PNC Financial Services Group Inc. Sells 126,302 Shares of NIKE, Inc. (NYSE:NKE)

PNC Financial Services Group Inc. cut its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 8.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,434,840 shares of the footwear maker's stock after selling 126,302 shares during the period. PNC Financial Services Group Inc. owned about 0.10% of NIKE worth $126,840,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Transcendent Capital Group LLC raised its stake in shares of NIKE by 97.6% during the 1st quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker's stock worth $38,000 after purchasing an additional 200 shares during the period. VitalStone Financial LLC grew its position in shares of NIKE by 52.6% during the 3rd quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker's stock valued at $38,000 after acquiring an additional 150 shares during the period. Bruce G. Allen Investments LLC increased its stake in shares of NIKE by 272.5% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker's stock worth $39,000 after purchasing an additional 376 shares during the last quarter. Triad Wealth Partners LLC bought a new stake in shares of NIKE in the 2nd quarter worth approximately $44,000. Finally, MFA Wealth Advisors LLC purchased a new position in NIKE in the second quarter valued at approximately $46,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Trading Down 0.8 %

NKE traded down $0.58 during midday trading on Wednesday, reaching $73.33. 12,279,527 shares of the company's stock traded hands, compared to its average volume of 11,499,919. The stock has a market capitalization of $109.95 billion, a price-to-earnings ratio of 21.01, a P/E/G ratio of 1.86 and a beta of 1.03. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39. The firm has a fifty day moving average of $80.61 and a two-hundred day moving average of $82.83. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping the consensus estimate of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The business had revenue of $11.59 billion during the quarter, compared to analyst estimates of $11.64 billion. During the same period last year, the business posted $0.94 earnings per share. NIKE's quarterly revenue was down 10.4% compared to the same quarter last year. On average, equities analysts anticipate that NIKE, Inc. will post 2.74 earnings per share for the current fiscal year.

NIKE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.18%. This is an increase from NIKE's previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, December 2nd. NIKE's dividend payout ratio (DPR) is currently 42.41%.

Wall Street Analyst Weigh In

NKE has been the topic of several research reports. Guggenheim lowered their target price on NIKE from $115.00 to $110.00 and set a "buy" rating on the stock in a research note on Wednesday, October 2nd. Royal Bank of Canada dropped their price target on shares of NIKE from $82.00 to $80.00 and set a "sector perform" rating on the stock in a research note on Thursday, November 7th. Bank of America lowered their target price on shares of NIKE from $104.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, October 2nd. TD Cowen cut their price target on NIKE from $78.00 to $73.00 and set a "hold" rating for the company in a report on Monday. Finally, Wells Fargo & Company lifted their target price on NIKE from $86.00 to $95.00 and gave the company an "overweight" rating in a report on Friday, September 20th. Fourteen analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $96.30.

NIKE Company 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.