NIKE, Inc. $NKE Shares Bought by Coronation Fund Managers Ltd.

Key Points

• Coronation Fund Managers Ltd. increased its stake in NIKE, Inc. by 274.5% during the second quarter, now owning over 207,000 shares valued at approximately $14.7 million.
• Analysts have favorable views on NIKE, with most giving the stock a Buy rating and adjusting target prices upwards, including a target of $100 from JPMorgan.
• NIKE reported earnings of $0.49 per share for the last quarter, surpassing estimates by $0.22, while revenue also exceeded expectations, reaching $11.72 billion.

Coronation Fund Managers Ltd. raised its stake in NIKE, Inc. (NYSE:NKE - Free Report) by 274.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 207,407 shares of the footwear maker's stock after acquiring an additional 152,020 shares during the period. Coronation Fund Managers Ltd.'s holdings in NIKE were worth $14,734,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Stone House Investment Management LLC acquired a new position in NIKE in the first quarter valued at approximately $25,000. Mascoma Wealth Management LLC bought a new stake in shares of NIKE during the second quarter valued at approximately $26,000. Halbert Hargrove Global Advisors LLC raised its holdings in shares of NIKE by 952.6% during the second quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker's stock valued at $28,000 after buying an additional 362 shares during the last quarter. Saudi Central Bank bought a new stake in shares of NIKE during the first quarter valued at approximately $30,000. Finally, Matrix Trust Co raised its holdings in shares of NIKE by 53.1% during the second quarter. Matrix Trust Co now owns 441 shares of the footwear maker's stock valued at $31,000 after buying an additional 153 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NKE has been the topic of a number of recent analyst reports. Truist Financial reaffirmed a "buy" rating and set a $85.00 price target on shares of NIKE in a report on Wednesday, October 1st. JPMorgan Chase & Co. upped their target price on NIKE from $93.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 1st. Jefferies Financial Group restated a "buy" rating and issued a $115.00 target price on shares of NIKE in a research report on Monday, September 29th. Cowen upgraded NIKE from a "hold" rating to a "buy" rating in a research report on Wednesday, September 10th. Finally, Citigroup upgraded NIKE from a "neutral" rating to a "positive" rating in a research report on Friday, September 19th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, NIKE presently has a consensus rating of "Moderate Buy" and an average price target of $82.21.

NIKE Trading Up 0.5%

Shares of NYSE:NKE opened at $67.71 on Tuesday. The stock has a market capitalization of $100.09 billion, a PE ratio of 34.72, a P/E/G ratio of 2.48 and a beta of 1.29. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $83.09. The firm has a fifty day moving average price of $72.97 and a 200 day moving average price of $67.56. The company has a current ratio of 2.19, a quick ratio of 1.45 and a debt-to-equity ratio of 0.59.

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

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a $0.40 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.4%. NIKE's dividend payout ratio is currently 82.05%.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the completion of the sale, the chairman directly owned 744,988 shares in the company, valued at $56,566,938.84. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Treasure Heinle sold 4,300 shares of the company's stock in a transaction dated Monday, October 6th. The shares were 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 of the company's stock, valued at $2,095,052.92. This represents a 12.76% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company's stock.

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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