Precedent Wealth Partners LLC Grows Holdings in NIKE, Inc. $NKE

Precedent Wealth Partners LLC increased its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 31.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 18,540 shares of the footwear maker's stock after purchasing an additional 4,457 shares during the quarter. Precedent Wealth Partners LLC's holdings in NIKE were worth $1,317,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in NIKE by 4.6% during the first 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 during the last quarter. Wellington Management Group LLP boosted its holdings in NIKE by 24.9% during the first 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 during the last quarter. Goldman Sachs Group Inc. boosted its holdings in NIKE by 344.2% during the first 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 during the last quarter. Bank of New York Mellon Corp boosted its stake in NIKE by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker's stock valued at $1,332,331,000 after acquiring an additional 620,214 shares during the last quarter. Finally, Flossbach Von Storch SE boosted its stake in NIKE by 24.0% in the first quarter. Flossbach Von Storch SE now owns 10,286,619 shares of the footwear maker's stock valued at $652,995,000 after acquiring an additional 1,988,547 shares during the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Stock Performance

Shares of NKE stock opened at $72.01 on Friday. The stock has a market capitalization of $106.34 billion, a P/E ratio of 36.93, a PEG ratio of 2.75 and a beta of 1.29. The company has a current ratio of 2.19, a quick ratio of 1.50 and a debt-to-equity ratio of 0.59. The firm's 50 day moving average is $74.62 and its 200 day moving average is $67.31. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $84.76.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.22. The company had revenue of $11.72 billion for the quarter, compared to analysts' expectations of $10.96 billion. NIKE had a net margin of 6.23% and a return on equity of 21.16%. NIKE's revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.70 EPS. On average, sell-side analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, September 2nd. NIKE's dividend payout ratio is 82.05%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NKE shares. HSBC upgraded shares of NIKE from a "hold" rating to a "buy" rating and set a $80.00 target price on the stock in a research note on Friday, June 27th. JPMorgan Chase & Co. boosted their target price on shares of NIKE from $93.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday. UBS Group set a $71.00 target price on shares of NIKE and gave the company a "neutral" rating in a research note on Friday, September 19th. Needham & Company LLC reiterated a "buy" rating and issued a $78.00 target price on shares of NIKE in a research note on Wednesday. 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. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $81.57.

Insiders Place Their Bets

In related news, Chairman Mark G. Parker sold 86,078 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the sale, the chairman owned 744,988 shares of the company's stock, valued at approximately $56,566,938.84. This represents a 10.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.80% of the company's stock.

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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