Canvas Wealth Advisors LLC Invests $1.69 Million in NIKE, Inc. (NYSE:NKE)

Canvas Wealth Advisors LLC purchased a new stake in shares of NIKE, Inc. (NYSE:NKE) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,182 shares of the footwear maker’s stock, valued at approximately $1,686,000.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp lifted its position in NIKE by 3.3% during the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after purchasing an additional 1,862,021 shares during the period. Wellington Management Group LLP raised its stake in shares of NIKE by 5.1% during the third quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock worth $2,425,886,000 after buying an additional 1,343,093 shares during the last quarter. Geode Capital Management LLC lifted its holdings in NIKE by 1.0% in the third quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock valued at $2,204,451,000 after buying an additional 251,411 shares during the period. Fisher Asset Management LLC boosted its stake in NIKE by 6.0% in the third quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock valued at $910,801,000 after acquiring an additional 583,207 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in NIKE by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,602,534 shares of the footwear maker’s stock worth $760,716,000 after acquiring an additional 117,187 shares during the period. Institutional investors own 64.25% of the company’s stock.

Insider Buying and Selling at NIKE

In other news, Director John W. Rogers, Jr. acquired 2,500 shares of the firm’s stock in a transaction dated Friday, December 27th. The stock was bought at an average price of $76.65 per share, with a total value of $191,625.00. Following the transaction, the director now directly owns 34,403 shares in the company, valued at approximately $2,636,989.95. The trade was a 7.84 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on NKE shares. Wells Fargo & Company cut their price target on NIKE from $95.00 to $92.00 and set an “overweight” rating on the stock in a research note on Monday, December 16th. Barclays cut their target price on NIKE from $79.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Friday, December 20th. Stifel Nicolaus decreased their target price on NIKE from $79.00 to $75.00 and set a “hold” rating for the company in a research report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and issued a $84.00 price target on shares of NIKE in a research report on Friday. Finally, Piper Sandler upgraded shares of NIKE from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $72.00 to $90.00 in a report on Friday, January 10th. Fifteen research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.62.

NIKE Stock Performance

Shares of NKE stock opened at $68.69 on Monday. The firm has a market cap of $101.60 billion, a PE ratio of 21.20, a P/E/G ratio of 2.34 and a beta of 1.01. NIKE, Inc. has a 12 month low of $68.62 and a 12 month high of $107.43. The company’s fifty day simple moving average is $75.12 and its 200-day simple moving average is $78.04. 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 (NYSE:NKE) last issued its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.63 by $0.15. The firm had revenue of $12.35 billion for the quarter, compared to analysts’ expectations of $12.11 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 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.03 EPS. Equities research analysts expect that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.33%. This is an increase from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date was Monday, December 2nd. NIKE’s dividend payout ratio (DPR) is currently 49.38%.

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.