Harrell Investment Partners LLC Invests $452,000 in NIKE, Inc. $NKE

Key Points

• Harrell Investment Partners LLC has invested $452,000 in NIKE, purchasing 6,369 shares during the 2nd quarter.
• Analysts have raised their target prices for NIKE, with Piper Sandler upgrading it to $80.00 and Royal Bank of Canada to $90.00, indicating a shift towards a more positive outlook.
• NIKE announced a quarterly dividend of $0.40 per share, reflecting an annualized yield of 2.2%, and has a dividend payout ratio of 74.07%.

Harrell Investment Partners LLC purchased a new position in shares of NIKE, Inc. (NYSE:NKE - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 6,369 shares of the footwear maker's stock, valued at approximately $452,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Stone House Investment Management LLC bought a new position in NIKE in the 1st quarter worth about $25,000. Heck Capital Advisors LLC bought a new position in NIKE in the 4th quarter worth about $28,000. Saudi Central Bank bought a new position in NIKE in the 1st quarter worth about $30,000. Matrix Trust Co boosted its stake in NIKE by 53.1% in the 2nd quarter. Matrix Trust Co now owns 441 shares of the footwear maker's stock worth $31,000 after purchasing an additional 153 shares during the period. Finally, Opal Wealth Advisors LLC bought a new position in NIKE in the 2nd quarter worth about $35,000. Institutional investors own 64.25% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on NKE shares. Piper Sandler raised their target price on NIKE from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Royal Bank Of Canada upgraded NIKE from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $76.00 to $90.00 in a research note on Thursday, September 18th. Morgan Stanley raised their price target on NIKE from $64.00 to $70.00 and gave the company an "equal weight" rating in a report on Tuesday. Needham & Company LLC raised their price target on NIKE from $66.00 to $78.00 and gave the company a "buy" rating in a report on Friday, June 27th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $115.00 price target on shares of NIKE in a report on Friday, August 22nd. Three research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, NIKE presently has a consensus rating of "Moderate Buy" and an average target price of $79.46.

NIKE Stock Performance

Shares of NYSE NKE opened at $71.21 on Thursday. The stock has a market cap of $105.17 billion, a price-to-earnings ratio of 32.97, a P/E/G ratio of 2.58 and a beta of 1.24. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $90.62. The stock's 50-day moving average is $75.12 and its 200 day moving average is $67.43.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. The company had revenue of $11.10 billion for the quarter, compared to analysts' expectations of $10.69 billion. NIKE had a return on equity of 23.33% and a net margin of 6.95%.NIKE's revenue for the quarter was down 11.9% compared to the same quarter last year. During the same period last year, the firm posted $0.99 EPS. On average, sell-side analysts anticipate that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 2nd. NIKE's dividend payout ratio (DPR) is currently 74.07%.

Insider Buying and Selling at NIKE

In related news, Chairman Mark G. Parker sold 110,000 shares of the firm's stock in a transaction dated 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 directly owned 842,361 shares of the company's stock, valued at approximately $60,894,276.69. This trade represents a 11.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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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