Gallacher Capital Management LLC Buys New Position in NIKE, Inc. (NYSE:NKE)

Gallacher Capital Management LLC bought a new stake in NIKE, Inc. (NYSE:NKE) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,835 shares of the footwear maker’s stock, valued at approximately $266,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Capital International Investors increased its stake in shares of NIKE by 34.9% during the 4th quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock valued at $2,997,628,000 after acquiring an additional 7,143,775 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of NIKE by 87.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock valued at $1,860,395,000 after acquiring an additional 7,996,434 shares during the last quarter. Norges Bank acquired a new position in shares of NIKE during the 4th quarter valued at about $1,315,097,000. Fisher Asset Management LLC increased its stake in shares of NIKE by 2.3% during the 4th quarter. Fisher Asset Management LLC now owns 9,887,769 shares of the footwear maker’s stock valued at $1,073,515,000 after acquiring an additional 219,091 shares during the last quarter. Finally, Jennison Associates LLC increased its stake 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 valued at $832,623,000 after acquiring an additional 2,775,510 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on NKE shares. Piper Sandler dropped their price objective on shares of NIKE from $107.00 to $98.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. UBS Group reaffirmed a “neutral” rating and set a $78.00 price objective on shares of NIKE in a research note on Friday, June 28th. Barclays downgraded shares of NIKE from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $109.00 to $80.00 in a research report on Friday, June 28th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of NIKE from $115.00 to $92.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Finally, TD Cowen dropped their target price on shares of NIKE from $89.00 to $75.00 and set a “hold” rating for the company in a research report on Friday, June 28th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $97.19.

NIKE Stock Performance

Shares of NKE stock traded up $0.08 on Friday, hitting $73.47. 5,975,889 shares of the stock traded hands, compared to its average volume of 11,130,018. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. The company has a market capitalization of $110.89 billion, a PE ratio of 19.72, a PEG ratio of 1.86 and a beta of 1.01. NIKE, Inc. has a 1-year low of $71.67 and a 1-year high of $123.39. The company’s fifty day moving average is $89.89 and its 200 day moving average is $96.31.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.16. The business had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 EPS. On average, equities research analysts predict that NIKE, Inc. will post 3.17 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Monday, June 3rd. NIKE’s dividend payout ratio is currently 39.68%.

Insider Activity at NIKE

In related news, Director Robert Holmes Swan bought 2,941 shares of the company’s stock in a transaction on Friday, June 28th. The shares were purchased at an average cost of $77.02 per share, with a total value of $226,515.82. Following the completion of the transaction, the director now directly owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP Johanna Nielsen sold 282 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total transaction of $26,406.48. Following the transaction, the vice president now directly owns 730 shares of the company’s stock, valued at $68,357.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Holmes Swan purchased 2,941 shares of the stock in a transaction dated Friday, June 28th. The shares were acquired at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the completion of the acquisition, the director now directly owns 20,946 shares of the company’s stock, valued at approximately $1,613,260.92. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 213,660 shares of company stock valued at $19,946,333. Corporate insiders own 0.50% of the company’s stock.

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.