NIKE, Inc. $NKE Shares Bought by Covea Finance

Key Points

• Covea Finance has increased its holdings in NIKE, Inc. by 15.4%, owning 408,095 shares valued at approximately $28.99 million as of the latest SEC filing.
• Analysts view NIKE favorably, with multiple firms raising their price targets, resulting in a consensus target price of $79.04 and an overall rating of "Moderate Buy."
• NIKE recently declared a quarterly dividend of $0.40 per share, reflecting an annualized yield of 2.2%, with a payout ratio of 74.07%.

Covea Finance grew its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 15.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 408,095 shares of the footwear maker's stock after purchasing an additional 54,329 shares during the period. Covea Finance's holdings in NIKE were worth $28,991,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Caldwell Sutter Capital Inc. grew its position in shares of NIKE by 6.3% during the second quarter. Caldwell Sutter Capital Inc. now owns 2,390 shares of the footwear maker's stock worth $170,000 after acquiring an additional 142 shares during the last quarter. Westmount Partners LLC boosted its position in shares of NIKE by 2.9% during the 2nd quarter. Westmount Partners LLC now owns 5,165 shares of the footwear maker's stock valued at $367,000 after purchasing an additional 146 shares in the last quarter. Matrix Trust Co boosted its position in shares of NIKE by 53.1% during the 2nd quarter. Matrix Trust Co now owns 441 shares of the footwear maker's stock valued at $31,000 after purchasing an additional 153 shares in the last quarter. RB Capital Management LLC boosted its position in shares of NIKE by 0.4% during the 2nd quarter. RB Capital Management LLC now owns 46,327 shares of the footwear maker's stock valued at $3,291,000 after purchasing an additional 171 shares in the last quarter. Finally, Breakwater Capital Group lifted its stake in NIKE by 4.8% during the second quarter. Breakwater Capital Group now owns 3,873 shares of the footwear maker's stock valued at $275,000 after buying an additional 177 shares in the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Piper Sandler upped their price objective on shares of NIKE from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. Sanford C. Bernstein reissued an "outperform" rating on shares of NIKE in a research report on Monday, August 18th. Morgan Stanley increased their price target on shares of NIKE from $61.00 to $64.00 and gave the stock an "equal weight" rating in a research report on Friday, June 27th. Royal Bank Of Canada raised shares of NIKE from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $76.00 to $90.00 in a research report on Thursday, September 18th. Finally, Needham & Company LLC increased their price target on shares of NIKE from $66.00 to $78.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, NIKE currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.04.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of NIKE stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the completion of the transaction, the chairman directly owned 744,988 shares of the company's stock, valued at approximately $56,566,938.84. This trade represents a 10.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.80% of the stock is owned by corporate insiders.

NIKE Trading Up 0.6%

Shares of NIKE stock opened at $71.29 on Tuesday. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $90.62. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. The company's fifty day simple moving average is $75.16 and its 200-day simple moving average is $67.38. The company has a market cap of $105.29 billion, a price-to-earnings ratio of 33.01, a PEG ratio of 2.57 and a beta of 1.24.

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

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.2%. NIKE's payout ratio is currently 74.07%.

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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