Correct Capital Wealth Management Has $1.42 Million Stock Holdings in NIKE, Inc. (NYSE:NKE)

Correct Capital Wealth Management grew its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 53.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,292 shares of the footwear maker's stock after purchasing an additional 7,759 shares during the period. Correct Capital Wealth Management's holdings in NIKE were worth $1,415,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Elgethun Capital Management grew its stake in NIKE by 13.7% in the 4th quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker's stock valued at $94,000 after buying an additional 149 shares during the last quarter. AlTi Global Inc. boosted its holdings in NIKE by 0.4% in the 4th quarter. AlTi Global Inc. now owns 36,996 shares of the footwear maker's stock valued at $2,813,000 after purchasing an additional 150 shares during the period. Cohen & Steers Inc. boosted its holdings in NIKE by 5.3% in the 4th quarter. Cohen & Steers Inc. now owns 3,171 shares of the footwear maker's stock valued at $240,000 after purchasing an additional 160 shares during the period. Banco de Sabadell S.A boosted its holdings in NIKE by 1.2% in the 4th quarter. Banco de Sabadell S.A now owns 15,966 shares of the footwear maker's stock valued at $1,208,000 after purchasing an additional 188 shares during the period. Finally, Aaron Wealth Advisors LLC boosted its holdings in NIKE by 4.3% in the 1st quarter. Aaron Wealth Advisors LLC now owns 4,666 shares of the footwear maker's stock valued at $296,000 after purchasing an additional 192 shares during the period. Institutional investors and hedge funds own 64.25% of the company's stock.

NIKE Trading Down 2.6%

Shares of NKE stock traded down $1.96 during trading hours on Friday, hitting $72.66. 12,749,362 shares of the company's stock traded hands, compared to its average volume of 15,235,433. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $90.62. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. The stock's 50 day simple moving average is $64.06 and its 200 day simple moving average is $67.33. The stock has a market cap of $107.47 billion, a PE ratio of 33.64, a price-to-earnings-growth ratio of 2.63 and a beta of 1.25.

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

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date was Monday, June 2nd. NIKE's payout ratio is 74.07%.

Analyst Ratings Changes

A number of research firms have issued reports on NKE. Berenberg Bank began coverage on shares of NIKE in a report on Tuesday, April 15th. They issued a "hold" rating and a $58.00 price objective for the company. Piper Sandler boosted their price objective on shares of NIKE from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, June 27th. UBS Group began coverage on shares of NIKE in a report on Sunday, July 6th. They issued a "buy" rating for the company. Telsey Advisory Group reissued a "market perform" rating and issued a $70.00 price objective on shares of NIKE in a report on Friday, June 27th. Finally, DZ Bank downgraded shares of NIKE from a "buy" rating to a "hold" rating and set a $76.00 price target for the company. in a report on Thursday. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, NIKE has a consensus rating of "Moderate Buy" and an average target price of $77.15.

NIKE Company 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.