Burgundy Asset Management Ltd. Decreases Stake in NIKE, Inc. $NKE

Burgundy Asset Management Ltd. cut its stake in NIKE, Inc. (NYSE:NKE) by 1.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,386,476 shares of the footwear maker’s stock after selling 19,936 shares during the period. Burgundy Asset Management Ltd. owned 0.09% of NIKE worth $98,495,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Stone House Investment Management LLC purchased a new position in NIKE in the 1st quarter worth $25,000. Mascoma Wealth Management LLC purchased a new position in shares of NIKE in the second quarter worth about $26,000. Halbert Hargrove Global Advisors LLC lifted its holdings in shares of NIKE by 952.6% during the second quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock worth $28,000 after purchasing an additional 362 shares during the period. Saudi Central Bank purchased a new stake in NIKE in the first quarter valued at approximately $30,000. Finally, Matrix Trust Co increased its holdings in NIKE by 53.1% in the 2nd quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock worth $31,000 after buying an additional 153 shares during the period. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Trading Up 0.3%

Shares of NIKE stock opened at $65.90 on Friday. The firm has a 50-day simple moving average of $66.04 and a two-hundred day simple moving average of $69.15. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.45 and a current ratio of 2.19. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $82.44. The company has a market cap of $97.41 billion, a P/E ratio of 33.79, a price-to-earnings-growth ratio of 2.31 and a beta of 1.29.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.22. The firm had revenue of $11.72 billion during the quarter, compared to analyst estimates of $10.96 billion. NIKE had a return on equity of 21.16% and a net margin of 6.23%.NIKE’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS. As a group, equities analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 1st will be given a dividend of $0.41 per share. This is a positive change from NIKE’s previous quarterly dividend of $0.40. The ex-dividend date is Monday, December 1st. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.5%. NIKE’s payout ratio is 84.10%.

Insider Activity at NIKE

In related news, EVP Treasure Heinle sold 4,300 shares of the business’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $71.27, for a total value of $306,461.00. Following the completion of the sale, the executive vice president owned 29,396 shares of the company’s stock, valued at approximately $2,095,052.92. The trade was a 12.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction on Friday, November 14th. The shares were sold at an average price of $64.80, for a total transaction of $5,577,854.40. Following the transaction, the chairman directly owned 647,615 shares in the company, valued at approximately $41,965,452. The trade was a 11.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Jefferies Financial Group restated a “buy” rating and set a $115.00 price objective on shares of NIKE in a research note on Monday, September 29th. Piper Sandler set a $84.00 price objective on shares of NIKE and gave the stock an “overweight” rating in a research note on Wednesday, October 1st. Needham & Company LLC restated a “buy” rating and set a $78.00 target price on shares of NIKE in a research report on Wednesday, October 1st. TD Cowen raised shares of NIKE from a “hold” rating to a “buy” rating and upped their price target for the company from $62.00 to $85.00 in a report on Wednesday, September 10th. Finally, UBS Group set a $71.00 price objective on NIKE and gave the company a “neutral” rating in a research note on Friday, September 19th. Three research analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $82.24.

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.