Seven Eight Capital LP Purchases 65,034 Shares of NIKE, Inc. (NYSE:NKE)

Seven Eight Capital LP raised its position in NIKE, Inc. (NYSE:NKE) by 999.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 71,542 shares of the footwear maker’s stock after purchasing an additional 65,034 shares during the period. NIKE accounts for approximately 0.6% of Seven Eight Capital LP’s portfolio, making the stock its 16th largest position. Seven Eight Capital LP’s holdings in NIKE were worth $5,392,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Beta Wealth Group Inc. raised its holdings in NIKE by 2.3% in the 4th quarter. Beta Wealth Group Inc. now owns 4,501 shares of the footwear maker’s stock worth $489,000 after purchasing an additional 101 shares in the last quarter. Kampmann Melissa S. boosted its position in NIKE by 0.8% during the 4th quarter. Kampmann Melissa S. now owns 15,050 shares of the footwear maker’s stock valued at $1,634,000 after acquiring an additional 115 shares in the last quarter. Ascent Wealth Partners LLC grew its holdings in shares of NIKE by 0.4% during the 1st quarter. Ascent Wealth Partners LLC now owns 28,513 shares of the footwear maker’s stock worth $2,680,000 after acquiring an additional 115 shares during the period. Condor Capital Management raised its position in shares of NIKE by 0.4% in the 1st quarter. Condor Capital Management now owns 26,079 shares of the footwear maker’s stock worth $2,451,000 after acquiring an additional 116 shares in the last quarter. Finally, Bell Investment Advisors Inc raised its holdings in NIKE by 4.7% in the fourth quarter. Bell Investment Advisors Inc now owns 2,610 shares of the footwear maker’s stock worth $283,000 after purchasing an additional 118 shares in the last quarter. 64.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on NKE shares. Citigroup cut their price objective on shares of NIKE from $115.00 to $102.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Royal Bank of Canada cut their target price on NIKE from $100.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft decreased their price target on NIKE from $115.00 to $92.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Oppenheimer reiterated an “outperform” rating and issued a $120.00 price objective on shares of NIKE in a report on Friday, June 28th. Finally, Piper Sandler reissued a “neutral” rating and issued a $80.00 target price on shares of NIKE in a research report on Friday, August 23rd. Fifteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, NIKE has an average rating of “Moderate Buy” and an average price target of $95.59.

Insider Activity at NIKE

In related news, Director Robert Holmes Swan acquired 2,941 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were acquired at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the completion of the transaction, the director now directly owns 20,946 shares in the company, valued at approximately $1,613,260.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Holmes Swan bought 2,941 shares of NIKE stock in a transaction dated Friday, June 28th. The stock was purchased at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the purchase, the director now owns 20,946 shares of the company’s stock, valued at approximately $1,613,260.92. The disclosure for this purchase can be found here. 0.50% of the stock is owned by insiders.

NIKE Stock Performance

NYSE NKE opened at $80.64 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. NIKE, Inc. has a 1-year low of $70.75 and a 1-year high of $123.39. The business has a 50 day simple moving average of $77.52 and a two-hundred day simple moving average of $87.32. The stock has a market capitalization of $121.71 billion, a PE ratio of 21.62, a P/E/G ratio of 2.08 and a beta of 1.02.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The firm had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. NIKE’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the firm posted $0.66 earnings per share. On average, research analysts predict that NIKE, Inc. will post 3.06 EPS for the current fiscal year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Tuesday, September 3rd. NIKE’s dividend payout ratio is 39.68%.

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.