Secure Asset Management LLC Increases Holdings in NIKE, Inc. (NYSE:NKE)

Secure Asset Management LLC raised its holdings in NIKE, Inc. (NYSE:NKE) by 11.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,587 shares of the footwear maker’s stock after buying an additional 3,144 shares during the quarter. Secure Asset Management LLC’s holdings in NIKE were worth $1,942,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in NKE. Wellington Management Group LLP lifted its holdings in NIKE by 32.4% in the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock worth $2,749,903,000 after buying an additional 8,898,591 shares during the period. Geode Capital Management LLC boosted its holdings in shares of NIKE by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker’s stock valued at $1,915,110,000 after buying an additional 347,178 shares in the last quarter. Capital World Investors grew its position in shares of NIKE by 10.3% in the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker’s stock worth $1,857,389,000 after buying an additional 2,288,627 shares during the period. Bank of New York Mellon Corp increased its stake in shares of NIKE by 18.1% in the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock worth $1,541,246,000 after acquiring an additional 3,121,929 shares in the last quarter. Finally, Norges Bank purchased a new position in NIKE during the 4th quarter valued at about $1,126,288,000. 64.25% of the stock is currently owned by institutional investors.

NIKE Trading Up 1.3%

NKE stock opened at $62.39 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $98.04. The business has a 50 day simple moving average of $58.93 and a two-hundred day simple moving average of $69.43. The company has a market capitalization of $92.28 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 2.52 and a beta of 1.23.

NIKE (NYSE:NKE) last released its earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.28 by $0.26. The firm had revenue of $11.27 billion for the quarter, compared to the consensus estimate of $11.02 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The company’s quarterly revenue was down 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.98 earnings per share. Research analysts anticipate that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend is Monday, June 2nd. NIKE’s payout ratio is 53.16%.

Insider Buying and Selling at NIKE

In other news, Director Robert Holmes Swan acquired 8,600 shares of the company’s stock in a transaction on Friday, April 4th. The stock was bought at an average cost of $58.46 per share, with a total value of $502,756.00. Following the completion of the purchase, the director now directly owns 31,983 shares of the company’s stock, valued at $1,869,726.18. This represents a 36.78% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Bank of America dropped their price target on shares of NIKE from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. Truist Financial reduced their price target on shares of NIKE from $90.00 to $82.00 and set a “buy” rating for the company in a research report on Friday, March 21st. UBS Group lowered their price objective on NIKE from $73.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, March 21st. Royal Bank of Canada cut their target price on NIKE from $66.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Tuesday, May 20th. Finally, Dbs Bank upgraded NIKE from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Seventeen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.26.

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.