Parthenon LLC Makes New Investment in NIKE, Inc. (NYSE:NKE)

Parthenon LLC acquired a new stake in NIKE, Inc. (NYSE:NKE) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 26,469 shares of the footwear maker’s stock, valued at approximately $2,340,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Transcendent Capital Group LLC grew its holdings in NIKE by 97.6% during the 1st quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock valued at $38,000 after purchasing an additional 200 shares during the last quarter. VitalStone Financial LLC grew its stake in shares of NIKE by 52.6% during 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 last quarter. Bruce G. Allen Investments LLC raised its holdings in shares of NIKE by 272.5% in the second quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock worth $39,000 after buying an additional 376 shares during the period. Triad Wealth Partners LLC bought a new stake in shares of NIKE during the 2nd quarter worth approximately $44,000. Finally, MFA Wealth Advisors LLC purchased a new position in NIKE during the 2nd quarter valued at $46,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

NKE traded up $0.12 during midday trading on Wednesday, hitting $76.78. 1,100,132 shares of the company were exchanged, compared to its average volume of 11,473,891. The company’s 50 day simple moving average is $81.16 and its 200 day simple moving average is $83.49. The firm has a market capitalization of $115.12 billion, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 1.86 and a beta of 1.03. NIKE, Inc. has a 1-year low of $70.75 and a 1-year high of $123.39. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion during 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 business earned $0.94 earnings per share. As a group, sell-side analysts predict that NIKE, Inc. will post 2.74 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on NKE. Jefferies Financial Group increased their target price on NIKE from $80.00 to $85.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Morgan Stanley lifted their price objective on shares of NIKE from $79.00 to $82.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Sanford C. Bernstein dropped their target price on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating on the stock in a research note on Thursday, September 19th. TD Cowen lifted their price target on shares of NIKE from $71.00 to $78.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company increased their price target on NIKE from $86.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, September 20th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and a consensus price target of $96.48.

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.