Goldenstone Wealth Management LLC Makes New $912,000 Investment in NIKE, Inc. $NKE

Goldenstone Wealth Management LLC bought a new position in shares of NIKE, Inc. (NYSE:NKE) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,310 shares of the footwear maker’s stock, valued at approximately $912,000. NIKE accounts for 0.7% of Goldenstone Wealth Management LLC’s holdings, making the stock its 29th largest position.

A number of other large investors have also made changes to their positions in NKE. Guerra Advisors Inc acquired a new position in shares of NIKE during the third quarter worth $34,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of NIKE during the third quarter worth $35,000. Accredited Wealth Management LLC increased its position in shares of NIKE by 268.6% during the third quarter. Accredited Wealth Management LLC now owns 516 shares of the footwear maker’s stock worth $36,000 after purchasing an additional 376 shares in the last quarter. Matrix Trust Co increased its position in shares of NIKE by 43.6% during the fourth quarter. Matrix Trust Co now owns 596 shares of the footwear maker’s stock worth $38,000 after purchasing an additional 181 shares in the last quarter. Finally, Ares Financial Consulting LLC acquired a new position in shares of NIKE during the fourth quarter worth $40,000. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Trading Up 4.2%

NKE stock opened at $44.20 on Thursday. The company’s 50-day simple moving average is $47.05 and its 200-day simple moving average is $57.55. The company has a quick ratio of 1.45, a current ratio of 2.14 and a debt-to-equity ratio of 0.50. NIKE, Inc. has a 52-week low of $41.35 and a 52-week high of $80.17. The firm has a market cap of $65.45 billion, a P/E ratio of 29.27, a PEG ratio of 2.25 and a beta of 1.12.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The business had revenue of $11.28 billion for the quarter, compared to analyst estimates of $11.23 billion. During the same period in the prior year, the company posted $0.54 EPS. The company’s revenue for the quarter was up .1% on a year-over-year basis. As a group, equities analysts forecast that NIKE, Inc. will post 1.51 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be paid a $0.41 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.64 dividend on an annualized basis and a yield of 3.7%. NIKE’s dividend payout ratio (DPR) is currently 108.61%.

Insider Buying and Selling at NIKE

In other NIKE news, CEO Elliott Hill bought 23,660 shares of the firm’s stock in a transaction on Monday, April 13th. The shares were acquired at an average cost of $42.27 per share, with a total value of $1,000,108.20. Following the purchase, the chief executive officer directly owned 265,247 shares of the company’s stock, valued at $11,211,990.69. This trade represents a 9.79% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert Holmes Swan bought 11,781 shares of the firm’s stock in a transaction on Tuesday, April 7th. The stock was acquired at an average cost of $42.44 per share, for a total transaction of $499,985.64. Following the completion of the purchase, the director directly owned 55,074 shares in the company, valued at approximately $2,337,340.56. This represents a 27.21% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders acquired 64,441 shares of company stock valued at $2,734,204. Company insiders own 0.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on NKE. Robert W. Baird cut their target price on NIKE from $85.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 1st. CICC Research downgraded NIKE from an “outperform” rating to a “market perform” rating and cut their target price for the company from $69.00 to $58.00 in a research report on Monday, April 6th. HSBC downgraded NIKE from a “buy” rating to a “hold” rating and cut their target price for the company from $90.00 to $48.00 in a research report on Monday, April 13th. Wells Fargo & Company set a $45.00 target price on NIKE and gave the company an “equal weight” rating in a research report on Friday, May 8th. Finally, Truist Financial cut their target price on NIKE from $69.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, April 1st. Sixteen analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $62.04.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).