Pinnacle Investment Management Ltd Purchases New Position in NIKE, Inc. (NYSE:NKE)

Pinnacle Investment Management Ltd acquired a new position in shares of NIKE, Inc. (NYSE:NKE - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 10,000 shares of the footwear maker's stock, valued at approximately $757,000. NIKE comprises about 0.6% of Pinnacle Investment Management Ltd's investment portfolio, making the stock its 15th largest position.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Park Avenue Securities LLC grew its position in shares of NIKE by 38.1% in the 4th quarter. Park Avenue Securities LLC now owns 14,899 shares of the footwear maker's stock worth $1,127,000 after acquiring an additional 4,107 shares in the last quarter. Aaron Wealth Advisors LLC grew its stake in NIKE by 12.4% in the fourth quarter. Aaron Wealth Advisors LLC now owns 4,474 shares of the footwear maker's stock valued at $339,000 after purchasing an additional 492 shares in the last quarter. Zhang Financial LLC raised its holdings in NIKE by 30.3% during the fourth quarter. Zhang Financial LLC now owns 10,897 shares of the footwear maker's stock valued at $825,000 after buying an additional 2,531 shares in the last quarter. Addenda Capital Inc. grew its position in shares of NIKE by 11.6% in the fourth quarter. Addenda Capital Inc. now owns 171,507 shares of the footwear maker's stock valued at $13,040,000 after purchasing an additional 17,824 shares during the last quarter. Finally, Ballentine Partners LLC increased its holdings in shares of NIKE by 2.4% during the 4th quarter. Ballentine Partners LLC now owns 24,207 shares of the footwear maker's stock worth $1,832,000 after purchasing an additional 569 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Stock Performance

NYSE NKE traded down $1.30 during trading hours on Friday, hitting $60.02. The company had a trading volume of 14,271,999 shares, compared to its average volume of 14,940,172. The business has a fifty day simple moving average of $59.88 and a 200-day simple moving average of $70.18. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. The firm has a market cap of $88.78 billion, a P/E ratio of 18.52, a price-to-earnings-growth ratio of 2.52 and a beta of 1.23. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $98.04.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business had revenue of $11.27 billion during the quarter, compared to analysts' expectations of $11.02 billion. During the same period in the previous year, the company earned $0.98 earnings per share. NIKE's revenue for the quarter was down 9.1% on a year-over-year basis. Equities analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be issued a dividend of $0.40 per share. The ex-dividend date is Monday, June 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.67%. NIKE's payout ratio is presently 53.16%.

Insider Activity at NIKE

In other news, Director Robert Holmes Swan purchased 8,600 shares of the company's stock in a transaction dated Friday, April 4th. The shares were purchased at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the transaction, the director now owns 31,983 shares of the company's stock, valued at approximately $1,869,726.18. This trade represents a 36.78% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NKE has been the subject of several research analyst reports. Jefferies Financial Group upgraded shares of NIKE from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $75.00 to $115.00 in a research report on Monday, February 24th. UBS Group decreased their target price on NIKE from $73.00 to $66.00 and set a "neutral" rating on the stock in a research report on Friday, March 21st. Telsey Advisory Group dropped their target price on shares of NIKE from $80.00 to $70.00 and set a "market perform" rating on the stock in a research report on Tuesday, May 6th. Truist Financial lowered their price target on shares of NIKE from $90.00 to $82.00 and set a "buy" rating on the stock in a report on Friday, March 21st. Finally, Cfra Research raised shares of NIKE to a "moderate buy" rating in a report on Friday, March 21st. Seventeen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, NIKE has a consensus rating of "Moderate Buy" and an average price target of $80.26.

NIKE 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.