NIKE, Inc. $NKE Stake Boosted by Bwcp LP

Key Points

• Bwcp LP has increased its stake in NIKE, Inc. by 6.0%, now owning 297,891 shares valued at approximately $18.91 million, making it the firm’s 12th largest holding.
• Despite a high level of institutional ownership of 64.25%, various analysts have mixed ratings on NIKE, with the consensus price target set at $78.22.
• NIKE recently reported earnings exceeding expectations, with revenue of $11.10 billion, but noted a 11.9% decline in quarterly revenue compared to last year.

Bwcp LP increased its stake in NIKE, Inc. (NYSE:NKE - Free Report) by 6.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 297,891 shares of the footwear maker's stock after purchasing an additional 16,849 shares during the quarter. NIKE makes up 3.8% of Bwcp LP's investment portfolio, making the stock its 12th largest holding. Bwcp LP's holdings in NIKE were worth $18,910,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in NIKE by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker's stock worth $7,182,831,000 after purchasing an additional 4,957,494 shares in the last quarter. Wellington Management Group LLP increased its stake 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 worth $2,880,971,000 after purchasing an additional 9,043,180 shares in the last quarter. Goldman Sachs Group Inc. increased its stake 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 worth $1,694,842,000 after purchasing an additional 20,688,013 shares in the last quarter. Bank of New York Mellon Corp increased its stake 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 worth $1,332,331,000 after purchasing an additional 620,214 shares in the last quarter. Finally, Flossbach Von Storch SE increased its stake 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 worth $652,995,000 after purchasing an additional 1,988,547 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NKE shares. Wall Street Zen cut NIKE from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Piper Sandler lifted their target price on NIKE from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. Truist Financial lowered their target price on NIKE from $82.00 to $73.00 and set a "buy" rating on the stock in a research note on Tuesday, June 24th. JPMorgan Chase & Co. raised NIKE from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $64.00 to $93.00 in a research note on Monday, July 28th. Finally, Royal Bank Of Canada lowered their target price on NIKE from $66.00 to $65.00 and set a "sector perform" rating on the stock in a research note on Tuesday, May 20th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and thirteen have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $78.22.

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 86,078 shares of the business's stock in a transaction that occurred 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 approximately $56,566,938.84. The trade was a 10.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.80% of the company's stock.

NIKE Trading Down 4.0%

Shares of NYSE NKE opened at $74.29 on Wednesday. The stock has a market cap of $109.72 billion, a price-to-earnings ratio of 34.39, a PEG ratio of 2.81 and a beta of 1.24. The business has a 50 day simple moving average of $74.91 and a 200 day simple moving average of $67.93. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $90.62. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21.

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

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.2%. NIKE's payout ratio is presently 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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