1776 Wealth LLC Acquires Shares of 2,374 NIKE, Inc. (NYSE:NKE)

1776 Wealth LLC bought a new position in shares of NIKE, Inc. (NYSE:NKE) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,374 shares of the footwear maker’s stock, valued at approximately $210,000.

Several other large investors also recently modified their holdings of NKE. M&G Plc purchased a new stake in NIKE in the first quarter worth $10,109,000. Spirepoint Private Client LLC bought a new stake in shares of NIKE during the 1st quarter valued at about $425,000. Alera Investment Advisors LLC increased its position in shares of NIKE by 6.3% during the first quarter. Alera Investment Advisors LLC now owns 2,358 shares of the footwear maker’s stock valued at $222,000 after buying an additional 139 shares during the period. Ontario Teachers Pension Plan Board bought a new position in NIKE in the first quarter worth about $868,000. Finally, Patten & Patten Inc. TN raised its stake in NIKE by 2.1% in the first quarter. Patten & Patten Inc. TN now owns 70,671 shares of the footwear maker’s stock worth $6,642,000 after buying an additional 1,476 shares in the last quarter. 64.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NKE. Morgan Stanley upped their target price on NIKE from $79.00 to $82.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. UBS Group increased their price objective on NIKE from $78.00 to $82.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Williams Trading upgraded shares of NIKE from a “sell” rating to a “buy” rating and boosted their target price for the company from $67.00 to $93.00 in a report on Friday, August 16th. Evercore ISI decreased their price target on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. Finally, Guggenheim dropped their price objective on shares of NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, October 2nd. Fourteen investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, NIKE has a consensus rating of “Moderate Buy” and an average target price of $96.48.

NIKE Stock Performance

NIKE stock traded up $0.98 during mid-day trading on Friday, reaching $76.66. 13,584,939 shares of the stock traded hands, compared to its average volume of 11,489,007. The stock has a market capitalization of $114.94 billion, a PE ratio of 21.97, a price-to-earnings-growth ratio of 1.86 and a beta of 1.03. 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 50-day moving average is $80.89 and its 200-day moving average is $83.27. NIKE, Inc. has a 12-month low of $70.75 and a 12-month 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 for the quarter, topping the consensus estimate of $0.52 by $0.18. The firm 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 quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.94 EPS. As a group, sell-side analysts predict that NIKE, Inc. will post 2.74 EPS for the current fiscal year.

NIKE Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a dividend of $0.40 per share. This is an increase from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.09%. NIKE’s payout ratio is presently 42.41%.

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.