Zacks Investment Management Buys 23,077 Shares of NIKE, Inc. (NYSE:NKE)

Zacks Investment Management grew its stake in shares of NIKE, Inc. (NYSE:NKE) by 6.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 365,312 shares of the footwear maker’s stock after buying an additional 23,077 shares during the quarter. Zacks Investment Management’s holdings in NIKE were worth $32,294,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Csenge Advisory Group lifted its position in NIKE by 5.6% in the 2nd quarter. Csenge Advisory Group now owns 3,352 shares of the footwear maker’s stock worth $253,000 after buying an additional 177 shares during the last quarter. QRG Capital Management Inc. raised its stake in shares of NIKE by 5.6% during the second quarter. QRG Capital Management Inc. now owns 75,200 shares of the footwear maker’s stock worth $5,668,000 after acquiring an additional 4,006 shares in the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of NIKE in the 2nd quarter worth approximately $80,000. Bruce G. Allen Investments LLC boosted its stake 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 valued at $39,000 after purchasing an additional 376 shares in the last quarter. Finally, Spectrum Asset Management Inc. NB CA grew its holdings in shares of NIKE by 103.8% during the 2nd quarter. Spectrum Asset Management Inc. NB CA now owns 8,120 shares of the footwear maker’s stock valued at $612,000 after purchasing an additional 4,136 shares during the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Trading Up 0.4 %

Shares of NYSE NKE opened at $78.86 on Friday. NIKE, Inc. has a 1 year low of $70.75 and a 1 year high of $123.39. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. The firm has a 50-day moving average of $79.46 and a 200 day moving average of $81.80. The stock has a market cap of $118.24 billion, a P/E ratio of 22.60, a price-to-earnings-growth ratio of 1.91 and a beta of 1.02.

NIKE (NYSE:NKE) last released its 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 firm had revenue of $11.59 billion during 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 business’s revenue was down 10.4% on a year-over-year basis. During the same period last year, the business earned $0.94 earnings per share. As a group, sell-side analysts expect that NIKE, Inc. will post 2.73 EPS for the current fiscal year.

NIKE Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be paid a $0.40 dividend. This is a boost from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Monday, December 2nd. NIKE’s dividend payout ratio is currently 45.85%.

Analyst Ratings Changes

Several research firms have issued reports on NKE. Daiwa America lowered shares of NIKE from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Evercore ISI dropped their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Wednesday, October 2nd. Telsey Advisory Group decreased their price target on NIKE from $100.00 to $96.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. dropped their price objective on NIKE from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Monday, December 2nd. Finally, Guggenheim decreased their target price on shares of NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, October 2nd. Fourteen equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $95.54.

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.