Valley Wealth Managers Inc. Acquires 693 Shares of NIKE, Inc. (NYSE:NKE)

Valley Wealth Managers Inc. increased its stake in shares of NIKE, Inc. (NYSE:NKE) by 69,300.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 694 shares of the footwear maker’s stock after buying an additional 693 shares during the quarter. Valley Wealth Managers Inc.’s holdings in NIKE were worth $61,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Legal & General Group Plc increased its stake in shares of NIKE by 5.5% during the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after purchasing an additional 571,544 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of NIKE by 0.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 6,025,616 shares of the footwear maker’s stock valued at $454,151,000 after buying an additional 52,500 shares during the period. Longview Partners Guernsey LTD purchased a new position in shares of NIKE during the 1st quarter valued at $533,533,000. Capital World Investors lifted its position in shares of NIKE by 612.2% during the 1st quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock valued at $487,327,000 after buying an additional 4,457,376 shares during the last quarter. Finally, Clearbridge Investments LLC grew its stake in shares of NIKE by 2.3% during the 1st quarter. Clearbridge Investments LLC now owns 4,963,253 shares of the footwear maker’s stock worth $466,447,000 after acquiring an additional 109,295 shares during the period. Institutional investors own 64.25% of the company’s stock.

NIKE Trading Up 1.3 %

Shares of NKE opened at $76.66 on Friday. The stock has a market capitalization of $114.94 billion, a P/E ratio of 21.97, a PEG ratio of 1.86 and a beta of 1.03. NIKE, Inc. has a twelve month low of $70.75 and a twelve month high of $123.39. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. The firm has a fifty day simple moving average of $80.89 and a two-hundred day simple moving average of $83.27.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. NIKE’s quarterly revenue was down 10.4% on a year-over-year basis. During the same period last year, the firm earned $0.94 earnings per share. On average, research analysts anticipate that NIKE, Inc. will post 2.74 EPS for the current year.

NIKE Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a $0.40 dividend. This is a positive change 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 yield of 2.09%. NIKE’s dividend payout ratio (DPR) is presently 42.41%.

Wall Street Analyst Weigh In

NKE has been the topic of several recent research reports. 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 report on Wednesday, October 2nd. Wells Fargo & Company raised their price objective on shares of NIKE from $86.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, September 20th. JPMorgan Chase & Co. reduced their target price on NIKE from $80.00 to $77.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. Daiwa America lowered shares of NIKE from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Finally, Bank of America decreased their target price on shares of NIKE from $104.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Fourteen investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, NIKE currently has an average rating of “Moderate Buy” and a consensus target price of $96.48.

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.