Confluence Investment Management LLC Buys New Shares in NIKE, Inc. (NYSE:NKE)

Confluence Investment Management LLC bought a new stake in NIKE, Inc. (NYSE:NKE) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 174,300 shares of the footwear maker’s stock, valued at approximately $16,381,000.

Several other hedge funds have also made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. bought a new position in NIKE during the third quarter worth about $7,064,000. Mirabella Financial Services LLP bought a new position in NIKE during the third quarter worth about $635,000. Robertson Stephens Wealth Management LLC lifted its stake in NIKE by 38.7% during the third quarter. Robertson Stephens Wealth Management LLC now owns 11,280 shares of the footwear maker’s stock worth $1,082,000 after purchasing an additional 3,149 shares during the period. Aigen Investment Management LP bought a new position in NIKE during the third quarter worth about $2,410,000. Finally, Princeton Capital Management LLC lifted its stake in NIKE by 25.2% during the third quarter. Princeton Capital Management LLC now owns 2,977 shares of the footwear maker’s stock worth $285,000 after purchasing an additional 600 shares during the period. Institutional investors own 64.25% of the company’s stock.

NIKE Price Performance

NKE opened at $94.78 on Wednesday. The company has a fifty day simple moving average of $93.31 and a 200 day simple moving average of $100.21. The company has a quick ratio of 1.89, a current ratio of 2.74 and a debt-to-equity ratio of 0.63. The stock has a market cap of $143.06 billion, a P/E ratio of 27.88, a P/E/G ratio of 1.77 and a beta of 1.05. NIKE, Inc. has a 12 month low of $88.66 and a 12 month high of $123.39.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, March 21st. The footwear maker reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.29. The business had revenue of $12.43 billion for the quarter, compared to analysts’ expectations of $12.28 billion. NIKE had a return on equity of 39.41% and a net margin of 10.14%. On average, research analysts expect that NIKE, Inc. will post 3.76 EPS for the current year.

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.56%. NIKE’s payout ratio is 43.53%.

Analysts Set New Price Targets

A number of brokerages have commented on NKE. Bank of America upgraded shares of NIKE from a “neutral” rating to a “buy” rating and raised their price target for the stock from $110.00 to $113.00 in a research note on Thursday, April 11th. Morgan Stanley cut their target price on shares of NIKE from $116.00 to $114.00 and set an “overweight” rating for the company in a research note on Monday. Truist Financial reiterated a “hold” rating and issued a $111.00 target price on shares of NIKE in a research note on Tuesday, March 19th. Sanford C. Bernstein cut their target price on shares of NIKE from $134.00 to $120.00 and set an “outperform” rating for the company in a research note on Friday, March 22nd. Finally, Williams Trading reiterated a “sell” rating and issued a $85.00 target price (down previously from $92.00) on shares of NIKE in a research note on Monday, March 18th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and an average target price of $115.52.

Insider Activity at NIKE

In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of NIKE stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total value of $15,682,726.92. Following the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $102,648,662.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Johanna Nielsen sold 282 shares of the company’s 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 sale, the vice president now owns 730 shares in the company, valued at $68,357.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total value of $15,682,726.92. Following the sale, the chairman now owns 1,102,090 shares in the company, valued at approximately $102,648,662.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 213,660 shares of company stock valued at $19,946,333. 0.50% of the stock is owned by corporate insiders.

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.