Moss Adams Wealth Advisors LLC Boosts Stake in NIKE, Inc. (NYSE:NKE)

Moss Adams Wealth Advisors LLC lifted its holdings in NIKE, Inc. (NYSE:NKE) by 9.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 5,656 shares of the footwear maker’s stock after purchasing an additional 476 shares during the period. Moss Adams Wealth Advisors LLC’s holdings in NIKE were worth $361,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Wesbanco Bank Inc. lifted its stake in shares of NIKE by 3.6% in the first quarter. Wesbanco Bank Inc. now owns 103,201 shares of the footwear maker’s stock worth $6,551,000 after buying an additional 3,597 shares in the last quarter. First Citizens Bank & Trust Co. raised its stake in NIKE by 1.8% during the first quarter. First Citizens Bank & Trust Co. now owns 79,999 shares of the footwear maker’s stock worth $5,078,000 after purchasing an additional 1,393 shares during the period. PFW Advisors LLC purchased a new position in NIKE during the first quarter worth about $828,000. Bennett Selby Investments LP raised its stake in NIKE by 38.5% during the first quarter. Bennett Selby Investments LP now owns 50,412 shares of the footwear maker’s stock worth $3,200,000 after purchasing an additional 14,021 shares during the period. Finally, Bangor Savings Bank raised its stake in NIKE by 591.8% during the first quarter. Bangor Savings Bank now owns 11,138 shares of the footwear maker’s stock worth $707,000 after purchasing an additional 9,528 shares during the period. 64.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Robert Holmes Swan bought 8,600 shares of the stock in a transaction dated Friday, April 4th. The stock was acquired at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the acquisition, the director now owns 31,983 shares in the company, valued at approximately $1,869,726.18. This represents a 36.78% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.10% of the company’s stock.

NIKE Trading Down 1.4%

NYSE NKE opened at $61.91 on Tuesday. 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 52 week low of $52.28 and a 52 week high of $98.04. The stock has a market capitalization of $91.58 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 2.52 and a beta of 1.21. The firm has a 50 day moving average of $58.80 and a two-hundred day moving average of $69.04.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The company had revenue of $11.27 billion during the quarter, compared to analysts’ expectations of $11.02 billion. During the same quarter in the previous year, the business posted $0.98 EPS. The firm’s revenue was down 9.1% on a year-over-year basis. As a group, research analysts expect that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Monday, June 2nd. NIKE’s payout ratio is 53.16%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of NIKE in a research note on Friday, May 23rd. Truist Financial reduced their target price on shares of NIKE from $90.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Guggenheim reaffirmed a “buy” rating and set a $110.00 target price on shares of NIKE in a research note on Wednesday, February 12th. Robert W. Baird reduced their target price on shares of NIKE from $105.00 to $99.00 and set an “outperform” rating on the stock in a research note on Friday, March 21st. Finally, Bank of America reduced their target price on shares of NIKE from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. Seventeen analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, NIKE has a consensus rating of “Moderate Buy” and a consensus price target of $80.26.

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.