IQ EQ FUND MANAGEMENT IRELAND Ltd Has $4.60 Million Stake in NIKE, Inc. (NYSE:NKE)

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in NIKE, Inc. by 119.6%, owning a total of 72,480 shares worth approximately $4.6 million as of its latest SEC filing.
• Several analysts have raised their price targets for NIKE stock, with Needham & Company increasing it from $66 to $78, reinforcing a "buy" rating.
• NIKE reported a net revenue of $11.10 billion for the last quarter, surpassing analyst expectations, although it represented an 11.9% decline compared to the same quarter the previous year.

IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 119.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 72,480 shares of the footwear maker's stock after purchasing an additional 39,480 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in NIKE were worth $4,601,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Capital World Investors grew its stake in NIKE by 10.3% in the fourth quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock valued at $1,857,389,000 after acquiring an additional 2,288,627 shares during the period. Bank of New York Mellon Corp grew its stake in NIKE by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker's stock valued at $1,332,331,000 after acquiring an additional 620,214 shares during the period. Northern Trust Corp grew its stake in NIKE by 8.8% in the fourth quarter. Northern Trust Corp now owns 14,690,435 shares of the footwear maker's stock valued at $1,111,625,000 after acquiring an additional 1,183,641 shares during the period. Flossbach Von Storch SE grew its stake in NIKE by 24.0% in the first quarter. Flossbach Von Storch SE now owns 10,286,619 shares of the footwear maker's stock valued at $652,995,000 after acquiring an additional 1,988,547 shares during the period. Finally, Jennison Associates LLC acquired a new position in NIKE in the first quarter valued at about $509,051,000. 64.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on NKE. Deutsche Bank Aktiengesellschaft decreased their target price on NIKE from $77.00 to $71.00 and set a "buy" rating for the company in a research note on Friday, June 20th. UBS Group began coverage on NIKE in a report on Sunday, July 6th. They issued a "buy" rating on the stock. Truist Financial cut their price target on NIKE from $82.00 to $73.00 and set a "buy" rating on the stock in a report on Tuesday, June 24th. Hsbc Global Res upgraded NIKE from a "hold" rating to a "strong-buy" rating in a report on Friday, June 27th. Finally, Royal Bank Of Canada cut their price target on NIKE from $66.00 to $65.00 and set a "sector perform" rating on the stock in a report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, NIKE currently has an average rating of "Moderate Buy" and an average price target of $78.22.

NIKE Price Performance

NYSE:NKE traded down $0.41 during trading hours on Tuesday, reaching $74.41. 6,528,585 shares of the company were exchanged, compared to its average volume of 12,541,266. The company has a market capitalization of $109.90 billion, a P/E ratio of 34.45, a P/E/G ratio of 2.72 and a beta of 1.27. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $90.62. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.21 and a quick ratio of 1.50. The business has a 50 day moving average of $68.89 and a 200 day moving average of $67.56.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. The business had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.69 billion. NIKE had a return on equity of 23.33% and a net margin of 6.95%. The firm's quarterly revenue was down 11.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.99 earnings per share. Research analysts forecast that NIKE, Inc. will post 2.05 EPS for the current year.

Insiders Place Their Bets

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 value of $7,951,900.00. Following the sale, the chairman directly owned 842,361 shares of the company's stock, valued at $60,894,276.69. This trade represents a 11.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.80% of the stock is owned by company insiders.

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.