Burgundy Asset Management Ltd. Invests $89.28 Million in NIKE, Inc. (NYSE:NKE)

Key Points

• Burgundy Asset Management Ltd. invested approximately $89.28 million in NIKE, acquiring 1,406,412 shares, which represents about 0.10% of the company's stock.
• NIKE reported a quarterly earnings per share of $0.14, exceeding analysts' expectations, along with revenues of $11.10 billion, despite a year-over-year revenue decline of 11.9%.
• The company's recent quarterly dividend of $0.40 reflects an annualized yield of 2.1%, with a current payout ratio of 74.07%.

Burgundy Asset Management Ltd. bought a new stake in NIKE, Inc. (NYSE:NKE - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 1,406,412 shares of the footwear maker's stock, valued at approximately $89,279,000. Burgundy Asset Management Ltd. owned about 0.10% of NIKE at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC lifted its holdings in shares of NIKE by 388.5% during the 4th quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker's stock worth $15,316,000 after acquiring an additional 160,980 shares during the period. Bank Pictet & Cie Europe AG lifted its holdings in shares of NIKE by 10.3% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 190,915 shares of the footwear maker's stock worth $14,447,000 after acquiring an additional 17,888 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of NIKE by 0.3% during the 4th quarter. NewEdge Advisors LLC now owns 71,221 shares of the footwear maker's stock worth $5,389,000 after acquiring an additional 230 shares during the period. Forum Financial Management LP lifted its holdings in NIKE by 14.1% during the 4th quarter. Forum Financial Management LP now owns 6,431 shares of the footwear maker's stock valued at $487,000 after purchasing an additional 795 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in NIKE by 18.9% during the 4th quarter. First Trust Advisors LP now owns 4,203,246 shares of the footwear maker's stock valued at $318,060,000 after purchasing an additional 666,873 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Stock Performance

Shares of NKE opened at $77.17 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $90.62. The firm's 50 day moving average price is $71.05 and its two-hundred day moving average price is $67.63. The firm has a market cap of $113.97 billion, a P/E ratio of 35.73, a PEG ratio of 2.80 and a beta of 1.27.

NIKE (NYSE:NKE - Get Free Report) last announced 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 firm had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.69 billion. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The business's revenue was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.99 earnings per share. On average, analysts forecast that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, September 2nd. NIKE's payout ratio is currently 74.07%.

Insider Activity at NIKE

In other news, Chairman Mark G. Parker sold 110,000 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total value of $7,951,900.00. Following the sale, the chairman owned 842,361 shares of the company's stock, valued at $60,894,276.69. The trade was a 11.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NKE. Truist Financial cut their price target on shares of NIKE from $82.00 to $73.00 and set a "buy" rating for the company in a report on Tuesday, June 24th. DZ Bank downgraded shares of NIKE from a "buy" rating to a "hold" rating and set a $76.00 price target for the company. in a report on Thursday, July 10th. UBS Group began coverage on shares of NIKE in a research report on Sunday, July 6th. They issued a "buy" rating for the company. The Goldman Sachs Group raised their price objective on shares of NIKE from $72.00 to $81.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Finally, Wells Fargo & Company raised their price objective on shares of NIKE from $55.00 to $60.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 14th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $78.22.

About NIKE

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.

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