J. Stern & Co. LLP Purchases 47,956,692 Shares of NIKE, Inc. $NKE

Key Points

• J. Stern & Co. LLP massively increased its NIKE stake, buying 47.96 million additional shares in the fourth quarter and bringing its total holding to 48.05 million shares worth about $3.06 billion.
• Wall Street sentiment remains cautious despite several firms trimming price targets; NIKE currently has an average analyst rating of “Hold” with an average target price of $60.89.
• NIKE reported mixed fundamentals, beating earnings and revenue estimates in its latest quarter while its stock traded at $45.06, near the lower end of its 52-week range, and it continues to pay a quarterly dividend of $0.41 per share.

J. Stern & Co. LLP raised its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 49,010.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,054,542 shares of the footwear maker's stock after acquiring an additional 47,956,692 shares during the period. NIKE makes up about 0.9% of J. Stern & Co. LLP's investment portfolio, making the stock its 22nd largest position. J. Stern & Co. LLP owned 3.25% of NIKE worth $3,061,555,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of NKE. Cornerstone Financial Management LLC bought a new position in shares of NIKE in the fourth quarter worth about $26,000. J.Safra Asset Management Corp bought a new position in shares of NIKE in the fourth quarter worth about $29,000. Kemnay Advisory Services Inc. bought a new position in shares of NIKE in the fourth quarter worth about $30,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of NIKE in the third quarter worth about $35,000. Finally, Litman Gregory Wealth Management LLC bought a new position in shares of NIKE in the fourth quarter worth about $32,000. Institutional investors own 64.25% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on NKE. Williams Trading cut their price target on shares of NIKE from $80.00 to $57.00 and set a "buy" rating on the stock in a report on Wednesday, April 1st. BTIG Research cut their price target on shares of NIKE from $90.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, April 1st. Barclays cut their price target on shares of NIKE from $73.00 to $67.00 and set an "overweight" rating on the stock in a report on Wednesday, April 1st. Needham & Company LLC restated a "hold" rating on shares of NIKE in a report on Thursday, June 4th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $52.00 price target on shares of NIKE in a report on Friday, June 5th. Fifteen equities research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $60.89.

NIKE Stock Performance

NKE stock opened at $45.06 on Wednesday. The firm has a market cap of $66.72 billion, a price-to-earnings ratio of 29.84, a PEG ratio of 1.96 and a beta of 1.12. The firm has a 50-day simple moving average of $44.30 and a two-hundred day simple moving average of $55.14. NIKE, Inc. has a one year low of $41.35 and a one year high of $80.17. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.45 and a current ratio of 2.14.

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, beating the consensus estimate of $0.29 by $0.06. The business had revenue of $11.28 billion during the quarter, compared to analyst estimates of $11.23 billion. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The company's quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.54 earnings per share. On average, equities analysts forecast that NIKE, Inc. will post 1.49 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, June 1st. NIKE's dividend payout ratio (DPR) is presently 108.61%.

Insider Transactions at NIKE

In related 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 purchased at an average cost of $42.27 per share, with a total value of $1,000,108.20. Following the transaction, the chief executive officer directly owned 265,247 shares of the company's stock, valued at $11,211,990.69. This trade represents a 9.79% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Holmes Swan acquired 11,781 shares of the firm's stock in a transaction that occurred on Tuesday, April 7th. The stock was bought at an average cost of $42.44 per share, with a total value of $499,985.64. Following the completion of the transaction, the director directly owned 55,074 shares in the company, valued at $2,337,340.56. The trade was a 27.21% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 64,441 shares of company stock worth $2,734,204 over the last ninety days. 0.80% of the stock is currently owned by insiders.

About NIKE

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).

Want to see what other hedge funds are holding NKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NIKE, Inc. (NYSE:NKE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.