Canoe Financial LP Raises Stake in NIKE, Inc. (NYSE:NKE)

Canoe Financial LP boosted its position in shares of NIKE, Inc. (NYSE:NKE) by 1.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 111,720 shares of the footwear maker’s stock after acquiring an additional 1,200 shares during the period. Canoe Financial LP’s holdings in NIKE were worth $8,454,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brooklyn Investment Group raised its stake in NIKE by 28.5% in the fourth quarter. Brooklyn Investment Group now owns 5,092 shares of the footwear maker’s stock valued at $385,000 after buying an additional 1,130 shares in the last quarter. Somerset Trust Co increased its holdings in shares of NIKE by 5.7% in the 4th quarter. Somerset Trust Co now owns 21,474 shares of the footwear maker’s stock valued at $1,625,000 after acquiring an additional 1,159 shares during the last quarter. Chemistry Wealth Management LLC raised its position in shares of NIKE by 4.0% during the 4th quarter. Chemistry Wealth Management LLC now owns 39,692 shares of the footwear maker’s stock worth $3,003,000 after acquiring an additional 1,539 shares in the last quarter. Relyea Zuckerberg Hanson LLC lifted its stake in NIKE by 16.4% during the fourth quarter. Relyea Zuckerberg Hanson LLC now owns 2,953 shares of the footwear maker’s stock worth $223,000 after purchasing an additional 416 shares during the last quarter. Finally, Avanza Fonder AB acquired a new position in NIKE in the fourth quarter valued at approximately $9,019,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at NIKE

In other news, Director John W. Rogers, Jr. bought 2,500 shares of the stock in a transaction on Friday, December 27th. The shares were bought at an average price of $76.65 per share, with a total value of $191,625.00. Following the completion of the acquisition, the director now owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is currently owned by company insiders.

NIKE Price Performance

NIKE stock opened at $70.89 on Friday. The company has a market cap of $104.85 billion, a P/E ratio of 21.88, a price-to-earnings-growth ratio of 2.26 and a beta of 1.02. NIKE, Inc. has a one year low of $70.32 and a one year high of $107.43. The business has a fifty day moving average of $75.87 and a two-hundred day moving average of $77.96. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, December 19th. The footwear maker reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.15. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The firm had revenue of $12.35 billion for the quarter, compared to the consensus estimate of $12.11 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The firm’s revenue was down 7.7% on a year-over-year basis. As a group, analysts predict that NIKE, Inc. will post 2.1 earnings per share for the current fiscal year.

NIKE Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 2nd were issued a $0.40 dividend. The ex-dividend date was Monday, December 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.26%. This is a boost from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio is currently 49.38%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on NKE shares. Evercore ISI reduced their price objective on shares of NIKE from $105.00 to $97.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Guggenheim reduced their price target on shares of NIKE from $115.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Morgan Stanley dropped their price objective on NIKE from $80.00 to $74.00 and set an “equal weight” rating on the stock in a report on Friday, December 20th. Truist Financial reduced their target price on NIKE from $97.00 to $90.00 and set a “buy” rating for the company in a report on Friday, December 20th. Finally, Robert W. Baird cut their price target on NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, December 23rd. Fourteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $89.96.

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.