NIKE, Inc. (NYSE:NKE) Shares Acquired by Cove Private Wealth LLC

Cove Private Wealth LLC increased its position in shares of NIKE, Inc. (NYSE:NKE) by 0.9% during the third quarter, Holdings Channel.com reports. The fund owned 17,605 shares of the footwear maker’s stock after acquiring an additional 150 shares during the quarter. NIKE accounts for approximately 1.2% of Cove Private Wealth LLC’s investment portfolio, making the stock its 23rd largest position. Cove Private Wealth LLC’s holdings in NIKE were worth $1,556,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Longview Partners Guernsey LTD purchased a new position in shares of NIKE in the first quarter worth approximately $533,533,000. Capital World Investors raised its stake in 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 purchasing an additional 4,457,376 shares during the period. Jennison Associates LLC raised its stake in NIKE by 45.6% during the 1st quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock valued at $832,623,000 after purchasing an additional 2,775,510 shares during the period. PineStone Asset Management Inc. lifted its holdings in shares of 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 purchasing an additional 1,576,049 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of NIKE by 351.7% in the second quarter. Renaissance Technologies LLC now owns 1,991,519 shares of the footwear maker’s stock worth $150,101,000 after buying an additional 1,550,611 shares during the period. 64.25% of the stock is currently owned by institutional investors.

NIKE Stock Performance

NYSE NKE traded down $1.09 on Wednesday, hitting $77.31. 3,756,623 shares of the stock were exchanged, compared to its average volume of 11,525,373. The company has a market capitalization of $115.92 billion, a PE ratio of 22.48, a P/E/G ratio of 1.90 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. The business’s fifty day moving average is $82.52 and its 200 day moving average is $84.72. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. During the same quarter in the previous year, the company posted $0.94 earnings per share. The business’s revenue was down 10.4% on a year-over-year basis. Research analysts anticipate that NIKE, Inc. will post 2.76 EPS for the current fiscal year.

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.91%. The ex-dividend date was Tuesday, September 3rd. NIKE’s dividend payout ratio (DPR) is currently 42.41%.

Insider Activity

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chairman now directly owns 1,031,226 shares in the company, valued at approximately $80,435,628. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NKE. Williams Trading upgraded NIKE from a “sell” rating to a “buy” rating and increased their price objective for the stock from $67.00 to $93.00 in a report on Friday, August 16th. Telsey Advisory Group lowered their price target on NIKE from $100.00 to $96.00 and set an “outperform” rating on the stock in a report on Wednesday, October 2nd. Royal Bank of Canada decreased their price objective on shares of NIKE from $85.00 to $82.00 and set a “sector perform” rating for the company in a report on Wednesday, October 2nd. Stifel Nicolaus cut their target price on shares of NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a research report on Monday, August 26th. Finally, Robert W. Baird upped their price target on shares of NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $96.56.

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.