RFG Bristol Wealth Advisors LLC Invests $584,000 in NIKE, Inc. (NYSE:NKE)

RFG Bristol Wealth Advisors LLC acquired a new stake in shares of NIKE, Inc. (NYSE:NKE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,717 shares of the footwear maker’s stock, valued at approximately $584,000.

Several other institutional investors and hedge funds have also bought and sold shares of NKE. Norges Bank purchased a new position in shares of NIKE in the fourth quarter worth approximately $1,126,288,000. Wellington Management Group LLP raised its position in NIKE by 32.4% in the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock worth $2,749,903,000 after acquiring an additional 8,898,591 shares during the period. Pacer Advisors Inc. boosted its stake in shares of NIKE by 6,029.6% during the 4th quarter. Pacer Advisors Inc. now owns 6,821,270 shares of the footwear maker’s stock worth $516,166,000 after acquiring an additional 6,709,985 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of NIKE by 18.1% during the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock valued at $1,541,246,000 after acquiring an additional 3,121,929 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in shares of NIKE by 358.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 3,015,267 shares of the footwear maker’s stock worth $228,165,000 after purchasing an additional 2,357,745 shares in the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Price Performance

NKE stock opened at $64.78 on Wednesday. The stock has a market cap of $95.81 billion, a PE ratio of 19.99, a P/E/G ratio of 2.52 and a beta of 1.02. NIKE, Inc. has a 12 month low of $62.65 and a 12 month high of $98.04. The company has a 50-day moving average price of $73.84 and a 200 day moving average price of $76.72. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.26. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The business had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. During the same quarter in the previous year, the business earned $0.98 earnings per share. The company’s revenue for the quarter was down 9.1% compared to the same quarter last year. Equities research analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were paid a $0.40 dividend. The ex-dividend date was Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.47%. NIKE’s payout ratio is 53.16%.

Analyst Upgrades and Downgrades

A number of analysts have commented on NKE shares. Cfra Research upgraded NIKE to a “moderate buy” rating in a research report on Friday, March 21st. Morgan Stanley reduced their target price on shares of NIKE from $72.00 to $70.00 and set an “equal weight” rating for the company in a report on Friday, March 21st. Piper Sandler raised shares of NIKE from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $72.00 to $90.00 in a report on Friday, January 10th. Wells Fargo & Company reduced their price objective on shares of NIKE from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Friday, March 21st. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of NIKE from $92.00 to $82.00 and set a “buy” rating for the company in a report on Monday, December 16th. Fifteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $87.38.

Insiders Place Their Bets

In related news, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the transaction, the chairman now owns 896,632 shares of the company’s stock, valued at $65,301,708.56. This trade represents a 15.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.10% of the company’s stock.

NIKE Profile

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.