Synovus Financial Corp Trims Stock Position in NIKE, Inc. (NYSE:NKE)

Synovus Financial Corp reduced its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 12.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 70,138 shares of the footwear maker's stock after selling 10,163 shares during the period. Synovus Financial Corp's holdings in NIKE were worth $5,308,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in NKE. XTX Topco Ltd purchased a new position in shares of NIKE in the 3rd quarter worth approximately $418,000. Tidal Investments LLC lifted its position in NIKE by 65.4% in the third quarter. Tidal Investments LLC now owns 105,571 shares of the footwear maker's stock worth $9,332,000 after buying an additional 41,752 shares during the last quarter. Denver PWM LLC boosted its stake in NIKE by 9.7% during the third quarter. Denver PWM LLC now owns 2,574 shares of the footwear maker's stock worth $228,000 after buying an additional 227 shares during the period. Confluence Investment Management LLC increased its position in NIKE by 6.3% during the fourth quarter. Confluence Investment Management LLC now owns 246,080 shares of the footwear maker's stock valued at $18,621,000 after acquiring an additional 14,592 shares during the last quarter. Finally, Cacti Asset Management LLC purchased a new stake in shares of NIKE in the fourth quarter valued at $9,987,000. 64.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on NKE. Morgan Stanley dropped their price target on shares of NIKE from $72.00 to $70.00 and set an "equal weight" rating for the company in a research note on Friday, March 21st. Deutsche Bank Aktiengesellschaft dropped their target price on NIKE from $92.00 to $82.00 and set a "buy" rating for the company in a research report on Monday, December 16th. Truist Financial cut their target price on NIKE from $90.00 to $82.00 and set a "buy" rating on the stock in a research note on Friday, March 21st. JPMorgan Chase & Co. decreased their price target on NIKE from $73.00 to $64.00 and set a "neutral" rating for the company in a research note on Friday, March 21st. Finally, Barclays cut their price objective on NIKE from $79.00 to $70.00 and set an "equal weight" rating on the stock in a research report on Friday, December 20th. Fifteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $86.19.

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NIKE Stock Up 1.8 %

Shares of NIKE stock traded up $0.98 on Monday, reaching $55.37. The stock had a trading volume of 28,325,386 shares, compared to its average volume of 14,093,492. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $81.90 billion, a P/E ratio of 17.09, a P/E/G ratio of 2.52 and a beta of 1.15. The company has a 50 day moving average price of $69.65 and a 200 day moving average price of $74.59. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $98.04.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same period in the previous year, the company earned $0.98 earnings per share. The business's revenue for the quarter was down 9.1% on a year-over-year basis. As a group, equities research analysts forecast that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date was Monday, March 3rd. NIKE's dividend payout ratio (DPR) is presently 53.16%.

Insiders Place Their Bets

In related news, Chairman Mark G. Parker sold 169,732 shares of NIKE stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the completion of the sale, the chairman now directly owns 896,632 shares in the company, valued at $65,301,708.56. This trade represents a 15.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert Holmes Swan bought 8,600 shares of the company's stock in a transaction on Friday, April 4th. The shares were bought at an average cost of $58.46 per share, for a total transaction of $502,756.00. Following the transaction, the director now owns 31,983 shares in the company, valued at $1,869,726.18. The trade was a 36.78 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.10% of the company's stock.

NIKE 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.