Financiere des Professionnels Fonds d investissement inc. Takes $1.37 Million Position in NIKE, Inc. $NKE

Key Points

• Financiere des Professionnels Fonds d investissement inc. opened a new position in NIKE during the first quarter, buying 25,900 shares worth about $1.37 million.
• NIKE reported better-than-expected quarterly earnings, posting $0.20 per share versus the $0.11 consensus and revenue of $10.97 billion versus $10.85 billion expected, though revenue still fell 1.1% year over year.
• Wall Street remains cautious on NIKE: analysts have trimmed price targets, and the stock currently carries a Hold consensus with an average target of $54.80 while shares traded around $43.78.

Financiere des Professionnels Fonds d investissement inc. acquired a new position in NIKE, Inc. (NYSE:NKE - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 25,900 shares of the footwear maker's stock, valued at approximately $1,368,000.

Several other institutional investors have also modified their holdings of the company. SteelPeak Wealth LLC boosted its position in shares of NIKE by 23.2% during the 1st quarter. SteelPeak Wealth LLC now owns 17,873 shares of the footwear maker's stock valued at $951,000 after purchasing an additional 3,362 shares in the last quarter. Independent Financial Group LLC acquired a new position in shares of NIKE in the 1st quarter worth approximately $1,253,000. Aware Super Pty Ltd as trustee of Aware Super bought a new stake in shares of NIKE in the 1st quarter worth approximately $3,849,000. BCGM Wealth Management LLC raised its holdings in shares of NIKE by 6.4% in the 1st quarter. BCGM Wealth Management LLC now owns 4,977 shares of the footwear maker's stock worth $263,000 after purchasing an additional 301 shares in the last quarter. Finally, Delta Financial Advisors LLC lifted its stake in NIKE by 1.3% during the first quarter. Delta Financial Advisors LLC now owns 26,952 shares of the footwear maker's stock valued at $1,424,000 after purchasing an additional 343 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company's stock.

Insiders Place Their Bets

In related news, EVP Philip Mccartney sold 17,398 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $46.18, for a total value of $803,439.64. Following the completion of the sale, the executive vice president directly owned 53,133 shares in the company, valued at approximately $2,453,681.94. The trade was a 24.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.80% of the company's stock.

Wall Street Analysts Forecast Growth

NKE has been the subject of a number of research reports. DA Davidson cut shares of NIKE from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $72.00 to $46.00 in a report on Thursday, April 2nd. Piper Sandler cut their price objective on NIKE from $50.00 to $45.00 and set a "neutral" rating for the company in a research report on Wednesday, July 1st. Needham & Company LLC reissued a "hold" rating on shares of NIKE in a research note on Thursday, June 4th. Bank of America decreased their target price on NIKE from $55.00 to $47.00 and set a "neutral" rating on the stock in a report on Wednesday, July 1st. Finally, Truist Financial cut their target price on NIKE from $69.00 to $57.00 and set a "buy" rating on the stock in a research report on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nineteen have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $54.80.

NIKE Trading Down 1.8%

NIKE stock opened at $43.78 on Friday. NIKE, Inc. has a one year low of $40.00 and a one year high of $80.17. The company's fifty day moving average price is $43.67 and its two-hundred day moving average price is $51.86. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.96 and a quick ratio of 1.36. The company has a market capitalization of $64.83 billion, a price-to-earnings ratio of 20.95, a PEG ratio of 2.57 and a beta of 1.12.

NIKE (NYSE:NKE - Get Free Report) last announced 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 during the quarter, compared to analysts' expectations of $10.85 billion. NIKE had a return on equity of 16.54% and a net margin of 6.70%.The business's quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 earnings per share. On average, analysts forecast that NIKE, Inc. will post 1.76 earnings per share for the current fiscal year.

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 1st were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis 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 presently 78.47%.

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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