Leith Wheeler Investment Counsel Ltd. Makes New Investment in NIKE, Inc. $NKE

Key Points

• Leith Wheeler Investment Counsel Ltd. acquired a new position in NIKE, Inc., purchasing 101,008 shares valued at approximately $7,176,000 during the 2nd quarter.
• Chairman Mark G. Parker sold 110,000 shares of NIKE stock for nearly $8 million, marking an 11.55% decrease in his position.
• NIKE reported better-than-expected earnings, with a quarterly revenue of $11.72 billion, surpassing analyst expectations of $10.96 billion.

Leith Wheeler Investment Counsel Ltd. acquired a new position in shares of NIKE, Inc. (NYSE:NKE - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 101,008 shares of the footwear maker's stock, valued at approximately $7,176,000.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in NIKE by 4.6% during the first quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker's stock worth $7,182,831,000 after buying an additional 4,957,494 shares during the last quarter. Wellington Management Group LLP increased its position in NIKE by 24.9% in the 1st quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker's stock valued at $2,880,971,000 after acquiring an additional 9,043,180 shares in the last quarter. Goldman Sachs Group Inc. increased its position in NIKE by 344.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker's stock valued at $1,694,842,000 after acquiring an additional 20,688,013 shares in the last quarter. Bank of New York Mellon Corp increased its position in NIKE by 3.0% in the 1st 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 in the last quarter. Finally, Flossbach Von Storch SE increased its position in NIKE by 24.0% in the 1st 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 in the last quarter. 64.25% of the stock is owned by institutional investors.

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the transaction, the chairman owned 842,361 shares of the company's stock, valued at $60,894,276.69. This trade represents a 11.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Treasure Heinle sold 4,300 shares of NIKE stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $71.27, for a total transaction of $306,461.00. Following the transaction, the executive vice president directly owned 29,396 shares in the company, valued at $2,095,052.92. The trade was a 12.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 200,378 shares of company stock worth $14,794,264 in the last three months. 0.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on NKE shares. Bank of America raised their price objective on shares of NIKE from $80.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Cowen upgraded shares of NIKE from a "hold" rating to a "buy" rating in a research report on Wednesday, September 10th. Hsbc Global Res upgraded shares of NIKE from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 27th. Evercore ISI lowered their price objective on shares of NIKE from $97.00 to $75.00 and set an "outperform" rating for the company in a research report on Tuesday, June 24th. Finally, Piper Sandler set a $84.00 price objective on shares of NIKE and gave the company an "overweight" rating in a research report on Wednesday, October 1st. Three analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, NIKE presently has a consensus rating of "Moderate Buy" and an average price target of $81.57.

NIKE Stock Down 4.1%

Shares of NYSE:NKE opened at $65.25 on Monday. NIKE, Inc. has a one year low of $52.28 and a one year high of $84.76. The company has a 50 day moving average of $73.80 and a 200-day moving average of $67.30. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.45. The stock has a market cap of $96.45 billion, a price-to-earnings ratio of 33.46, a P/E/G ratio of 2.38 and a beta of 1.29.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, topping the consensus estimate of $0.27 by $0.22. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The company had revenue of $11.72 billion during the quarter, compared to analysts' expectations of $10.96 billion. During the same quarter in the previous year, the company earned $0.70 EPS. NIKE's revenue was up 1.0% on a year-over-year basis. On average, sell-side analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $1.60 annualized dividend and a yield of 2.5%. NIKE's dividend payout ratio (DPR) is presently 82.05%.

About NIKE

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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