Cove Private Wealth LLC Raises Stock Position in NIKE, Inc. (NYSE:NKE)

Cove Private Wealth LLC lifted its holdings in shares of NIKE, Inc. (NYSE:NKE) by 0.9% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 17,605 shares of the footwear maker’s stock after acquiring an additional 150 shares during the period. NIKE makes up approximately 1.2% of Cove Private Wealth LLC’s investment portfolio, making the stock its 23rd largest holding. Cove Private Wealth LLC’s holdings in NIKE were worth $1,556,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in NIKE by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock valued at $10,342,012,000 after acquiring an additional 501,792 shares during the period. Legal & General Group Plc lifted its holdings in NIKE by 5.5% in the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock valued at $832,785,000 after purchasing an additional 571,544 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of NIKE by 45.6% during the 1st quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock worth $832,623,000 after purchasing an additional 2,775,510 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of NIKE by 0.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 6,025,616 shares of the footwear maker’s stock valued at $454,151,000 after acquiring an additional 52,500 shares during the last quarter. Finally, Longview Partners Guernsey LTD acquired a new position in shares of NIKE in the 1st quarter worth approximately $533,533,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on NKE shares. Stifel Nicolaus dropped their target price on shares of NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a report on Monday, August 26th. Telsey Advisory Group decreased their target price on NIKE from $100.00 to $96.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 2nd. Sanford C. Bernstein lowered their target price on NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a report on Thursday, September 19th. UBS Group increased their price target on shares of NIKE from $78.00 to $82.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Jefferies Financial Group lifted their price objective on shares of NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a report on Monday, September 30th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and an average price target of $96.56.

NIKE Trading Down 1.4 %

Shares of NKE traded down $1.09 on Wednesday, hitting $77.31. 3,756,623 shares of the stock traded hands, compared to its average volume of 11,525,373. The firm has a market capitalization of $115.92 billion, a P/E ratio of 22.48, a P/E/G ratio of 1.90 and a beta of 1.02. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. NIKE, Inc. has a 1 year low of $70.75 and a 1 year high of $123.39. The stock’s 50 day moving average is $82.52 and its two-hundred day moving average is $84.72.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. The business had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The business’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 earnings per share. As a group, sell-side analysts predict that NIKE, Inc. will post 2.76 earnings per share for the current year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date was Tuesday, September 3rd. NIKE’s dividend payout ratio is currently 42.41%.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares in the company, valued at $80,435,628. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.10% of the stock is owned by company insiders.

NIKE 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.