Avidian Wealth Solutions LLC Raises Holdings in NIKE, Inc. (NYSE:NKE)

Avidian Wealth Solutions LLC raised its stake in NIKE, Inc. (NYSE:NKE) by 8.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,253 shares of the footwear maker’s stock after purchasing an additional 479 shares during the period. Avidian Wealth Solutions LLC’s holdings in NIKE were worth $588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank purchased a new stake in shares of NIKE during the 4th quarter worth approximately $1,315,097,000. Price T Rowe Associates Inc. MD grew its holdings in shares of NIKE by 87.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock worth $1,860,395,000 after purchasing an additional 7,996,434 shares during the last quarter. Capital International Investors increased its position in shares of NIKE by 34.9% during the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock worth $2,997,628,000 after purchasing an additional 7,143,775 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of NIKE by 45.6% in the 1st quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock valued at $832,623,000 after purchasing an additional 2,775,510 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado boosted its position in shares of NIKE by 13,094.2% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,563,253 shares of the footwear maker’s stock valued at $169,722,000 after purchasing an additional 1,551,405 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Insider Activity

In related news, Director Robert Holmes Swan acquired 2,941 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the transaction, the director now directly owns 20,946 shares of the company’s stock, valued at approximately $1,613,260.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other NIKE news, EVP Monique S. Matheson sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total value of $4,237,200.00. Following the transaction, the executive vice president now directly owns 44,997 shares in the company, valued at approximately $4,236,917.52. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert Holmes Swan purchased 2,941 shares of the stock in a transaction dated Friday, June 28th. The shares were purchased at an average price of $77.02 per share, with a total value of $226,515.82. Following the completion of the acquisition, the director now owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The disclosure for this purchase can be found here. Insiders have sold 213,660 shares of company stock worth $19,946,333 over the last ninety days. 0.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on NKE shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $79.00 price target (down previously from $114.00) on shares of NIKE in a research report on Friday, June 28th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of NIKE from $115.00 to $92.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Guggenheim lowered their price objective on shares of NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. UBS Group restated a “neutral” rating and issued a $78.00 price objective on shares of NIKE in a research note on Friday, June 28th. Finally, Raymond James reiterated a “market perform” rating on shares of NIKE in a research note on Friday, June 28th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, NIKE currently has a consensus rating of “Hold” and a consensus target price of $97.19.

NIKE Price Performance

NYSE NKE traded up $0.08 during mid-day trading on Wednesday, hitting $72.54. The stock had a trading volume of 21,331,696 shares, compared to its average volume of 11,132,691. The company has a 50 day simple moving average of $90.63 and a 200 day simple moving average of $96.64. The company has a market cap of $109.49 billion, a price-to-earnings ratio of 19.45, a P/E/G ratio of 1.87 and a beta of 1.01. NIKE, Inc. has a 52-week low of $71.67 and a 52-week high of $123.39. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.16. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The company had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. During the same quarter in the prior year, the company earned $0.66 earnings per share. NIKE’s revenue was down 1.6% compared to the same quarter last year. Equities analysts forecast that NIKE, Inc. will post 3.17 EPS for the current fiscal year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 3rd were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend was Monday, June 3rd. NIKE’s dividend payout ratio (DPR) is presently 39.68%.

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.