Precedent Wealth Partners LLC Acquires New Stake in NIKE, Inc. (NYSE:NKE)

Precedent Wealth Partners LLC bought a new position in shares of NIKE, Inc. (NYSE:NKE) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 10,046 shares of the footwear maker’s stock, valued at approximately $888,000.

Other institutional investors have also added to or reduced their stakes in the company. Longview Partners Guernsey LTD bought a new position in shares of NIKE in the first quarter worth approximately $533,533,000. Capital World Investors raised its position in shares of NIKE by 612.2% during the 1st quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock valued at $487,327,000 after buying an additional 4,457,376 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of NIKE by 45.6% during the 1st quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock worth $832,623,000 after acquiring an additional 2,775,510 shares during the last quarter. PineStone Asset Management Inc. increased its stake in NIKE by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 2,715,689 shares of the footwear maker’s stock valued at $204,681,000 after acquiring an additional 1,576,049 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in NIKE by 351.7% during the second quarter. Renaissance Technologies LLC now owns 1,991,519 shares of the footwear maker’s stock valued at $150,101,000 after purchasing an additional 1,550,611 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NKE has been the topic of a number of research reports. BMO Capital Markets decreased their price objective on NIKE from $118.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday, June 28th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of NIKE from $95.00 to $92.00 and set a “buy” rating for the company in a report on Wednesday, October 2nd. Oppenheimer reaffirmed an “outperform” rating and set a $120.00 target price on shares of NIKE in a report on Friday, June 28th. Bank of America lowered their price target on shares of NIKE from $104.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, October 2nd. Finally, TD Cowen raised their price objective on NIKE from $71.00 to $78.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $96.56.

Insider Activity

In related news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the transaction, the chairman now owns 1,031,226 shares in the company, valued at $80,435,628. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.50% of the company’s stock.

NIKE Stock Performance

Shares of NKE stock opened at $82.92 on Friday. The company’s fifty day moving average price is $82.64 and its 200-day moving average price is $85.32. The stock has a market cap of $125.16 billion, a PE ratio of 22.23, a price-to-earnings-growth ratio of 1.96 and a beta of 1.02. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. NIKE, Inc. has a 12 month low of $70.75 and a 12 month high of $123.39.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. The business had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The business’s revenue was down 10.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 earnings per share. On average, equities analysts expect that NIKE, Inc. will post 2.8 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd were paid a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.78%. NIKE’s dividend payout ratio is currently 39.68%.

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.