Geode Capital Management LLC Grows Holdings in NIKE, Inc. (NYSE:NKE)

Geode Capital Management LLC grew its stake in shares of NIKE, Inc. (NYSE:NKE) by 1.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,029,380 shares of the footwear maker’s stock after acquiring an additional 251,411 shares during the period. Geode Capital Management LLC owned about 1.67% of NIKE worth $2,204,451,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of NKE. MidWestOne Financial Group Inc. acquired a new stake in shares of NIKE during the 3rd quarter valued at approximately $208,000. Frisch Financial Group Inc. increased its stake in NIKE by 4.7% during the third quarter. Frisch Financial Group Inc. now owns 3,036 shares of the footwear maker’s stock valued at $269,000 after purchasing an additional 136 shares during the last quarter. Prestige Wealth Management Group LLC raised its holdings in shares of NIKE by 12.3% during the third quarter. Prestige Wealth Management Group LLC now owns 9,830 shares of the footwear maker’s stock worth $873,000 after purchasing an additional 1,079 shares during the period. Vestcor Inc lifted its holdings in NIKE by 5.8% in the third quarter. Vestcor Inc now owns 23,893 shares of the footwear maker’s stock worth $2,112,000 after acquiring an additional 1,320 shares during the last quarter. Finally, Conway Capital Management Inc. acquired a new position in NIKE in the third quarter valued at approximately $539,000. Institutional investors own 64.25% of the company’s stock.

NIKE Trading Down 1.5 %

NIKE stock opened at $77.67 on Tuesday. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. The firm has a market capitalization of $116.46 billion, a price-to-earnings ratio of 22.26, a P/E/G ratio of 1.93 and a beta of 1.02. The company has a 50 day moving average price of $79.03 and a 200 day moving average price of $81.46.

NIKE (NYSE:NKE) last issued its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping the consensus estimate of $0.52 by $0.18. The business had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. NIKE’s revenue was down 10.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.94 earnings per share. Research analysts forecast that NIKE, Inc. will post 2.73 EPS for the current year.

NIKE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a $0.40 dividend. This is an increase from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, December 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.06%. NIKE’s dividend payout ratio is currently 45.85%.

Analysts Set New Price Targets

NKE has been the topic of several recent research reports. Morgan Stanley raised their price target on NIKE from $79.00 to $82.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Bank of America cut their price target on NIKE from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, December 5th. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and raised their target price for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. TD Cowen decreased their price target on NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a research note on Monday, November 18th. Finally, Telsey Advisory Group lowered their target price on shares of NIKE from $100.00 to $96.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 2nd. Fourteen investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, NIKE presently has a consensus rating of “Moderate Buy” and an average target price of $95.54.

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.