Powers Advisory Group LLC Makes New Investment in NIKE, Inc. (NYSE:NKE)

Powers Advisory Group LLC purchased a new position in shares of NIKE, Inc. (NYSE:NKE - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,589 shares of the footwear maker's stock, valued at approximately $291,000.

Other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in NIKE by 32.4% during the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker's stock worth $2,749,903,000 after buying an additional 8,898,591 shares during the period. Geode Capital Management LLC boosted its stake in shares of NIKE by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker's stock worth $1,915,110,000 after acquiring an additional 347,178 shares in the last quarter. Capital World Investors grew its holdings in shares of NIKE by 10.3% in the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock worth $1,857,389,000 after acquiring an additional 2,288,627 shares during the period. Bank of New York Mellon Corp increased its stake in NIKE by 18.1% in the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker's stock valued at $1,541,246,000 after purchasing an additional 3,121,929 shares in the last quarter. Finally, Norges Bank acquired a new position in NIKE during the fourth quarter worth $1,126,288,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Stock Performance

Shares of NYSE:NKE traded down $2.36 on Friday, reaching $60.44. 16,491,618 shares of the company's stock were exchanged, compared to its average volume of 15,169,340. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $98.04. The business's 50-day moving average is $59.38 and its two-hundred day moving average is $68.73. 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 firm has a market capitalization of $89.40 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 2.52 and a beta of 1.21.

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

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be given a $0.40 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $1.60 annualized dividend and a yield of 2.65%. NIKE's dividend payout ratio is presently 53.16%.

Insider Buying and Selling at NIKE

In other NIKE news, Director Robert Holmes Swan purchased 8,600 shares of the business's stock in a transaction dated Friday, April 4th. The shares were bought at an average price of $58.46 per share, with a total value of $502,756.00. Following the completion of the acquisition, the director now owns 31,983 shares in the company, valued at approximately $1,869,726.18. This represents a 36.78% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on NKE shares. Dbs Bank upgraded NIKE from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 5th. BMO Capital Markets dropped their target price on shares of NIKE from $95.00 to $92.00 and set an "outperform" rating for the company in a report on Friday, March 21st. Berenberg Bank started coverage on shares of NIKE in a report on Tuesday, April 15th. They issued a "hold" rating and a $58.00 price target on the stock. The Goldman Sachs Group dropped their price objective on shares of NIKE from $88.00 to $72.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, Wells Fargo & Company upped their target price on NIKE from $55.00 to $60.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 14th. Seventeen analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.26.

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.