Lorne Steinberg Wealth Management Inc. Acquires Shares of 19,922 NIKE, Inc. (NYSE:NKE)

Lorne Steinberg Wealth Management Inc. bought a new position in shares of NIKE, Inc. (NYSE:NKE) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 19,922 shares of the footwear maker’s stock, valued at approximately $2,163,000.

Other hedge funds have also modified their holdings of the company. FMR LLC grew its stake in shares of NIKE by 0.7% during the 3rd quarter. FMR LLC now owns 18,502,409 shares of the footwear maker’s stock worth $1,769,200,000 after purchasing an additional 125,746 shares during the period. Northern Trust Corp increased its holdings in NIKE by 4.5% in the third quarter. Northern Trust Corp now owns 15,557,676 shares of the footwear maker’s stock valued at $1,487,625,000 after buying an additional 674,198 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of NIKE by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,200,932 shares of the footwear maker’s stock worth $766,829,000 after acquiring an additional 89,947 shares in the last quarter. Newport Trust Company LLC acquired a new stake in shares of NIKE in the 3rd quarter worth approximately $679,775,000. Finally, Massachusetts Financial Services Co. MA raised its holdings in NIKE by 37.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,791,531 shares of the footwear maker’s stock worth $553,786,000 after purchasing an additional 1,583,541 shares during the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Trading Up 1.2 %

NYSE NKE traded up $1.09 during mid-day trading on Wednesday, hitting $95.11. The company’s stock had a trading volume of 2,642,633 shares, compared to its average volume of 9,472,606. The firm has a market capitalization of $143.56 billion, a P/E ratio of 27.82, a price-to-earnings-growth ratio of 1.82 and a beta of 1.08. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.74 and a quick ratio of 1.89. NIKE, Inc. has a 52-week low of $88.66 and a 52-week high of $128.68. The stock’s fifty day simple moving average is $97.63 and its two-hundred day simple moving average is $103.44.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, March 21st. The footwear maker reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.29. NIKE had a net margin of 10.14% and a return on equity of 39.41%. The business had revenue of $12.43 billion for the quarter, compared to the consensus estimate of $12.28 billion. Research analysts expect that NIKE, Inc. will post 3.73 EPS for the current year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 4th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $1.48 annualized dividend and a dividend yield of 1.56%. NIKE’s payout ratio is currently 43.53%.

Analysts Set New Price Targets

NKE has been the topic of several research reports. Barclays lowered their target price on NIKE from $142.00 to $114.00 and set an “overweight” rating on the stock in a report on Monday, March 25th. Piper Sandler dropped their target price on shares of NIKE from $107.00 to $98.00 and set a “neutral” rating for the company in a report on Friday, March 22nd. Truist Financial reaffirmed a “hold” rating and issued a $111.00 price target on shares of NIKE in a report on Tuesday, March 19th. The Goldman Sachs Group dropped their price objective on shares of NIKE from $135.00 to $120.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Finally, Stifel Nicolaus reduced their target price on NIKE from $129.00 to $117.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Two analysts have rated the stock with a sell rating, ten have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, NIKE presently has an average rating of “Moderate Buy” and a consensus price target of $116.26.

NIKE Company Profile

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.