Kingsview Wealth Management LLC Increases Stock Position in NIKE, Inc. $NKE

Key Points

• Kingsview Wealth Management dramatically increased its NIKE stake in the fourth quarter, boosting holdings by 2,559.2% to 758,707 shares valued at about $48.3 million.
• Analysts remain mixed on NIKE, with the stock carrying a consensus Hold rating and an average price target of $62.04 after several firms cut targets or adjusted ratings.
• NIKE reported quarterly earnings of $0.35 per share, beating expectations, and also announced a quarterly dividend of $0.41 per share, equal to a 3.6% annualized yield.

Kingsview Wealth Management LLC grew its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 2,559.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 758,707 shares of the footwear maker's stock after buying an additional 730,176 shares during the period. Kingsview Wealth Management LLC owned 0.05% of NIKE worth $48,337,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Mizuho Markets Cayman LP purchased a new stake in NIKE during the 3rd quarter worth $34,200,000. PFA Pension Forsikringsaktieselskab purchased a new stake in NIKE during the 4th quarter worth $43,188,000. Strive Asset Management LLC purchased a new stake in NIKE during the 3rd quarter worth $1,743,000. Nicholas Company Inc. boosted its position in NIKE by 33.3% during the 4th quarter. Nicholas Company Inc. now owns 123,652 shares of the footwear maker's stock worth $7,878,000 after purchasing an additional 30,890 shares during the period. Finally, Park National Corp OH boosted its position in NIKE by 81.5% during the 4th quarter. Park National Corp OH now owns 431,055 shares of the footwear maker's stock worth $27,463,000 after purchasing an additional 193,514 shares during the period. 64.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on NKE shares. Weiss Ratings raised shares of NIKE from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, May 22nd. Citigroup decreased their price target on shares of NIKE from $65.00 to $53.00 and set a "neutral" rating for the company in a research report on Wednesday, April 1st. Guggenheim cut their price objective on shares of NIKE from $77.00 to $74.00 and set a "buy" rating on the stock in a report on Wednesday, April 1st. Piper Sandler reiterated a "neutral" rating and issued a $50.00 price objective (down from $60.00) on shares of NIKE in a report on Friday, April 10th. Finally, Wall Street Zen upgraded shares of NIKE from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Sixteen analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, NIKE currently has a consensus rating of "Hold" and an average price target of $62.04.

NIKE Stock Performance

Shares of NKE stock opened at $45.96 on Thursday. NIKE, Inc. has a 12 month low of $41.35 and a 12 month high of $80.17. 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 firm has a market capitalization of $68.06 billion, a P/E ratio of 30.44, a P/E/G ratio of 2.38 and a beta of 1.12. The company's fifty day moving average price is $46.05 and its two-hundred day moving average price is $56.93.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The footwear maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The firm had revenue of $11.28 billion for the quarter, compared to analyst estimates of $11.23 billion. During the same quarter in the previous year, the business posted $0.54 EPS. The firm's revenue was up .1% compared to the same quarter last year. On average, research analysts anticipate that NIKE, Inc. will post 1.51 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Monday, June 1st. NIKE's dividend payout ratio is 108.61%.

Insider Activity at NIKE

In related news, Director John W. Rogers, Jr. bought 4,000 shares of the business's stock in a transaction dated Thursday, April 9th. The shares were acquired at an average price of $43.34 per share, for a total transaction of $173,360.00. Following the purchase, the director owned 41,022 shares in the company, valued at $1,777,893.48. This trade represents a 10.80% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Timothy D. Cook bought 25,000 shares of the business's stock in a transaction dated Friday, April 10th. The stock was bought at an average price of $42.43 per share, for a total transaction of $1,060,750.00. Following the purchase, the director owned 130,480 shares in the company, valued at approximately $5,536,266.40. This represents a 23.70% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 64,441 shares of company stock worth $2,734,204. Company 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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