Bank of Nova Scotia Boosts Stock Position in DICK’S Sporting Goods, Inc. (NYSE:DKS)

Bank of Nova Scotia grew its position in DICK’S Sporting Goods, Inc. (NYSE:DKS) by 678.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 21,861 shares of the sporting goods retailer’s stock after purchasing an additional 19,053 shares during the period. Bank of Nova Scotia’s holdings in DICK’S Sporting Goods were worth $5,003,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Wealthfront Advisers LLC acquired a new position in DICK’S Sporting Goods in the 4th quarter worth approximately $1,893,210,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of DICK’S Sporting Goods by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,866,177 shares of the sporting goods retailer’s stock valued at $427,056,000 after acquiring an additional 77,357 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of DICK’S Sporting Goods by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 1,057,793 shares of the sporting goods retailer’s stock worth $241,660,000 after acquiring an additional 15,011 shares during the period. Norges Bank purchased a new position in shares of DICK’S Sporting Goods during the fourth quarter worth $221,693,000. Finally, JPMorgan Chase & Co. lifted its position in DICK’S Sporting Goods by 5.1% during the fourth quarter. JPMorgan Chase & Co. now owns 652,838 shares of the sporting goods retailer’s stock valued at $149,396,000 after purchasing an additional 31,919 shares during the period. 89.83% of the stock is currently owned by hedge funds and other institutional investors.

DICK’S Sporting Goods Stock Performance

NYSE DKS opened at $186.01 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.72 and a quick ratio of 0.56. The stock’s 50 day simple moving average is $210.74 and its 200-day simple moving average is $214.58. The company has a market cap of $14.85 billion, a PE ratio of 13.30, a price-to-earnings-growth ratio of 2.47 and a beta of 1.32. DICK’S Sporting Goods, Inc. has a 1-year low of $166.37 and a 1-year high of $254.60.

DICK’S Sporting Goods (NYSE:DKS) last announced its quarterly earnings data on Tuesday, March 11th. The sporting goods retailer reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.15. DICK’S Sporting Goods had a return on equity of 42.00% and a net margin of 8.65%. The company had revenue of $3.89 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter last year, the firm posted $3.85 EPS. The firm’s revenue for the quarter was up .5% on a year-over-year basis. As a group, equities research analysts anticipate that DICK’S Sporting Goods, Inc. will post 13.89 EPS for the current fiscal year.

DICK’S Sporting Goods Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a dividend of $1.2125 per share. The ex-dividend date of this dividend was Friday, March 28th. This is a positive change from DICK’S Sporting Goods’s previous quarterly dividend of $1.10. This represents a $4.85 dividend on an annualized basis and a yield of 2.61%. DICK’S Sporting Goods’s payout ratio is presently 34.54%.

DICK’S Sporting Goods declared that its board has approved a stock repurchase program on Tuesday, March 11th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the sporting goods retailer to buy up to 18.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

DKS has been the topic of several analyst reports. Guggenheim reaffirmed a “neutral” rating on shares of DICK’S Sporting Goods in a research report on Wednesday, March 12th. Truist Financial set a $245.00 target price on DICK’S Sporting Goods in a report on Tuesday, March 11th. Citigroup reissued a “neutral” rating and issued a $220.00 price target (down from $230.00) on shares of DICK’S Sporting Goods in a report on Wednesday, March 12th. TD Cowen raised their price objective on shares of DICK’S Sporting Goods from $270.00 to $294.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Robert W. Baird decreased their target price on shares of DICK’S Sporting Goods from $235.00 to $230.00 and set a “neutral” rating for the company in a research note on Wednesday, March 12th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $242.95.

Insider Activity at DICK’S Sporting Goods

In related news, EVP Julie Lodge-Jarrett sold 5,000 shares of DICK’S Sporting Goods stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $227.99, for a total transaction of $1,139,950.00. Following the transaction, the executive vice president now owns 16,504 shares in the company, valued at approximately $3,762,746.96. This trade represents a 23.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 32.03% of the stock is owned by corporate insiders.

DICK’S Sporting Goods Company Profile

Dick’s Sporting Goods, Inc engages in the retailing of an extensive assortment of authentic sports equipment, apparel, footwear, and accessories. It also offers its products both online and through mobile applications. The company was founded by Richard T. Stack in 1948 and is headquartered in Coraopolis, PA.