Ameriprise Financial Inc. Acquires 1,174,748 Shares of NIKE, Inc. $NKE

Key Points

• Ameriprise Financial Inc. increased its stake in NIKE, Inc. by 85.4%, owning over 2.5 million shares valued at approximately $159 million.
• NIKE reported a quarterly earnings per share of $0.14, beating expectations, and generated $11.10 billion in revenue despite a year-over-year decline.
• The company declared a $0.40 quarterly dividend with a yield of 2.0%, and its current payout ratio stands at 74.07%.

Ameriprise Financial Inc. raised its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 85.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,550,481 shares of the footwear maker's stock after purchasing an additional 1,174,748 shares during the quarter. Ameriprise Financial Inc. owned 0.17% of NIKE worth $159,277,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NKE. AlTi Global Inc. lifted its position in NIKE by 0.4% in the 4th quarter. AlTi Global Inc. now owns 36,996 shares of the footwear maker's stock worth $2,813,000 after buying an additional 150 shares in the last quarter. Peregrine Asset Advisers Inc. raised its holdings in shares of NIKE by 1.2% during the 1st quarter. Peregrine Asset Advisers Inc. now owns 15,119 shares of the footwear maker's stock valued at $934,000 after purchasing an additional 181 shares in the last quarter. Aaron Wealth Advisors LLC raised its holdings in shares of NIKE by 4.3% during the 1st quarter. Aaron Wealth Advisors LLC now owns 4,666 shares of the footwear maker's stock valued at $296,000 after purchasing an additional 192 shares in the last quarter. Crew Capital Management Ltd. raised its holdings in NIKE by 1.4% in the 1st quarter. Crew Capital Management Ltd. now owns 13,752 shares of the footwear maker's stock worth $873,000 after acquiring an additional 192 shares during the period. Finally, Sculati Wealth Management LLC raised its holdings in NIKE by 1.4% in the 4th quarter. Sculati Wealth Management LLC now owns 14,387 shares of the footwear maker's stock worth $1,089,000 after acquiring an additional 195 shares during the period. Hedge funds and other institutional investors own 64.25% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of NIKE from $72.00 to $81.00 and gave the stock a "buy" rating in a report on Friday, June 27th. Deutsche Bank Aktiengesellschaft cut their price target on shares of NIKE from $77.00 to $71.00 and set a "buy" rating for the company in a report on Friday, June 20th. Wells Fargo & Company lifted their price objective on NIKE from $55.00 to $60.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 14th. Hsbc Global Res raised shares of NIKE from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 27th. Finally, Piper Sandler boosted their target price on shares of NIKE from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, NIKE presently has an average rating of "Moderate Buy" and a consensus price target of $78.22.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the transaction, the chairman directly owned 744,988 shares in the company, valued at approximately $56,566,938.84. This trade represents a 10.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.80% of the company's stock.

NIKE Price Performance

NIKE stock traded down $0.45 during trading hours on Wednesday, reaching $78.20. 12,633,901 shares of the stock were exchanged, compared to its average volume of 16,515,779. The stock has a 50 day moving average of $73.23 and a two-hundred day moving average of $67.77. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $90.62. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. The company has a market cap of $115.50 billion, a P/E ratio of 36.20, a price-to-earnings-growth ratio of 2.88 and a beta of 1.27.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. The company had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.69 billion. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The firm's quarterly revenue was down 11.9% compared to the same quarter last year. During the same period last year, the company posted $0.99 EPS. Equities analysts expect that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be given a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.60 annualized dividend and a yield of 2.0%. NIKE's dividend payout ratio (DPR) is presently 74.07%.

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.