Goldman Sachs Group Inc. Purchases 20,688,013 Shares of NIKE, Inc. (NYSE:NKE)

Key Points

• Goldman Sachs Group Inc. increased its stake in NIKE, Inc. by 344.2% during the 1st quarter, owning approximately 1.81% of the company, valued at nearly $1.7 billion.
• NIKE recently reported earnings of $0.14 per share, surpassing expectations of $0.12, even though its revenue was down 11.9% year-over-year at $11.10 billion.
• The stock has seen a range between a 12-month low of $52.28 and a high of $90.62, currently trading at $74.41, with a consensus rating of "Moderate Buy" from analysts.

Goldman Sachs Group Inc. lifted its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 344.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 26,698,835 shares of the footwear maker's stock after buying an additional 20,688,013 shares during the quarter. Goldman Sachs Group Inc. owned approximately 1.81% of NIKE worth $1,694,842,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. AlTi Global Inc. raised its stake in shares of 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 buying an additional 150 shares in the last quarter. Cohen & Steers Inc. boosted its position in shares of NIKE by 5.3% during the 4th quarter. Cohen & Steers Inc. now owns 3,171 shares of the footwear maker's stock valued at $240,000 after acquiring an additional 160 shares in the last quarter. Peregrine Asset Advisers Inc. increased its stake in NIKE by 1.2% in the first quarter. Peregrine Asset Advisers Inc. now owns 15,119 shares of the footwear maker's stock valued at $934,000 after acquiring an additional 181 shares during the period. Aaron Wealth Advisors LLC raised its position in NIKE by 4.3% in the first quarter. Aaron Wealth Advisors LLC now owns 4,666 shares of the footwear maker's stock worth $296,000 after purchasing an additional 192 shares in the last quarter. Finally, Crew Capital Management Ltd. raised its position in NIKE by 1.4% in the first quarter. Crew Capital Management Ltd. now owns 13,752 shares of the footwear maker's stock worth $873,000 after purchasing an additional 192 shares in the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Evercore ISI decreased their price objective on NIKE from $97.00 to $75.00 and set an "outperform" rating on the stock in a report on Tuesday, June 24th. DZ Bank lowered NIKE from a "buy" rating to a "hold" rating and set a $76.00 price target on the stock. in a research note on Thursday, July 10th. Wells Fargo & Company upped their price target on NIKE from $55.00 to $60.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 14th. Morgan Stanley increased their price objective on NIKE from $61.00 to $64.00 and gave the stock an "equal weight" rating in a research note on Friday, June 27th. Finally, Hsbc Global Res upgraded shares of NIKE from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 27th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $78.22.

NIKE Trading Down 0.2%

NIKE stock traded down $0.18 during midday trading on Friday, hitting $74.17. 6,733,814 shares of the stock were exchanged, compared to its average volume of 11,448,546. The company has a fifty day simple moving average of $69.70 and a two-hundred day simple moving average of $67.64. 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 has a market capitalization of $109.54 billion, a PE ratio of 34.34, a P/E/G ratio of 2.70 and a beta of 1.27. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. The business had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.69 billion. NIKE had a return on equity of 23.33% and a net margin of 6.95%. The firm's revenue was down 11.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.99 EPS. Equities research analysts anticipate that NIKE, Inc. will post 2.05 EPS 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 issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, September 2nd. NIKE's payout ratio is 74.07%.

Insider Buying and Selling at NIKE

In related news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the completion of the sale, the chairman directly owned 842,361 shares of the company's stock, valued at approximately $60,894,276.69. This represents a 11.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.80% of the stock is owned by company insiders.

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.