The Manufacturers Life Insurance Company Decreases Holdings in NIKE, Inc. (NYSE:NKE)

by · The Markets Daily

The Manufacturers Life Insurance Company lowered its position in NIKE, Inc. (NYSE:NKE – Free Report) by 12.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 737,836 shares of the footwear maker’s stock after selling 103,170 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in NIKE were worth $65,226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Bowie Capital Management LLC increased its position in shares of NIKE by 13.6% during the 3rd quarter. Bowie Capital Management LLC now owns 406,342 shares of the footwear maker’s stock valued at $35,921,000 after purchasing an additional 48,733 shares during the last quarter. Unison Asset Management LLC purchased a new stake in NIKE during the third quarter valued at approximately $218,000. Truvestments Capital LLC bought a new position in NIKE in the third quarter worth approximately $187,000. Loomis Sayles & Co. L P boosted its stake in shares of NIKE by 1,209,638.7% during the 3rd quarter. Loomis Sayles & Co. L P now owns 6,508,394 shares of the footwear maker’s stock worth $575,342,000 after acquiring an additional 6,507,856 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd grew its position in shares of NIKE by 599.1% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 797 shares of the footwear maker’s stock valued at $70,000 after acquiring an additional 683 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and lifted their target price for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. Sanford C. Bernstein cut their price objective on NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a research note on Thursday, September 19th. Robert W. Baird raised their target price on shares of NIKE from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Jefferies Financial Group lifted their price target on shares of NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a report on Monday, September 30th. Finally, Royal Bank of Canada reduced their price objective on shares of NIKE from $82.00 to $80.00 and set a “sector perform” rating for the company in a research note on Thursday, November 7th. Fourteen equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $95.86.

Check Out Our Latest Analysis on NIKE

NIKE Stock Performance

Shares of NYSE:NKE opened at $78.31 on Thursday. The firm has a 50 day moving average of $80.39 and a 200 day moving average of $82.29. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $117.41 billion, a price-to-earnings ratio of 22.44, a price-to-earnings-growth ratio of 1.92 and a beta of 1.03. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39.

NIKE (NYSE:NKE – Get Free Report) last released its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping the consensus estimate of $0.52 by $0.18. The firm had revenue of $11.59 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. On average, sell-side analysts predict that NIKE, Inc. will post 2.75 earnings per share for the current fiscal year.

NIKE Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be given a dividend of $0.40 per share. This is a boost from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, December 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.04%. NIKE’s dividend payout ratio is presently 42.41%.

About NIKE

(Free Report)

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.

Read More

Want to see what other hedge funds are holding NKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NIKE, Inc. (NYSE:NKE – Free Report).