Concurrent Investment Advisors LLC Increases Stock Holdings in NIKE, Inc. $NKE

Key Points

• Concurrent Investment Advisors LLC increased its stake in NIKE, Inc. by 45.2%, owning over 60,000 shares valued at approximately $4.29 million after acquiring an additional 18,828 shares in the second quarter.
• NIKE's stock has received strong ratings from analysts, with three analysts rating it as a Strong Buy and an average target price set at $81.57.
• The company reported better-than-expected earnings of $0.49 per share for the last quarter, surpassing the consensus estimate of $0.27, with revenues of $11.72 billion.

Concurrent Investment Advisors LLC grew its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 45.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,438 shares of the footwear maker's stock after buying an additional 18,828 shares during the period. Concurrent Investment Advisors LLC's holdings in NIKE were worth $4,293,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Mascoma Wealth Management LLC purchased a new position in shares of NIKE during the 2nd quarter valued at about $26,000. Stone House Investment Management LLC purchased a new position in shares of NIKE during the 1st quarter valued at about $25,000. Halbert Hargrove Global Advisors LLC lifted its position in shares of NIKE by 952.6% during the 2nd quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker's stock valued at $28,000 after buying an additional 362 shares in the last quarter. Matrix Trust Co lifted its position in shares of NIKE by 53.1% during the 2nd quarter. Matrix Trust Co now owns 441 shares of the footwear maker's stock valued at $31,000 after buying an additional 153 shares in the last quarter. Finally, Saudi Central Bank purchased a new position in shares of NIKE during the 1st quarter valued at about $30,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Needham & Company LLC reissued a "buy" rating and issued a $78.00 price target on shares of NIKE in a report on Wednesday, October 1st. Morgan Stanley set a $72.00 price target on NIKE and gave the stock a "positive" rating in a report on Wednesday, October 1st. Cowen raised NIKE from a "hold" rating to a "buy" rating in a report on Wednesday, September 10th. Hsbc Global Res raised NIKE from a "hold" rating to a "strong-buy" rating in a report on Friday, June 27th. Finally, Truist Financial reissued a "buy" rating and issued a $85.00 price target on shares of NIKE in a report on Wednesday, October 1st. Three research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, NIKE currently has an average rating of "Moderate Buy" and an average target price of $81.57.

NIKE Stock Up 3.3%

Shares of NKE opened at $67.39 on Tuesday. The stock has a market capitalization of $99.61 billion, a price-to-earnings ratio of 34.56, a price-to-earnings-growth ratio of 2.38 and a beta of 1.29. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $84.76. The business's 50 day simple moving average is $73.66 and its 200-day simple moving average is $67.33. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.45.

NIKE (NYSE:NKE - Get Free Report) last released its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.22. The firm had revenue of $11.72 billion for the quarter, compared to the consensus estimate of $10.96 billion. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The company's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 EPS. As a group, equities analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.4%. NIKE's payout ratio is currently 82.05%.

Insider Activity at NIKE

In other news, Chairman Mark G. Parker sold 110,000 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the transaction, the chairman owned 842,361 shares of the company's stock, valued at approximately $60,894,276.69. The trade was a 11.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Treasure Heinle sold 4,300 shares of the business's stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $71.27, for a total value of $306,461.00. Following the transaction, the executive vice president directly owned 29,396 shares in the company, valued at approximately $2,095,052.92. This represents a 12.76% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 200,378 shares of company stock worth $14,794,264. Corporate insiders own 0.80% of the company's stock.

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.

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