First Citizens Bank & Trust Co. Boosts Stake in NIKE, Inc.

First Citizens Bank & Trust Co. has significantly increased its investment in NIKE, Inc. (NYSE:NKE), raising its position by 30.9% during the fourth quarter. This change was documented in the company's recent Form 13F filing with the Securities and Exchange Commission. As a result of this transaction, First Citizens Bank & Trust Co. now holds 78,606 shares of NIKE's stock, having acquired an additional 18,553 shares during the quarter. The value of these holdings reached approximately $5,948,000 at the close of the most recent quarter.

Institutional Interest in NIKE

Other institutional investors and hedge funds have also been active in buying and selling shares of NIKE. Notably, State Street Corp increased its stake by 3.3% during the third quarter, now owning 57,916,789 shares valued at $5,140,796,000 after adding 1,862,021 shares. Wellington Management Group LLP boosted its investment by 5.1% in the same quarter, bringing its total to 27,442,145 shares worth $2,425,886,000, following an increase of 1,343,093 shares. Additionally, Geode Capital Management LLC raised its stake by 1.0%, now owning 25,029,380 shares valued at $2,204,451,000 after adding 251,411 shares.

Fisher Asset Management LLC also increased its position in NIKE by 6.0%, owning 10,303,182 shares valued at $910,801,000 after acquiring an additional 583,207 shares. Charles Schwab Investment Management Inc. raised its stake by 1.4%, owning 8,602,534 shares valued at $760,716,000 after purchasing 117,187 more shares. Altogether, 64.25% of NIKE's stock is held by institutional investors.

Analyst Ratings and Price Targets

Market analysts have recently evaluated NIKE's stock. For instance, Robert W. Baird reduced their target price from $110.00 to $105.00 while maintaining an 'outperform' rating. Royal Bank of Canada lowered their estimate from $82.00 to $80.00 and kept a 'sector perform' rating. Meanwhile, Guggenheim's target decreased from $115.00 to $110.00 with a 'buy' rating.

Stifel Nicolaus cut their price target from $79.00 to $75.00, rating the stock as a 'hold'. Barclays also lowered their expectations from $79.00 to $70.00 and attached an 'equal weight' rating. In total, 14 analysts have categorized NIKE as a hold, while 16 have issued buy ratings, resulting in an average rating of 'Moderate Buy' with a target price of $89.96 according to data from MarketBeat.com.

Insider Transactions

Recent insider activity noted that Director John W. Rogers, Jr. purchased 2,500 shares of NIKE on December 27 at an average price of $76.65 per share, totaling $191,625. Following this purchase, he now holds 34,403 shares valued at approximately $2,636,989.95. This transaction marks a 7.84% increase in his ownership. Currently, corporate insiders hold about 1.10% of NIKE's stock.

NIKE Stock Performance and Earnings

NIKE shares opened at $73.60 on a recent trading day, with a 50-day moving average of $75.45 and a 200-day average of $77.86. The company's market capitalization stands at $108.86 billion, with a PE ratio of 22.72. NIKE recorded a one-year low of $70.32 and a high of $107.43. On December 19, the company reported its quarterly earnings, revealing an EPS of $0.78, surpassing analyst expectations of $0.63. Revenue for the quarter amounted to $12.35 billion, beating the consensus estimate of $12.11 billion. Despite these positive figures, NIKE's revenue decreased by 7.7% compared to the previous year.

NIKE Dividend Increase

The company recently announced a quarterly dividend of $0.40 per share, paid on January 2 to shareholders recorded on December 2. This marks an increase from the last quarterly dividend of $0.37, resulting in an annualized dividend of $1.60 at a yield of 2.17%. NIKE's current payout ratio is 49.38%.

About NIKE

NIKE, Inc., along with its subsidiaries, specializes in designing, developing, marketing, and selling athletic footwear, apparel, equipment, and accessories globally. It provides a wide range of products including sports and casual footwear, apparel, and gear, prominently featuring its Jumpman and Converse brands.

NIKE, investment, stocks