NIKE, Inc. $NKE Shares Purchased by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in NIKE by 23.5%, owning over 1.2 million shares, following recent strong performance by institutional investors in the company.
• Several brokerage firms have adjusted their price targets for NIKE stock, with Barclays raising its target from $53 to $64, while Jefferies set a target of $115, reflecting varying analyst sentiments.
• NIKE announced a quarterly dividend of $0.40 per share, which translates to an annualized yield of 2.2%, emphasizing the company's commitment to returning value to shareholders.

Adage Capital Partners GP L.L.C. lifted its position in NIKE, Inc. (NYSE:NKE - Free Report) by 23.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,208,061 shares of the footwear maker's stock after purchasing an additional 230,200 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.08% of NIKE worth $76,688,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Stone House Investment Management LLC bought a new stake in shares of NIKE in the 1st quarter valued at approximately $25,000. Heck Capital Advisors LLC purchased a new stake in shares of NIKE in the fourth quarter worth approximately $28,000. Saudi Central Bank purchased a new stake in shares of NIKE in the first quarter worth approximately $30,000. Roxbury Financial LLC raised its holdings in shares of NIKE by 52.1% in the first quarter. Roxbury Financial LLC now owns 587 shares of the footwear maker's stock worth $37,000 after buying an additional 201 shares during the period. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of NIKE in the first quarter worth approximately $37,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Stock Down 1.9%

Shares of NYSE:NKE traded down $1.44 on Friday, reaching $73.91. The company had a trading volume of 13,753,260 shares, compared to its average volume of 8,994,767. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $90.62. The firm's 50 day simple moving average is $75.48 and its 200-day simple moving average is $67.97. The firm has a market capitalization of $109.16 billion, a PE ratio of 34.22, a PEG ratio of 2.74 and a beta of 1.24. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60.

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

NIKE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.2%. NIKE's dividend payout ratio (DPR) is presently 74.07%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on NKE shares. Truist Financial reduced 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. UBS Group started coverage on NIKE in a report on Sunday, July 6th. They issued a "buy" rating on the stock. Piper Sandler increased their price target on NIKE from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. Citigroup raised their price objective on NIKE from $57.00 to $68.00 and gave the stock a "neutral" rating in a report on Friday, June 27th. Finally, Wall Street Zen downgraded NIKE from a "hold" rating to a "sell" rating in a report on Friday, June 27th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $78.22.

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 86,078 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total value of $6,535,902.54. Following the completion of the sale, the chairman owned 744,988 shares of the company's stock, valued at $56,566,938.84. This trade represents a 10.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.80% of the stock is owned by 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.