Massachusetts Financial Services Co. MA Acquires 1,184,252 Shares of NIKE, Inc. (NYSE:NKE)

Massachusetts Financial Services Co. MA boosted its holdings in NIKE, Inc. (NYSE:NKE) by 19.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 7,209,868 shares of the footwear maker’s stock after acquiring an additional 1,184,252 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in NIKE were worth $637,352,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Transcendent Capital Group LLC increased its holdings in shares of NIKE by 97.6% during the first quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock worth $38,000 after buying an additional 200 shares in the last quarter. VitalStone Financial LLC boosted its stake in shares of NIKE by 52.6% during the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after purchasing an additional 150 shares in the last quarter. Bruce G. Allen Investments LLC increased its stake in shares of NIKE by 272.5% in the second quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock valued at $39,000 after buying an additional 376 shares during the period. Triad Wealth Partners LLC bought a new position in NIKE in the 2nd quarter valued at approximately $44,000. Finally, MFA Wealth Advisors LLC acquired a new stake in NIKE during the 2nd quarter worth approximately $46,000. Institutional investors own 64.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NKE. Sanford C. Bernstein decreased their price target on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a research report on Thursday, September 19th. Stifel Nicolaus lowered their target price on NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a research report on Monday, August 26th. Guggenheim reduced their price target on NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Morgan Stanley increased their target price on shares of NIKE from $79.00 to $82.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Finally, Truist Financial upgraded shares of NIKE from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $97.00 in a research report on Thursday, October 10th. Fourteen research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and an average price target of $96.30.

NIKE Price Performance

NYSE:NKE opened at $75.29 on Friday. The firm has a market cap of $112.88 billion, a price-to-earnings ratio of 21.57, a price-to-earnings-growth ratio of 1.80 and a beta of 1.03. NIKE, Inc. has a 12-month low of $70.75 and a 12-month high of $123.39. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The company’s 50-day moving average is $80.55 and its two-hundred day moving average is $82.78.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping the consensus estimate of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The firm had revenue of $11.59 billion during the quarter, compared to analyst estimates of $11.64 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. NIKE’s revenue for the quarter was down 10.4% compared to the same quarter last year. Research analysts expect that NIKE, Inc. will post 2.74 EPS for the current year.

NIKE Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 2.13%. NIKE’s payout ratio is currently 42.41%.

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.