $58.46 each, significantly increasing his stake, while Chairman Mark G. Parker sold a larger block of shares, indicating different strategic positions by the leadership.
Overall, despite the challenges faced in the revenue department, NIKE’s strong brand performance, steady dividend announcement, and continued interest from institutional investors point towards potential resilience in the market, offering a positive outlook for the footwear giant’s future.