Elevation Point Wealth Partners LLC Grows Position in NIKE, Inc. $NKE

Key Points

• Elevation Point Wealth Partners boosted its NIKE stake by 564.9% in the first quarter, ending with 78,190 shares worth about $4.14 million. Institutional ownership remains high overall, with hedge funds and other investors holding 64.25% of the stock.
• NIKE insiders also bought shares recently, including director Robert Holmes Swan and CEO Elliott Hill, signaling confidence from management. In the last 90 days, insiders bought 64,441 shares worth roughly $2.73 million.
• NIKE’s latest quarter beat expectations, with EPS of $0.20 and revenue of $10.97 billion topping forecasts, but sales still fell 1.1% year over year. Analysts remain cautious overall, with a consensus rating of Hold and several firms recently cutting price targets.

Elevation Point Wealth Partners LLC grew its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 564.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 78,190 shares of the footwear maker's stock after purchasing an additional 66,431 shares during the period. Elevation Point Wealth Partners LLC's holdings in NIKE were worth $4,139,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NKE. Cornerstone Financial Management LLC acquired a new position in shares of NIKE during the 4th quarter worth approximately $26,000. Sankala Group LLC acquired a new stake in NIKE during the 4th quarter valued at $26,000. J.Safra Asset Management Corp purchased a new position in NIKE during the fourth quarter worth $29,000. Kemnay Advisory Services Inc. purchased a new position in NIKE during the fourth quarter worth $30,000. Finally, Litman Gregory Wealth Management LLC acquired a new position in shares of NIKE in the fourth quarter worth $32,000. 64.25% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Robert Holmes Swan acquired 11,781 shares of NIKE stock in a transaction dated Tuesday, April 7th. The shares were acquired at an average cost of $42.44 per share, with a total value of $499,985.64. Following the purchase, the director directly owned 55,074 shares of the company's stock, valued at approximately $2,337,340.56. This trade represents a 27.21% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Elliott Hill bought 23,660 shares of the firm's stock in a transaction dated Monday, April 13th. The shares were purchased at an average price of $42.27 per share, with a total value of $1,000,108.20. Following the acquisition, the chief executive officer directly owned 265,247 shares in the company, valued at approximately $11,211,990.69. This trade represents a 9.79% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 64,441 shares of company stock worth $2,734,204. Corporate insiders own 0.80% of the company's stock.

NIKE News Summary

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: NIKE’s fiscal Q4 results beat analyst expectations, with revenue and EPS coming in ahead of forecasts, which has helped support the shares and reinforced hopes that the turnaround is starting to take hold. Stock Market Today, July 1: Nike Jumps After Quarterly Results Beat Analyst Estimates
• Positive Sentiment: Several commentaries argue the recent selloff may have gone too far, with some analysts and market watchers calling NIKE a rebound candidate after a difficult year. Prediction: Nike Stock Set for 25% Rebound After Brutal Year
• Neutral Sentiment: Reports highlight that NIKE’s digital sales fell while the company continues shifting its mix between direct-to-consumer and wholesale channels, suggesting the turnaround is still incomplete. Nike Digital Drops 12% as Brands Rebalance D2C and Wholesale
• Negative Sentiment: Barclays reportedly cut its price target on NIKE, signaling lower near-term expectations from one of the long-time bullish banks on the name. Barclays cuts Nike stock price target from $67 to $52
• Negative Sentiment: 7-Eleven filed a trademark lawsuit accusing NIKE of copying branding elements in an upcoming Air Max 95 design, adding legal overhang and potential distraction for the company. 7-Eleven sues Nike over alleged Air Max 95 design infringing brand colors

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on NKE shares. Telsey Advisory Group set a $47.00 price objective on NIKE and gave the company a "market perform" rating in a research report on Wednesday. Stifel Nicolaus set a $45.00 target price on shares of NIKE and gave the company a "hold" rating in a research note on Wednesday. China Renaissance reduced their target price on shares of NIKE from $74.60 to $50.30 and set a "hold" rating on the stock in a report on Thursday, April 2nd. Wells Fargo & Company cut their price objective on shares of NIKE from $45.00 to $40.00 and set an "equal weight" rating for the company in a research report on Wednesday. Finally, Barclays reduced their price objective on shares of NIKE from $67.00 to $52.00 and set an "overweight" rating on the stock in a research note on Wednesday. Fourteen equities research analysts have rated the stock with a Buy rating, nineteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $55.42.

NIKE Trading Up 0.1%

Shares of NKE stock opened at $44.12 on Friday. The firm's 50-day simple moving average is $43.86 and its 200-day simple moving average is $53.16. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.96 and a quick ratio of 1.45. NIKE, Inc. has a 1-year low of $40.00 and a 1-year high of $80.17. The firm has a market cap of $65.34 billion, a P/E ratio of 21.11, a PEG ratio of 2.49 and a beta of 1.12.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.09. The company had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.85 billion. NIKE had a net margin of 6.70% and a return on equity of 16.54%. NIKE's revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 earnings per share. As a group, equities analysts forecast that NIKE, Inc. will post 1.8 EPS for the current year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 1st were given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, June 1st. NIKE's dividend payout ratio (DPR) is 78.47%.

NIKE Company 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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