Precedent Wealth Partners LLC Boosts Stock Position in NIKE, Inc. (NYSE:NKE)

Precedent Wealth Partners LLC grew its holdings in shares of NIKE, Inc. (NYSE:NKE) by 7.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,748 shares of the footwear maker’s stock after purchasing an additional 702 shares during the quarter. Precedent Wealth Partners LLC’s holdings in NIKE were worth $813,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Public Sector Pension Investment Board raised its position in NIKE by 71.5% in the second quarter. Public Sector Pension Investment Board now owns 46,500 shares of the footwear maker’s stock worth $3,505,000 after acquiring an additional 19,390 shares during the period. Dark Forest Capital Management LP bought a new position in NIKE during the second quarter worth about $333,000. MBB Public Markets I LLC grew its stake in NIKE by 2,986.8% in the 2nd quarter. MBB Public Markets I LLC now owns 84,640 shares of the footwear maker’s stock valued at $6,379,000 after buying an additional 81,898 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of NIKE by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 841,006 shares of the footwear maker’s stock valued at $63,409,000 after purchasing an additional 4,347 shares in the last quarter. Finally, Oliver Lagore Vanvalin Investment Group increased its position in shares of NIKE by 5.4% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 2,726 shares of the footwear maker’s stock valued at $205,000 after buying an additional 139 shares during the period. 64.25% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director John W. Rogers, Jr. purchased 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 27th. The shares were bought at an average price of $76.65 per share, for a total transaction of $191,625.00. Following the purchase, the director now directly owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.10% of the company’s stock.

NIKE Price Performance

NKE stock opened at $73.60 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. NIKE, Inc. has a 1 year low of $70.32 and a 1 year high of $107.43. The firm has a 50-day moving average of $75.45 and a 200 day moving average of $77.86. The company has a market cap of $108.86 billion, a P/E ratio of 22.72, a PEG ratio of 2.36 and a beta of 1.02.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.15. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm had revenue of $12.35 billion during the quarter, compared to analyst estimates of $12.11 billion. During the same quarter in the prior year, the company earned $1.03 EPS. The business’s revenue was down 7.7% compared to the same quarter last year. On average, sell-side analysts forecast that NIKE, Inc. will post 2.1 EPS for the current year.

NIKE Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.60 annualized dividend and a yield of 2.17%. This is a positive change from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio (DPR) is currently 49.38%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on NKE shares. Guggenheim lowered their price objective on NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Needham & Company LLC restated a “buy” rating and set a $84.00 price target on shares of NIKE in a research report on Friday, December 20th. Robert W. Baird cut their price objective on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, December 23rd. Bank of America decreased their price objective on NIKE from $95.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, December 20th. Finally, TD Cowen cut their target price on NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a research note on Monday, November 18th. Fourteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $89.96.

NIKE 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.