Cornerstone Planning LLC Invests $1.43 Million in NIKE, Inc. $NKE

Key Points

• Cornerstone Planning LLC opened a new position in NIKE during the fourth quarter, buying 22,307 shares valued at about $1.43 million.
• NIKE continues to attract institutional interest, with several large investors adding stakes and 64.25% of the stock now held by institutions and hedge funds.
• The company recently beat quarterly expectations with $0.35 EPS versus $0.29 expected, while analysts currently rate the stock Hold on average with a consensus price target of $60.89.

Cornerstone Planning LLC purchased a new stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 22,307 shares of the footwear maker's stock, valued at approximately $1,431,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Westerkirk Capital Inc. raised its stake in shares of NIKE by 52.4% in the 4th quarter. Westerkirk Capital Inc. now owns 131,220 shares of the footwear maker's stock valued at $8,360,000 after acquiring an additional 45,100 shares during the period. Mizuho Markets Cayman LP purchased a new position in shares of NIKE during the 3rd quarter worth approximately $34,200,000. OMERS ADMINISTRATION Corp increased its holdings in NIKE by 77.9% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 2,526,179 shares of the footwear maker's stock valued at $160,943,000 after purchasing an additional 1,106,499 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in NIKE in the 4th quarter valued at approximately $43,188,000. Finally, Strive Asset Management LLC purchased a new stake in NIKE in the third quarter valued at approximately $1,743,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Stock Performance

Shares of NKE stock opened at $45.22 on Friday. The firm has a 50 day moving average of $44.39 and a two-hundred day moving average of $54.79. The stock has a market capitalization of $66.97 billion, a PE ratio of 29.95, a P/E/G ratio of 1.96 and a beta of 1.12. The company has a quick ratio of 1.45, a current ratio of 2.14 and a debt-to-equity ratio of 0.50. NIKE, Inc. has a 52 week low of $41.35 and a 52 week high of $80.17.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $11.28 billion for the quarter, compared to analyst estimates of $11.23 billion. NIKE had a return on equity of 16.41% and a net margin of 4.84%.The company's revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 earnings per share. On average, research analysts predict that NIKE, Inc. will post 1.49 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be issued a dividend of $0.41 per share. The ex-dividend date is Monday, June 1st. This represents a $1.64 annualized dividend and a yield of 3.6%. NIKE's dividend payout ratio is 108.61%.

Insider Activity at NIKE

In related news, Director Timothy D. Cook purchased 25,000 shares of NIKE stock in a transaction on Friday, April 10th. The shares were bought at an average price of $42.43 per share, with a total value of $1,060,750.00. Following the transaction, the director directly owned 130,480 shares of the company's stock, valued at approximately $5,536,266.40. This trade represents a 23.70% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John W. Rogers, Jr. acquired 4,000 shares of the firm's stock in a transaction dated Thursday, April 9th. The stock was bought at an average price of $43.34 per share, with a total value of $173,360.00. Following the purchase, the director directly owned 41,022 shares in the company, valued at approximately $1,777,893.48. This trade represents a 10.80% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought 64,441 shares of company stock worth $2,734,204 over the last quarter. 0.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on NKE. The Goldman Sachs Group restated a "neutral" rating and set a $52.00 price target on shares of NIKE in a research note on Friday, June 5th. UBS Group set a $50.00 price objective on NIKE and gave the company a "neutral" rating in a research note on Wednesday, June 10th. Evercore cut their price objective on NIKE from $69.00 to $57.00 and set an "outperform" rating on the stock in a report on Wednesday, April 1st. Barclays decreased their target price on NIKE from $73.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Finally, CICC Research cut NIKE from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $69.00 to $58.00 in a report on Monday, April 6th. Fifteen investment analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $60.89.

More NIKE News

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: Barclays reiterated a Buy rating on NIKE, which can support sentiment by signaling that analysts still see upside in the stock. Barclays Remains a Buy on Nike (NKE)
• Positive Sentiment: NIKE outperformed the broader market in the latest trading session, suggesting traders may be positioning ahead of upcoming earnings and looking for signs that the turnaround is taking hold. Nike (NKE) Outperforms Broader Market: What You Need to Know
• Positive Sentiment: Coverage highlighted stronger traction in one major market and signs that NIKE’s recovery is gaining momentum, which could improve confidence in the company’s earnings outlook. Headed Into Earnings, Nike Stock Is Trading Lower Than It Was a Decade Ago. But Is the Turnaround Finally Working?

NIKE Profile

Nike, Inc NYSE: NKE is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).

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