Miracle Mile Advisors LLC Boosts Stake in NIKE, Inc. (NYSE:NKE)

Miracle Mile Advisors LLC increased its position in NIKE, Inc. (NYSE:NKE) by 423.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,290 shares of the footwear maker’s stock after buying an additional 45,535 shares during the period. Miracle Mile Advisors LLC’s holdings in NIKE were worth $5,290,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NKE. Annapolis Financial Services LLC raised its position in NIKE by 440.0% during the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after purchasing an additional 220 shares during the period. Iron Horse Wealth Management LLC raised its position in NIKE by 120.7% during the fourth quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock valued at $28,000 after purchasing an additional 140 shares during the period. Planned Solutions Inc. purchased a new stake in NIKE during the fourth quarter valued at approximately $29,000. True Wealth Design LLC raised its position in NIKE by 106.4% during the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after purchasing an additional 150 shares during the period. Finally, Frank Rimerman Advisors LLC purchased a new stake in NIKE during the fourth quarter valued at approximately $33,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NKE. Truist Financial reduced their price target on NIKE from $99.00 to $81.00 and set a “hold” rating on the stock in a report on Friday. Robert W. Baird reduced their price target on NIKE from $125.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $83.00 price target (down from $116.00) on shares of NIKE in a report on Friday. Guggenheim reduced their price target on NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Friday. Finally, Raymond James reiterated a “market perform” rating on shares of NIKE in a report on Friday. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, NIKE presently has an average rating of “Hold” and an average price target of $98.96.

Insiders Place Their Bets

In other NIKE news, VP Johanna Nielsen sold 282 shares of NIKE stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $93.64, for a total transaction of $26,406.48. Following the completion of the sale, the vice president now owns 730 shares of the company’s stock, valued at approximately $68,357.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Johanna Nielsen sold 282 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the completion of the transaction, the vice president now owns 730 shares of the company’s stock, valued at approximately $68,357.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Monique S. Matheson sold 45,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total value of $4,237,200.00. Following the completion of the transaction, the executive vice president now directly owns 44,997 shares of the company’s stock, valued at approximately $4,236,917.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 213,660 shares of company stock valued at $19,946,333. 0.50% of the stock is owned by company insiders.

NIKE Stock Up 1.9 %

NKE stock traded up $1.46 on Monday, hitting $76.83. 42,413,023 shares of the company’s stock were exchanged, compared to its average volume of 10,559,675. NIKE, Inc. has a 12-month low of $74.29 and a 12-month high of $123.39. The firm has a 50 day moving average price of $93.28 and a two-hundred day moving average price of $98.85. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. The stock has a market cap of $115.96 billion, a P/E ratio of 20.53, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The company had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter in the previous year, the firm posted $0.66 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. As a group, equities research analysts expect that NIKE, Inc. will post 3.9 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be given a dividend of $0.37 per share. The ex-dividend date is Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.93%. NIKE’s dividend payout ratio is currently 39.68%.

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.