W.G. Shaheen & Associates DBA Whitney & Co Increases Stock Holdings in NIKE, Inc. (NYSE:NKE)

W.G. Shaheen & Associates DBA Whitney & Co increased its holdings in NIKE, Inc. (NYSE:NKE) by 52.2% in the third quarter, Holdings Channel.com reports. The firm owned 112,683 shares of the footwear maker’s stock after purchasing an additional 38,651 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in NIKE were worth $9,961,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Transcendent Capital Group LLC grew its position in NIKE by 97.6% during the first quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock valued at $38,000 after acquiring an additional 200 shares during the period. VitalStone Financial LLC grew its position in 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 acquiring an additional 150 shares during the period. Bruce G. Allen Investments LLC grew its position in NIKE by 272.5% during the second quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock valued at $39,000 after acquiring an additional 376 shares during the period. Triad Wealth Partners LLC purchased a new stake in NIKE during the second quarter valued at about $44,000. Finally, MFA Wealth Advisors LLC purchased a new stake in NIKE during the second quarter valued at about $46,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Trading Down 2.3 %

NIKE stock opened at $74.86 on Tuesday. 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 company has a market capitalization of $112.24 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 1.86 and a beta of 1.03. NIKE, Inc. has a one year low of $70.75 and a one year high of $123.39. The company’s fifty day moving average price is $80.79 and its two-hundred day moving average price is $83.03.

NIKE (NYSE:NKE) last posted its 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. The firm had revenue of $11.59 billion for the quarter, compared to the consensus estimate 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 period in the prior year, the business posted $0.94 earnings per share. On average, analysts forecast that NIKE, Inc. will post 2.74 earnings per share for the current fiscal year.

NIKE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.14%. This is an increase from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, December 2nd. NIKE’s dividend payout ratio is presently 42.41%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NKE. Guggenheim reduced their price objective on NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, October 2nd. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $83.00 to $97.00 in a research note on Thursday, October 10th. Evercore ISI cut their price target on NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 2nd. Telsey Advisory Group cut their price target on NIKE from $100.00 to $96.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 2nd. Finally, Daiwa America cut NIKE from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Fourteen analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $96.30.

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.