Palisades Hudson Asset Management L.P. Takes Position in NIKE, Inc. (NYSE:NKE)

Palisades Hudson Asset Management L.P. bought a new stake in shares of NIKE, Inc. (NYSE:NKE) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,442 shares of the footwear maker’s stock, valued at approximately $216,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in NIKE by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock valued at $10,342,012,000 after purchasing an additional 501,792 shares during the period. Legal & General Group Plc boosted its position in NIKE by 5.5% during the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after acquiring an additional 571,544 shares during the period. Massachusetts Financial Services Co. MA grew its stake in NIKE by 0.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,025,616 shares of the footwear maker’s stock valued at $454,151,000 after acquiring an additional 52,500 shares in the last quarter. Longview Partners Guernsey LTD acquired a new position in shares of NIKE in the 1st quarter valued at about $533,533,000. Finally, Capital World Investors lifted its position in shares of NIKE by 612.2% in the first quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock worth $487,327,000 after purchasing an additional 4,457,376 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.

Insider Activity

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the sale, the chairman now owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Stifel Nicolaus reduced their price target on NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a report on Monday, August 26th. Sanford C. Bernstein cut their target price on NIKE from $112.00 to $109.00 and set an “outperform” rating on the stock in a report on Thursday, September 19th. Wells Fargo & Company boosted 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. Williams Trading upgraded shares of NIKE from a “sell” rating to a “buy” rating and raised their target price for the company from $67.00 to $93.00 in a research note on Friday, August 16th. Finally, Piper Sandler reissued a “neutral” rating and set a $80.00 price objective on shares of NIKE 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 company’s stock. According to MarketBeat, NIKE presently has an average rating of “Moderate Buy” and a consensus price target of $96.56.

NIKE Price Performance

NKE stock remained flat at $78.06 during trading hours on Monday. The company’s stock had a trading volume of 440,126 shares, compared to its average volume of 11,532,003. NIKE, Inc. has a 52-week low of $70.75 and a 52-week high of $123.39. The firm’s 50 day simple moving average is $82.12 and its 200-day simple moving average is $84.37. The company has a market cap of $117.04 billion, a P/E ratio of 22.37, a price-to-earnings-growth ratio of 1.87 and a beta of 1.03. 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 announced its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 10.60% and a return on equity of 39.84%. NIKE’s quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.94 earnings per share. As a group, equities research analysts forecast that NIKE, Inc. will post 2.74 earnings per share for the current year.

About NIKE

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.