Elevation Point Wealth Partners LLC Has $2.77 Million Stake in NIKE, Inc. (NYSE:NKE)

Elevation Point Wealth Partners LLC boosted its holdings in shares of NIKE, Inc. (NYSE:NKE) by 44.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,609 shares of the footwear maker’s stock after buying an additional 13,482 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in NIKE were worth $2,768,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Krilogy Financial LLC acquired a new position in NIKE during the first quarter worth $661,000. Everhart Financial Group Inc. acquired a new position in NIKE during the first quarter worth $229,000. Bar Harbor Wealth Management increased its position in NIKE by 198.3% during the first quarter. Bar Harbor Wealth Management now owns 92,863 shares of the footwear maker’s stock worth $5,895,000 after buying an additional 61,737 shares during the last quarter. Smithbridge Asset Management Inc. DE acquired a new position in NIKE during the first quarter worth $2,705,000. Finally, Donald L. Hagan LLC acquired a new position in NIKE during the first quarter worth $1,110,000. 64.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group lowered their price target on NIKE from $88.00 to $72.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of NIKE in a research report on Friday, May 23rd. Piper Sandler lowered their price target on NIKE from $90.00 to $70.00 and set an “overweight” rating on the stock in a research report on Friday, April 11th. Citigroup lowered their price target on NIKE from $72.00 to $57.00 and set a “neutral” rating on the stock in a research report on Monday, April 28th. Finally, UBS Group lowered their price target on NIKE from $73.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, March 21st. Seventeen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $80.26.

NIKE Stock Down 3.8%

Shares of NKE opened at $60.44 on Friday. The stock has a market cap of $89.40 billion, a price-to-earnings ratio of 18.65, a P/E/G ratio of 2.52 and a beta of 1.21. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $98.04. The company has a 50-day moving average price of $59.38 and a two-hundred day moving average price of $68.73.

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

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders 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 2.65%. The ex-dividend date is Monday, June 2nd. NIKE’s dividend payout ratio is 53.16%.

Insiders Place Their Bets

In other NIKE news, Director Robert Holmes Swan purchased 8,600 shares of the business’s stock in a transaction on Friday, April 4th. The stock was purchased at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the completion of the purchase, the director now directly owns 31,983 shares in the company, valued at approximately $1,869,726.18. This trade represents a 36.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

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.