NIKE, Inc. (NYSE:NKE) Stake Lifted by ICICI Prudential Asset Management Co Ltd

ICICI Prudential Asset Management Co Ltd boosted its stake in NIKE, Inc. (NYSE:NKE) by 12.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 111,580 shares of the footwear maker’s stock after buying an additional 12,330 shares during the period. NIKE accounts for approximately 1.0% of ICICI Prudential Asset Management Co Ltd’s investment portfolio, making the stock its 22nd largest holding. ICICI Prudential Asset Management Co Ltd’s holdings in NIKE were worth $9,864,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in NKE. Avantax Advisory Services Inc. raised its holdings in shares of NIKE by 9.1% during the first quarter. Avantax Advisory Services Inc. now owns 45,307 shares of the footwear maker’s stock valued at $4,258,000 after buying an additional 3,788 shares during the last quarter. Koshinski Asset Management Inc. bought a new stake in NIKE during the 1st quarter valued at $713,000. TBH Global Asset Management LLC boosted its position in NIKE by 15.0% during the 1st quarter. TBH Global Asset Management LLC now owns 12,496 shares of the footwear maker’s stock worth $1,174,000 after acquiring an additional 1,626 shares during the period. Condor Capital Management grew its stake in shares of NIKE by 0.4% in the first quarter. Condor Capital Management now owns 26,079 shares of the footwear maker’s stock worth $2,451,000 after purchasing an additional 116 shares in the last quarter. Finally, Kingsview Wealth Management LLC raised its stake in shares of NIKE by 17.3% during the first quarter. Kingsview Wealth Management LLC now owns 63,978 shares of the footwear maker’s stock valued at $6,013,000 after purchasing an additional 9,418 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors.

NIKE Stock Performance

Shares of NKE traded up $0.14 on Wednesday, reaching $76.80. 1,180,598 shares of the stock traded hands, compared to its average volume of 11,474,257. The firm has a market cap of $115.15 billion, a price-to-earnings ratio of 21.97, a P/E/G ratio of 1.86 and a beta of 1.03. NIKE, Inc. has a 12 month low of $70.75 and a 12 month high of $123.39. The stock’s 50-day moving average price is $81.16 and its 200-day moving average price is $83.49. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58.

NIKE (NYSE:NKE) last issued its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, beating the consensus estimate of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter in the previous year, the company earned $0.94 EPS. The firm’s revenue for the quarter was down 10.4% compared to the same quarter last year. Equities analysts forecast that NIKE, Inc. will post 2.74 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on NKE shares. Truist Financial raised shares of NIKE from a “hold” rating to a “buy” rating and raised their target price for the company from $83.00 to $97.00 in a research note on Thursday, October 10th. Robert W. Baird raised their price objective on shares of NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Evercore ISI cut their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. Morgan Stanley increased their price objective on NIKE from $79.00 to $82.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Finally, Jefferies Financial Group upped their price target on shares of NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.48.

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.