Conway Capital Management Inc. Invests $539,000 in NIKE, Inc. (NYSE:NKE)

Conway Capital Management Inc. bought a new position in shares of NIKE, Inc. (NYSE:NKE) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,097 shares of the footwear maker’s stock, valued at approximately $539,000.

Several other hedge funds have also recently bought and sold shares of NKE. Teachers Insurance & Annuity Association of America bought a new stake in NIKE in the 3rd quarter valued at $30,000. VitalStone Financial LLC grew its holdings in shares of NIKE by 52.6% in the 3rd quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after acquiring an additional 150 shares in the last quarter. Triad Wealth Partners LLC acquired a new stake in shares of NIKE in the second quarter valued at about $44,000. Dunhill Financial LLC raised its holdings in NIKE by 52.2% during the third quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock worth $44,000 after acquiring an additional 169 shares in the last quarter. Finally, MFA Wealth Advisors LLC acquired a new position in NIKE during the second quarter valued at approximately $46,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NKE has been the topic of several recent analyst reports. Sanford C. Bernstein lowered their price target on NIKE from $112.00 to $109.00 and set an “outperform” rating on the stock in a research report on Thursday, September 19th. Stifel Nicolaus lowered their target price on shares of NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a report on Monday, August 26th. Evercore ISI cut their price target on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. Royal Bank of Canada lowered their price objective on shares of NIKE from $82.00 to $80.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 7th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $80.00 target price on shares of NIKE in a research note on Friday, September 20th. Fourteen equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $95.54.

NIKE Stock Performance

Shares of NIKE stock opened at $77.67 on Tuesday. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The company has a market cap of $116.46 billion, a PE ratio of 22.26, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The company has a 50 day moving average of $79.03 and a 200-day moving average of $81.46. NIKE, Inc. has a 1-year low of $70.75 and a 1-year high of $123.39.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The firm had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The company’s quarterly revenue was down 10.4% on a year-over-year basis. As a group, equities research analysts forecast that NIKE, Inc. will post 2.73 earnings per share for the current fiscal year.

NIKE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Monday, December 2nd. This is a boost from NIKE’s previous quarterly dividend of $0.37. NIKE’s payout ratio is currently 45.85%.

NIKE Company 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.