Relyea Zuckerberg Hanson LLC Acquires New Shares in NIKE, Inc. $NKE

Relyea Zuckerberg Hanson LLC bought a new stake in NIKE, Inc. (NYSE:NKE) during the 2nd quarter, Holdings Channel reports. The fund bought 3,366 shares of the footwear maker’s stock, valued at approximately $239,000.

Other institutional investors also recently modified their holdings of the company. Confluence Wealth Services Inc. increased its stake in shares of NIKE by 13.8% in the 2nd quarter. Confluence Wealth Services Inc. now owns 24,013 shares of the footwear maker’s stock valued at $1,706,000 after acquiring an additional 2,905 shares during the last quarter. Appleton Partners Inc. MA grew its holdings in NIKE by 377.3% during the second quarter. Appleton Partners Inc. MA now owns 16,195 shares of the footwear maker’s stock valued at $1,150,000 after purchasing an additional 12,802 shares during the period. Vantage Investment Partners LLC increased its stake in NIKE by 12.0% in the second quarter. Vantage Investment Partners LLC now owns 570,484 shares of the footwear maker’s stock valued at $40,527,000 after purchasing an additional 61,166 shares in the last quarter. Plimoth Trust Co. LLC increased its stake in NIKE by 2.5% in the second quarter. Plimoth Trust Co. LLC now owns 32,928 shares of the footwear maker’s stock valued at $2,339,000 after purchasing an additional 813 shares in the last quarter. Finally, Legacy Trust raised its holdings in NIKE by 2.2% in the second quarter. Legacy Trust now owns 36,248 shares of the footwear maker’s stock worth $2,575,000 after purchasing an additional 778 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at NIKE

In related news, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the completion of the transaction, the chairman directly owned 744,988 shares of the company’s stock, valued at approximately $56,566,938.84. This represents a 10.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $78.00 price target on shares of NIKE in a report on Wednesday, October 1st. Piper Sandler set a $84.00 target price on NIKE and gave the company an “overweight” rating in a research note on Wednesday, October 1st. Robert W. Baird raised their price target on NIKE from $80.00 to $88.00 and gave the stock an “outperform” rating in a research report on Friday, June 27th. Cowen upgraded NIKE from a “hold” rating to a “buy” rating in a report on Wednesday, September 10th. Finally, JPMorgan Chase & Co. increased their target price on NIKE from $93.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 1st. Three research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.57.

NIKE Stock Down 0.9%

NYSE:NKE opened at $71.25 on Tuesday. The stock has a 50-day simple moving average of $74.46 and a 200 day simple moving average of $67.26. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $84.76. The company has a market cap of $105.23 billion, a PE ratio of 36.54, a PEG ratio of 2.64 and a beta of 1.29. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.45 and a current ratio of 2.19.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.22. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The business had revenue of $11.72 billion during the quarter, compared to the consensus estimate of $10.96 billion. During the same quarter last year, the firm earned $0.70 earnings per share. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, sell-side analysts expect that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.2%. NIKE’s payout ratio is currently 82.05%.

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.