Chevy Chase Trust Holdings LLC Has $57.74 Million Position in NIKE, Inc. $NKE

Chevy Chase Trust Holdings LLC lessened its stake in shares of NIKE, Inc. (NYSE:NKE) by 0.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 812,813 shares of the footwear maker’s stock after selling 1,981 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in NIKE were worth $57,742,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its holdings in NIKE by 344.2% during the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker’s stock worth $1,694,842,000 after buying an additional 20,688,013 shares during the last quarter. Wellington Management Group LLP raised its holdings in NIKE by 24.9% during the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock worth $2,880,971,000 after buying an additional 9,043,180 shares during the last quarter. Jennison Associates LLC acquired a new position in NIKE during the first quarter worth $509,051,000. Nuveen LLC acquired a new position in NIKE during the first quarter worth $502,285,000. Finally, Vanguard Group Inc. raised its holdings in NIKE by 4.6% during the first quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker’s stock worth $7,182,831,000 after buying an additional 4,957,494 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Cowen upgraded shares of NIKE from a “hold” rating to a “buy” rating in a report on Wednesday, September 10th. Piper Sandler set a $84.00 price objective on shares of NIKE and gave the stock an “overweight” rating in a report on Wednesday, October 1st. Sanford C. Bernstein restated a “buy” rating and set a $90.00 price objective on shares of NIKE in a report on Monday, October 13th. Needham & Company LLC restated a “buy” rating and set a $78.00 price objective on shares of NIKE in a report on Wednesday, October 1st. Finally, KeyCorp set a $90.00 target price on shares of NIKE and gave the company an “overweight” rating in a report on Thursday, October 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $82.21.

NIKE Stock Performance

Shares of NKE stock opened at $67.46 on Friday. The firm has a 50-day moving average of $73.10 and a 200-day moving average of $67.38. The company has a market cap of $99.72 billion, a P/E ratio of 34.59, a P/E/G ratio of 2.46 and a beta of 1.29. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.45. NIKE, Inc. has a one year low of $52.28 and a one year high of $83.95.

NIKE (NYSE:NKE) last announced its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.27 by $0.22. The company had revenue of $11.72 billion during the quarter, compared to the consensus estimate of $10.96 billion. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.70 earnings per share. Equities research analysts forecast 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 Wednesday, October 1st. Investors of record on Tuesday, September 2nd were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $1.60 annualized dividend and a yield of 2.4%. NIKE’s dividend payout ratio is presently 82.05%.

Insider Activity

In related news, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the completion of the transaction, the chairman owned 744,988 shares in the company, valued at approximately $56,566,938.84. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Treasure Heinle sold 4,300 shares of the stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $71.27, for a total transaction of $306,461.00. Following the transaction, the executive vice president owned 29,396 shares of the company’s stock, valued at approximately $2,095,052.92. The trade was a 12.76% decrease in their position. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by corporate insiders.

About NIKE

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.