Precision Wealth Strategies LLC Makes New Investment in NIKE, Inc. $NKE

Key Points

• Precision Wealth Strategies LLC has acquired a new position in NIKE, Inc., buying 4,860 shares valued at approximately $345,000, indicating growing institutional interest in the company.
• Several major brokerages have upgraded NIKE's outlook, including Citigroup, which raised the stock's rating from "neutral" to "positive" and JPMorgan Chase increasing its price target to $100.00.
• NIKE has announced a quarterly dividend of $0.40 per share, resulting in an annualized dividend yield of 2.2%, highlighting the company's commitment to returning value to shareholders.

Precision Wealth Strategies LLC purchased a new position in shares of NIKE, Inc. (NYSE:NKE - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 4,860 shares of the footwear maker's stock, valued at approximately $345,000.

Other large investors have also made changes to their positions in the company. Spire Wealth Management raised its holdings in shares of NIKE by 4.4% during the 1st quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker's stock valued at $627,000 after purchasing an additional 416 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its position in NIKE by 0.6% during the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker's stock worth $69,932,000 after buying an additional 5,601 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd bought a new position in NIKE during the first quarter valued at about $25,963,000. BROOKFIELD Corp ON lifted its position in shares of NIKE by 36.2% in the first quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker's stock worth $41,808,000 after buying an additional 175,000 shares during the last quarter. Finally, Olstein Capital Management L.P. boosted its stake in shares of NIKE by 42.2% during the 1st quarter. Olstein Capital Management L.P. now owns 91,000 shares of the footwear maker's stock worth $5,777,000 after acquiring an additional 27,000 shares in the last quarter. Institutional investors own 64.25% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NKE. Citigroup raised NIKE from a "neutral" rating to a "positive" rating in a research note on Friday, September 19th. Truist Financial reissued a "buy" rating and issued a $85.00 price target on shares of NIKE in a research report on Wednesday. Sanford C. Bernstein restated a "buy" rating and issued a $90.00 price objective on shares of NIKE in a research note on Wednesday. JPMorgan Chase & Co. raised 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. Finally, Cowen upgraded shares of NIKE from a "hold" rating to a "buy" rating in a report on Wednesday, September 10th. Three analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $81.26.

Insider Activity at NIKE

In other news, Chairman Mark G. Parker sold 86,078 shares of NIKE stock in a transaction that occurred on Thursday, August 14th. The stock was 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 trade represents a 10.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.80% of the company's stock.

NIKE Price Performance

Shares of NIKE stock opened at $74.04 on Thursday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.21 and a quick ratio of 1.50. The company has a market cap of $109.35 billion, a PE ratio of 37.97, a price-to-earnings-growth ratio of 2.60 and a beta of 1.29. The firm has a fifty day moving average price of $74.73 and a two-hundred day moving average price of $67.31. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $85.23.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.22. The company had revenue of $11.72 billion for the quarter, compared to the consensus estimate of $10.96 billion. NIKE had a net margin of 6.23% and a return on equity of 21.05%. The business's revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.70 EPS. Analysts expect that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

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