Turtle Creek Wealth Advisors LLC Takes Position in NIKE, Inc. (NYSE:NKE)

Turtle Creek Wealth Advisors LLC bought a new position in shares of NIKE, Inc. (NYSE:NKE - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 15,027 shares of the footwear maker's stock, valued at approximately $954,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Wellington Management Group LLP boosted its holdings in NIKE by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker's stock valued at $2,749,903,000 after purchasing an additional 8,898,591 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of NIKE by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker's stock valued at $1,915,110,000 after purchasing an additional 347,178 shares in the last quarter. Capital World Investors lifted its stake in NIKE by 10.3% in the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock valued at $1,857,389,000 after buying an additional 2,288,627 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 in the last quarter. Finally, Norges Bank purchased a new position in shares of NIKE during the 4th quarter worth $1,126,288,000. Hedge funds and other institutional investors own 64.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on NKE shares. Berenberg Bank began coverage on shares of NIKE in a research note on Tuesday, April 15th. They set a "hold" rating and a $58.00 price target on the stock. Stifel Nicolaus cut their price target on shares of NIKE from $75.00 to $64.00 and set a "hold" rating on the stock in a report on Thursday, April 10th. Piper Sandler raised their price objective on NIKE from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, June 27th. Williams Trading cut their price objective on NIKE from $93.00 to $73.00 and set a "buy" rating on the stock in a research report on Monday, April 21st. Finally, Morgan Stanley raised their price objective on NIKE from $61.00 to $64.00 and gave the company an "equal weight" rating in a research report on Friday, June 27th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, NIKE has an average rating of "Moderate Buy" and an average target price of $77.15.

NIKE Trading Up 1.1%

Shares of NYSE:NKE traded up $0.81 during midday trading on Thursday, reaching $72.91. The company had a trading volume of 3,736,894 shares, compared to its average volume of 15,083,274. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $90.62. The firm has a market cap of $107.84 billion, a price-to-earnings ratio of 33.76, a price-to-earnings-growth ratio of 2.64 and a beta of 1.25. The company has a fifty day simple moving average of $64.92 and a two-hundred day simple moving average of $67.30.

NIKE (NYSE:NKE - Get Free Report) last announced its earnings results on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The company had revenue of $11.10 billion during the quarter, compared to analysts' expectations of $10.69 billion. During the same period last year, the company posted $0.99 earnings per share. The business's revenue for the quarter was down 11.9% on a year-over-year basis. Research analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.19%. NIKE's dividend payout ratio (DPR) is presently 74.07%.

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.