Xcel Wealth Management LLC Takes $288,000 Position in NIKE, Inc. $NKE

Key Points

• Xcel Wealth Management LLC acquired 4,055 shares of NIKE, valued at approximately $288,000, signaling strong institutional interest in the company.
• Multiple analysts have recently upgraded NIKE's stock ratings and target prices, reflecting increased confidence in its performance, with price targets reaching as high as $115.00.
• NIKE's latest earnings report revealed a net margin of 6.95%, although revenue declined by 11.9% year-over-year, indicating challenges alongside positive market expectations.

Xcel Wealth Management LLC purchased a new position in shares of NIKE, Inc. (NYSE:NKE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,055 shares of the footwear maker's stock, valued at approximately $288,000.

Other institutional investors also recently added to or reduced their stakes in the company. Caldwell Sutter Capital Inc. grew its position in NIKE by 6.3% during the 2nd quarter. Caldwell Sutter Capital Inc. now owns 2,390 shares of the footwear maker's stock worth $170,000 after purchasing an additional 142 shares during the last quarter. Westmount Partners LLC boosted its stake in shares of NIKE by 2.9% during the second quarter. Westmount Partners LLC now owns 5,165 shares of the footwear maker's stock worth $367,000 after buying an additional 146 shares during the period. Matrix Trust Co grew its holdings in shares of NIKE by 53.1% during the second quarter. Matrix Trust Co now owns 441 shares of the footwear maker's stock worth $31,000 after buying an additional 153 shares during the last quarter. RB Capital Management LLC increased its position in NIKE by 0.4% in the 2nd quarter. RB Capital Management LLC now owns 46,327 shares of the footwear maker's stock valued at $3,291,000 after acquiring an additional 171 shares during the period. Finally, Breakwater Capital Group increased its position in NIKE by 4.8% in the 2nd quarter. Breakwater Capital Group now owns 3,873 shares of the footwear maker's stock valued at $275,000 after acquiring an additional 177 shares during the period. Institutional investors and hedge funds own 64.25% of the company's stock.

Analyst Ratings Changes

NKE has been the topic of a number of recent research reports. Piper Sandler boosted their target price on NIKE from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Bank of America lifted their price objective on shares of NIKE from $80.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Cowen raised shares of NIKE from a "hold" rating to a "buy" rating in a research note on Wednesday, September 10th. The Goldman Sachs Group raised their target price on shares of NIKE from $72.00 to $81.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $115.00 target price on shares of NIKE in a report on Friday, August 22nd. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $79.46.

NIKE Stock Up 0.4%

NIKE stock opened at $71.21 on Thursday. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $90.62. The firm has a market capitalization of $105.17 billion, a price-to-earnings ratio of 32.97, a price-to-earnings-growth ratio of 2.58 and a beta of 1.24. The stock's fifty day moving average is $75.12 and its two-hundred day moving average is $67.43. 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 (NYSE:NKE - Get Free Report) last released its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The business had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.69 billion. NIKE had a return on equity of 23.33% and a net margin of 6.95%.The business's revenue was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.99 EPS. Analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 2nd. NIKE's dividend payout ratio is 74.07%.

Insider Activity at NIKE

In other news, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $75.93, for a total value of $6,535,902.54. Following the sale, the chairman directly owned 744,988 shares in the company, valued at $56,566,938.84. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.80% of the stock is owned by corporate insiders.

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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