Keudell Morrison Wealth Management Acquires Shares of 30,312 NIKE, Inc. $NKE

Key Points

• Keudell Morrison Wealth Management opened a new position in NIKE, buying 30,312 shares worth about $1.93 million in the fourth quarter.
• Other institutional investors also increased or initiated stakes in NIKE, and hedge funds and institutions now own 64.25% of the company.
• NIKE beat quarterly earnings expectations with $0.35 EPS on $11.28 billion in revenue, while analysts currently rate the stock a Hold with an average price target of $62.04.

Keudell Morrison Wealth Management acquired a new stake in NIKE, Inc. (NYSE:NKE - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 30,312 shares of the footwear maker's stock, valued at approximately $1,931,000.

Other institutional investors also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. grew its position in NIKE by 0.8% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 101,305 shares of the footwear maker's stock worth $6,454,000 after acquiring an additional 780 shares during the last quarter. Goldenstone Wealth Management LLC acquired a new stake in shares of NIKE in the fourth quarter valued at about $912,000. Griffin Asset Management Inc. increased its stake in shares of NIKE by 42.1% in the fourth quarter. Griffin Asset Management Inc. now owns 13,343 shares of the footwear maker's stock valued at $850,000 after buying an additional 3,954 shares during the period. Sierra Summit Advisors LLC increased its stake in shares of NIKE by 2.3% in the fourth quarter. Sierra Summit Advisors LLC now owns 32,027 shares of the footwear maker's stock valued at $2,040,000 after buying an additional 734 shares during the period. Finally, ABN Amro Investment Solutions increased its stake in shares of NIKE by 111.4% in the fourth quarter. ABN Amro Investment Solutions now owns 75,895 shares of the footwear maker's stock valued at $4,835,000 after buying an additional 39,989 shares during the period. Institutional investors and hedge funds own 64.25% of the company's stock.

NIKE News Roundup

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: NIKE shares are benefiting from a shift into consumer and cyclical stocks as market breadth improves, helping lift sentiment around the name. Nike Stock Is Testing A Level That Could Define The Next Move
• Positive Sentiment: Lower energy prices and softer long-term Treasury yields are helping consumer discretionary stocks, including NIKE, by easing inflation worries and supporting expectations for resilient consumer spending. Nike Stock Soars As Energy Prices And Bond Yields Drop
• Neutral Sentiment: NIKE remains a heavily watched stock, with recent articles and trending searches suggesting investors are actively reassessing the name rather than reacting to a single fundamental catalyst. NIKE, Inc. (NKE) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Analyst and commentary pieces are focused on whether NIKE is ready for a turnaround, but they do not point to a clear near-term catalyst on their own. Is Nike Stock (NKE) Ready for a Turnaround?
• Negative Sentiment: Some recent analysis remains cautious, arguing NIKE is still not cheap enough or that the operating environment is tough, which could limit upside if investors demand clearer evidence of a rebound. Nike: Not Cheap Enough Yet

Wall Street Analysts Forecast Growth

NKE has been the subject of several recent research reports. Jefferies Financial Group decreased their price target on NIKE from $110.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, April 1st. Guggenheim decreased their price target on NIKE from $77.00 to $74.00 and set a "buy" rating for the company in a research note on Wednesday, April 1st. Truist Financial decreased their price target on NIKE from $69.00 to $57.00 and set a "buy" rating for the company in a research note on Wednesday, April 1st. HSBC cut NIKE from a "buy" rating to a "hold" rating and decreased their price target for the company from $90.00 to $48.00 in a research note on Monday, April 13th. Finally, DA Davidson lowered NIKE from a "buy" rating to a "neutral" rating and cut their target price for the company from $72.00 to $46.00 in a research report on Thursday, April 2nd. Sixteen investment analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $62.04.

NIKE Price Performance

NIKE stock opened at $44.40 on Friday. The stock has a market capitalization of $65.75 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 2.34 and a beta of 1.12. NIKE, Inc. has a 52-week low of $41.35 and a 52-week high of $80.17. The stock's 50 day moving average price is $46.81 and its two-hundred day moving average price is $57.41. 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 posted its quarterly earnings results on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The firm had revenue of $11.28 billion for the quarter, compared to analysts' expectations of $11.23 billion. NIKE had a return on equity of 16.41% and a net margin of 4.84%.The company's revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 EPS. On average, equities analysts predict that NIKE, Inc. will post 1.51 earnings per share for the current year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be issued a $0.41 dividend. The ex-dividend date is Monday, June 1st. This represents a $1.64 annualized dividend and a yield of 3.7%. NIKE's dividend payout ratio is presently 108.61%.

Insider Transactions at NIKE

In other news, Director Robert Holmes Swan purchased 11,781 shares of the business's stock in a transaction on Tuesday, April 7th. The shares were acquired at an average price of $42.44 per share, for a total transaction of $499,985.64. Following the completion of the acquisition, the director owned 55,074 shares in the company, valued at approximately $2,337,340.56. The trade was a 27.21% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John W. Rogers, Jr. purchased 4,000 shares of the business's stock in a transaction on Thursday, April 9th. The stock was purchased at an average price of $43.34 per share, for a total transaction of $173,360.00. Following the acquisition, the director owned 41,022 shares of the company's stock, valued at approximately $1,777,893.48. This represents a 10.80% 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 worth $2,734,204 in the last three months. 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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