Intelligent Financial Strategies Cuts NIKE Holdings by 48.3%

Intelligent Financial Strategies has significantly reduced its holdings in NIKE, Inc. (NYSE:NKE) by 48.3% during the second quarter of 2023, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The investment firm now owns 1,165 shares of the footwear giant, having sold 1,089 shares during this period. As of the end of June, the value of Intelligent Financial Strategies’ NIKE holdings was approximately $83,000.

This move is part of a broader trend among large investors adjusting their stakes in NIKE. For instance, Brighton Jones LLC increased its holdings by an impressive 388.5% in the fourth quarter, now owning 202,411 shares valued at $15.3 million after acquiring an additional 160,980 shares. Similarly, GAMMA Investing LLC raised its stake by 39.1% in the first quarter, bringing its total to 20,877 shares worth $1.3 million.

Several other firms have also expanded their positions in NIKE during the first quarter. Cambridge Investment Research Advisors Inc. increased its holdings by 9.7%, now owning 122,092 shares valued at $7.75 million. International Assets Investment Management LLC raised its position by 66.0%, while Strategic Investment Advisors MI boosted its stake by 17.2%. Overall, hedge funds and institutional investors currently hold 64.25% of NIKE’s stock.

NIKE Stock Performance and Dividend Announcement

As of the latest trading session, NIKE shares opened at $69.68, reflecting a 0.9% increase. The company reports a market capitalization of $103 billion and a debt-to-equity ratio of 0.59. Other financial indicators include a current ratio of 2.19 and a quick ratio of 1.45. The stock’s price-to-earnings ratio stands at 35.73, with a PEG ratio of 2.55.

NIKE has experienced a 1-year low of $52.28 and a high of $82.44. The company also declared a quarterly dividend of $0.40 per share, paid out on October 1, 2023. Shareholders who were on record as of September 2, 2023, received this dividend, translating to an annualized payout of $1.60 and a yield of 2.3%. NIKE’s dividend payout ratio currently stands at 82.05%.

Analysts Update Ratings and Insider Transactions

Several equities research analysts have provided updates on NIKE, with Argus upgrading the stock to a “buy” rating on July 6, 2023. Furthermore, Weiss Ratings revised its assessment from “sell (d+)” to “hold (c-)” on October 8, 2023. Other notable upgrades include Cowen moving from a “hold” to a “buy” rating on September 10, 2023, and Zacks Research shifting its view from “strong sell” to “hold” on August 26, 2023.

Analysts have set an average price target for NIKE of $82.21, with a distribution of ratings that includes three “strong buy,” twenty-five “buy,” and eight “hold” ratings.

In related news, NIKE’s Chairman, Mark G. Parker, sold 86,078 shares of the company on August 14, 2023, at an average price of $75.93. This transaction totaled $6,535,902.54, resulting in a 10.36% decrease in his holdings. Following this sale, Parker retains 744,988 shares, valued at approximately $56.57 million.

Additionally, Executive Vice President Treasure Heinle sold 4,300 shares on October 6, 2023, at an average price of $71.27. This sale was valued at $306,461 and represented a 12.76% decrease in her position. Insiders currently own 0.80% of NIKE’s stock.

About NIKE, Inc.

NIKE, Inc., along with its subsidiaries, is a global leader in designing, developing, marketing, and selling athletic footwear, apparel, equipment, and accessories. The company offers a wide range of products under various trademarks, including the well-known Jumpman brand and Converse labels.

As NIKE continues to adapt to market conditions and investor sentiments, its strategic decisions and stock performance remain closely monitored by analysts and shareholders alike.