Solidarity Wealth LLC Increases Stock Position in NIKE, Inc. (NYSE:NKE)

Solidarity Wealth LLC lifted its position in shares of NIKE, Inc. (NYSE:NKE) by 2.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 73,159 shares of the footwear maker’s stock after buying an additional 1,521 shares during the quarter. NIKE comprises 1.5% of Solidarity Wealth LLC’s holdings, making the stock its 23rd biggest position. Solidarity Wealth LLC’s holdings in NIKE were worth $5,566,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of NKE. Teachers Insurance & Annuity Association of America acquired a new stake in NIKE during the third quarter worth approximately $30,000. VitalStone Financial LLC raised its stake in NIKE by 52.6% during the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after purchasing an additional 150 shares during the period. Dunhill Financial LLC raised its stake in NIKE by 52.2% during the third quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock worth $44,000 after purchasing an additional 169 shares during the period. Ecofi Investissements SA purchased a new position in NIKE during the second quarter worth approximately $49,000. Finally, Riverview Trust Co purchased a new position in NIKE during the third quarter worth approximately $52,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Stock Down 0.3 %

NKE stock opened at $70.89 on Tuesday. NIKE, Inc. has a 52 week low of $70.32 and a 52 week high of $107.43. The company has a market capitalization of $104.85 billion, a price-to-earnings ratio of 21.88, a price-to-earnings-growth ratio of 2.25 and a beta of 1.02. The firm’s 50-day moving average is $75.77 and its two-hundred day moving average is $77.95. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last released its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.15. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The company had revenue of $12.35 billion for the quarter, compared to the consensus estimate of $12.11 billion. During the same period in the previous year, the firm earned $1.03 EPS. NIKE’s revenue was down 7.7% on a year-over-year basis. On average, analysts forecast that NIKE, Inc. will post 2.1 earnings per share 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 given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.26%. This is an increase from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date was Monday, December 2nd. NIKE’s payout ratio is 49.38%.

Insiders Place Their Bets

In other NIKE news, Director John W. Rogers, Jr. bought 2,500 shares of the company’s stock in a transaction that occurred on Friday, December 27th. The shares were acquired at an average cost of $76.65 per share, for a total transaction of $191,625.00. Following the acquisition, the director now directly owns 34,403 shares of the company’s stock, valued at $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 1.10% of the stock is owned by insiders.

Analysts Set New Price Targets

NKE has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft cut their price target on shares of NIKE from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Monday, December 16th. Piper Sandler raised shares of NIKE from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $72.00 to $90.00 in a research note on Friday, January 10th. Barclays cut their price target on shares of NIKE from $79.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Friday, December 20th. Robert W. Baird cut their price target on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, December 23rd. Finally, Bank of America cut their target price on shares of NIKE from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, December 20th. Fourteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.96.

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.