Baron Wealth Management LLC Purchases New Shares in NIKE, Inc. (NYSE:NKE)

Baron Wealth Management LLC purchased a new stake in shares of NIKE, Inc. (NYSE:NKE) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,561 shares of the footwear maker’s stock, valued at approximately $403,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Garrison Point Advisors LLC boosted its holdings in NIKE by 1.9% in the third quarter. Garrison Point Advisors LLC now owns 6,704 shares of the footwear maker’s stock worth $593,000 after acquiring an additional 126 shares in the last quarter. Stephens Consulting LLC raised its stake in shares of NIKE by 20.0% in the third quarter. Stephens Consulting LLC now owns 768 shares of the footwear maker’s stock worth $68,000 after purchasing an additional 128 shares during the last quarter. PSI Advisors LLC increased its position in NIKE by 26.3% during the third quarter. PSI Advisors LLC now owns 624 shares of the footwear maker’s stock valued at $55,000 after acquiring an additional 130 shares during the last quarter. Chapin Davis Inc. increased its position in NIKE by 1.2% in the third quarter. Chapin Davis Inc. now owns 11,430 shares of the footwear maker’s stock worth $1,010,000 after buying an additional 133 shares in the last quarter. Finally, Meridian Financial Partners LLC increased its position in NIKE by 1.6% in the third quarter. Meridian Financial Partners LLC now owns 8,396 shares of the footwear maker’s stock worth $742,000 after buying an additional 133 shares in the last quarter. 64.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on NKE shares. Guggenheim reduced their price target on NIKE from $115.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Barclays reduced their price target on NIKE from $84.00 to $81.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 2nd. TD Cowen dropped their price objective on NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a research note on Monday. Deutsche Bank Aktiengesellschaft dropped their price objective on NIKE from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Wednesday, October 2nd. Finally, Bank of America dropped their price objective on NIKE from $104.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, October 2nd. Fourteen analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $96.30.

NIKE Trading Down 2.3 %

NKE opened at $74.86 on Tuesday. The stock’s fifty day moving average is $80.79 and its two-hundred day moving average is $83.03. The company has a market capitalization of $112.24 billion, a P/E ratio of 21.45, a PEG ratio of 1.86 and a beta of 1.03. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39. 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 (NYSE:NKE) last announced its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.18. The business had revenue of $11.59 billion for the quarter, compared to analysts’ expectations 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 last year, the firm earned $0.94 EPS. Analysts forecast that NIKE, Inc. will post 2.74 earnings per share for the current year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.14%. This is an increase from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio is 42.41%.

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.