Meridian Wealth Management LLC Acquires New Holdings in NIKE, Inc. (NYSE:NKE)

Meridian Wealth Management LLC bought a new position in shares of NIKE, Inc. (NYSE:NKE) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,951 shares of the footwear maker’s stock, valued at approximately $261,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Icon Wealth Advisors LLC increased its holdings in NIKE by 293.5% in the third quarter. Icon Wealth Advisors LLC now owns 31,495 shares of the footwear maker’s stock valued at $2,784,000 after purchasing an additional 23,492 shares during the period. GM Advisory Group LLC grew its position in shares of NIKE by 39.2% in the 3rd quarter. GM Advisory Group LLC now owns 12,023 shares of the footwear maker’s stock valued at $1,063,000 after buying an additional 3,385 shares during the last quarter. Allen Capital Group LLC increased its stake in shares of NIKE by 12.6% in the third quarter. Allen Capital Group LLC now owns 29,677 shares of the footwear maker’s stock valued at $2,623,000 after buying an additional 3,312 shares during the period. Eagle Asset Management Inc. raised its position in shares of NIKE by 36.2% during the third quarter. Eagle Asset Management Inc. now owns 16,698 shares of the footwear maker’s stock worth $1,476,000 after acquiring an additional 4,440 shares during the last quarter. Finally, Investors Research Corp lifted its stake in shares of NIKE by 3,323.9% in the third quarter. Investors Research Corp now owns 12,052 shares of the footwear maker’s stock worth $1,065,000 after acquiring an additional 11,700 shares during the period. 64.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on NKE. Stifel Nicolaus lowered their price target on shares of NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a report on Monday, August 26th. JPMorgan Chase & Co. lowered their target price on shares of NIKE from $80.00 to $77.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. Truist Financial raised shares of NIKE from a “hold” rating to a “buy” rating and upped their price target for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. Wells Fargo & Company lifted their price objective on NIKE from $86.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, September 20th. Finally, Robert W. Baird upped their target price on NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Fourteen analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, NIKE has a consensus rating of “Moderate Buy” and a consensus target price of $95.86.

NIKE Trading Up 2.4 %

Shares of NIKE stock opened at $79.26 on Tuesday. The stock’s 50-day simple moving average is $80.50 and its 200 day simple moving average is $82.42. The stock has a market capitalization of $118.84 billion, a P/E ratio of 22.71, a P/E/G ratio of 1.88 and a beta of 1.03. NIKE, Inc. has a 52-week low of $70.75 and a 52-week high of $123.39. 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 posted its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS 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 business had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. During the same period in the previous year, the business earned $0.94 earnings per share. The firm’s revenue was down 10.4% on a year-over-year basis. As a group, research analysts anticipate that NIKE, Inc. will post 2.75 EPS for the current 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 represents a $1.60 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Monday, December 2nd. This is a positive change from NIKE’s previous quarterly dividend of $0.37. NIKE’s payout ratio is 45.85%.

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.