Geode Capital Management LLC Has $1.68 Billion Stock Holdings in NIKE, Inc. $NKE

Key Points

• Geode Capital Management increased its NIKE stake by 0.9% in the fourth quarter, ending with 26.44 million shares valued at about $1.68 billion. The firm now owns roughly 1.79% of NIKE.
• NIKE shares were up 3.1% in Friday trading, opening at $47.40. The stock remains well below its 52-week high of $80.17, while its market cap is about $70.2 billion.
• NIKE beat earnings expectations in its latest quarter, reporting EPS of $0.35 versus the $0.29 estimate and revenue of $11.28 billion. The company also announced a quarterly dividend of $0.41 per share, yielding about 3.5% annualized.

Geode Capital Management LLC increased its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 0.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,442,879 shares of the footwear maker's stock after acquiring an additional 233,925 shares during the quarter. Geode Capital Management LLC owned about 1.79% of NIKE worth $1,677,251,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Main Street Financial Solutions LLC lifted its stake in NIKE by 4.2% in the second quarter. Main Street Financial Solutions LLC now owns 3,441 shares of the footwear maker's stock valued at $244,000 after buying an additional 139 shares during the period. Diligent Investors LLC lifted its stake in NIKE by 4.3% in the fourth quarter. Diligent Investors LLC now owns 3,719 shares of the footwear maker's stock valued at $237,000 after buying an additional 153 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in NIKE by 4.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,978 shares of the footwear maker's stock valued at $253,000 after buying an additional 163 shares during the period. Lakeshore Capital Group Inc. lifted its stake in NIKE by 2.9% in the fourth quarter. Lakeshore Capital Group Inc. now owns 5,868 shares of the footwear maker's stock valued at $374,000 after buying an additional 165 shares during the period. Finally, TPG Financial Advisors LLC lifted its stake in NIKE by 4.8% in the third quarter. TPG Financial Advisors LLC now owns 3,666 shares of the footwear maker's stock valued at $256,000 after buying an additional 168 shares during the period. Institutional investors and hedge funds own 64.25% of the company's stock.

NIKE Trading Up 3.1%

NYSE NKE opened at $47.40 on Friday. The firm has a market cap of $70.20 billion, a P/E ratio of 31.39, a P/E/G ratio of 2.44 and a beta of 1.12. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.14 and a quick ratio of 1.45. The stock's 50-day moving average is $45.89 and its 200-day moving average is $56.84. NIKE, Inc. has a one year low of $41.35 and a one year high of $80.17.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings results on Tuesday, March 31st. The footwear maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The company 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%.NIKE's revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.54 earnings per share. Sell-side analysts anticipate that NIKE, Inc. will post 1.51 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors 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 dividend on an annualized basis and a dividend yield of 3.5%. NIKE's dividend payout ratio (DPR) is presently 108.61%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NKE. Weiss Ratings raised NIKE from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, May 22nd. DZ Bank reissued a "buy" rating on shares of NIKE in a research note on Tuesday, April 21st. Berenberg Bank reissued a "neutral" rating on shares of NIKE in a research note on Wednesday, May 6th. BTIG Research cut their target price on NIKE from $90.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, April 1st. Finally, Williams Trading cut their target price on NIKE from $80.00 to $57.00 and set a "buy" rating on the stock in a research note on Wednesday, April 1st. Sixteen research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, NIKE presently has a consensus rating of "Hold" and an average target price of $62.04.

Insider Transactions at NIKE

In other news, CEO Elliott Hill acquired 23,660 shares of the firm's stock in a transaction that occurred on Monday, April 13th. The stock was acquired at an average cost of $42.27 per share, for a total transaction of $1,000,108.20. Following the completion of the acquisition, the chief executive officer owned 265,247 shares in the company, valued at $11,211,990.69. This represents a 9.79% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Timothy D. Cook acquired 25,000 shares of the firm's stock in a transaction that occurred on Friday, April 10th. The shares were purchased at an average price of $42.43 per share, with a total value of $1,060,750.00. Following the completion of the acquisition, the director owned 130,480 shares of the company's stock, valued at $5,536,266.40. This represents a 23.70% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 64,441 shares of company stock valued at $2,734,204 in the last ninety days. Corporate insiders own 0.80% of the company's stock.

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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