Range Financial Group LLC Buys 3,460 Shares of NIKE, Inc. $NKE

Key Points

• Range Financial Group LLC increased its holdings in NIKE, acquiring an additional 3,460 shares, bringing its total ownership to 11,966 shares and a valuation of approximately $850,000.
• Several institutional investors, including Vanguard Group Inc. and Goldman Sachs Group Inc., have significantly raised their stakes in NIKE, indicating strong institutional interest in the company.
• NIKE announced a quarterly dividend of $0.40 per share, representing an annualized yield of 2.2%, with a payout ratio of 74.07%.

Range Financial Group LLC increased its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 40.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,966 shares of the footwear maker's stock after acquiring an additional 3,460 shares during the period. Range Financial Group LLC's holdings in NIKE were worth $850,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised 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 acquiring an additional 4,957,494 shares in the last quarter. Wellington Management Group LLP raised its stake in NIKE by 24.9% in the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker's stock valued at $2,880,971,000 after buying an additional 9,043,180 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of NIKE by 344.2% in the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker's stock valued at $1,694,842,000 after buying an additional 20,688,013 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of NIKE by 3.0% during the 1st quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker's stock worth $1,332,331,000 after acquiring an additional 620,214 shares during the period. Finally, Flossbach Von Storch SE raised its stake in NIKE by 24.0% in the 1st 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 period. Institutional investors own 64.25% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Citigroup lifted their target price on shares of NIKE from $57.00 to $68.00 and gave the stock a "neutral" rating in a report on Friday, June 27th. JPMorgan Chase & Co. upgraded NIKE from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $64.00 to $93.00 in a research note on Monday, July 28th. Truist Financial lowered their target price on NIKE from $82.00 to $73.00 and set a "buy" rating on the stock in a research note on Tuesday, June 24th. The Goldman Sachs Group increased their target price on NIKE from $72.00 to $81.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. Finally, DZ Bank lowered NIKE from a "buy" rating to a "hold" rating and set a $76.00 target price on the stock. in a research note on Thursday, July 10th. Three investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.67.

Insiders Place Their Bets

In related news, Chairman Mark G. Parker sold 86,078 shares of the business's stock in a transaction 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 in the company, valued at $56,566,938.84. The trade was a 10.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.80% of the stock is owned by corporate insiders.

NIKE Trading Up 0.1%

Shares of NKE stock opened at $73.06 on Tuesday. The firm has a market capitalization of $107.91 billion, a P/E ratio of 33.83, a P/E/G ratio of 2.65 and a beta of 1.24. NIKE, Inc. has a twelve month low of $52.28 and a twelve 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 fifty day simple moving average is $75.33 and its 200 day simple moving average is $67.59.

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

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.2%. NIKE's payout ratio is currently 74.07%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.