Financial Gravity Asset Management Inc. Buys 2,948 Shares of NIKE, Inc. (NYSE:NKE)

Financial Gravity Asset Management Inc. increased its stake in NIKE, Inc. (NYSE:NKE) by 20.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,494 shares of the footwear maker’s stock after purchasing an additional 2,948 shares during the period. Financial Gravity Asset Management Inc.’s holdings in NIKE were worth $1,318,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in NKE. Annapolis Financial Services LLC grew its holdings in shares of NIKE by 440.0% during the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock worth $25,000 after buying an additional 220 shares in the last quarter. True Wealth Design LLC boosted its position in NIKE by 106.4% during the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after acquiring an additional 150 shares during the last quarter. Core Wealth Advisors Inc. grew its stake in shares of NIKE by 408.5% during the 4th quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after acquiring an additional 241 shares in the last quarter. Frank Rimerman Advisors LLC acquired a new stake in shares of NIKE in the fourth quarter valued at approximately $33,000. Finally, Gold Investment Management Ltd. bought a new stake in shares of NIKE in the fourth quarter worth $36,000. Institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

Shares of NYSE:NKE opened at $80.63 on Friday. NIKE, Inc. has a 12-month low of $70.75 and a 12-month high of $123.39. The company’s 50 day moving average price is $76.94 and its two-hundred day moving average price is $88.68. The firm has a market cap of $121.70 billion, a PE ratio of 21.62, a PEG ratio of 2.19 and a beta of 1.02. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter in the prior year, the business posted $0.66 earnings per share. NIKE’s revenue was down 1.6% compared to the same quarter last year. Equities research analysts predict that NIKE, Inc. will post 3.1 earnings per share for the current year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.84%. The ex-dividend date is Tuesday, September 3rd. NIKE’s payout ratio is presently 39.68%.

Insider Buying and Selling at NIKE

In other NIKE news, Director Robert Holmes Swan purchased 2,941 shares of the stock in a transaction dated Friday, June 28th. The stock was bought at an average price of $77.02 per share, with a total value of $226,515.82. Following the acquisition, the director now owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Robert Holmes Swan purchased 2,941 shares of NIKE stock in a transaction dated Friday, June 28th. The shares were bought at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the purchase, the director now owns 20,946 shares in the company, valued at approximately $1,613,260.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Mark G. Parker sold 110,000 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Evercore ISI decreased their target price on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Friday, June 28th. StockNews.com cut NIKE from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Guggenheim dropped their target price on NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Bank of America reduced their price target on NIKE from $113.00 to $104.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Finally, Royal Bank of Canada lowered their price target on NIKE from $100.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 2nd. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, NIKE presently has an average rating of “Moderate Buy” and an average price target of $95.59.

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.