Precedent Wealth Partners LLC Acquires Shares of 10,046 NIKE, Inc. (NYSE:NKE)

Precedent Wealth Partners LLC purchased a new stake in NIKE, Inc. (NYSE:NKE) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 10,046 shares of the footwear maker’s stock, valued at approximately $888,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NKE. Annapolis Financial Services LLC raised its stake in shares of 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 acquiring an additional 220 shares during the last quarter. Transcendent Capital Group LLC raised its stake in NIKE by 97.6% during the first quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock worth $38,000 after buying an additional 200 shares during the last quarter. VitalStone Financial LLC lifted its holdings in NIKE by 52.6% in the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after buying an additional 150 shares during the period. Financial Synergies Wealth Advisors Inc. grew its holdings in NIKE by 64.4% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 480 shares of the footwear maker’s stock worth $45,000 after acquiring an additional 188 shares during the period. Finally, Bruce G. Allen Investments LLC raised its position in shares of NIKE by 272.5% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock worth $39,000 after acquiring an additional 376 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.

NIKE Trading Down 0.6 %

Shares of NKE opened at $82.92 on Friday. NIKE, Inc. has a fifty-two week low of $70.75 and a fifty-two week high of $123.39. The business has a 50-day moving average of $82.64 and a 200 day moving average of $85.32. The firm has a market cap of $125.16 billion, a P/E ratio of 22.23, a price-to-earnings-growth ratio of 1.96 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 earnings per share. As a group, research analysts forecast that NIKE, Inc. will post 2.8 EPS for the current year.

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Tuesday, September 3rd. NIKE’s dividend payout ratio (DPR) is presently 39.68%.

Wall Street Analysts Forecast Growth

NKE has been the subject of several recent analyst reports. Sanford C. Bernstein reduced their price objective on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a research report on Thursday, September 19th. The Goldman Sachs Group reduced their price target on shares of NIKE from $118.00 to $105.00 and set a “buy” rating for the company in a report on Friday, June 28th. JPMorgan Chase & Co. dropped their price objective on shares of NIKE from $80.00 to $77.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. Evercore ISI decreased their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. Finally, Guggenheim cut their price target on NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Fourteen analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $96.56.

Insider Activity at NIKE

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction dated Wednesday, August 14th. The stock was 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 owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is currently owned by corporate insiders.

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.