CIBC Asset Management Inc Buys 12,351 Shares of NIKE, Inc. (NYSE:NKE)

CIBC Asset Management Inc increased its holdings in shares of NIKE, Inc. (NYSE:NKE) by 7.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 185,320 shares of the footwear maker’s stock after purchasing an additional 12,351 shares during the period. CIBC Asset Management Inc’s holdings in NIKE were worth $16,382,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of NKE. Transcendent Capital Group LLC lifted its position in shares of NIKE by 97.6% during the 1st quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock worth $38,000 after buying an additional 200 shares during the period. VitalStone Financial LLC grew its stake in shares of NIKE by 52.6% during the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after purchasing an additional 150 shares during the last quarter. Bruce G. Allen Investments LLC lifted its holdings in NIKE by 272.5% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock worth $39,000 after buying an additional 376 shares in the last quarter. Triad Wealth Partners LLC bought a new position in NIKE in the 2nd quarter valued at $44,000. Finally, MFA Wealth Advisors LLC acquired a new stake in shares of NIKE in the 2nd quarter valued at $46,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Stock Up 1.3 %

NKE stock opened at $76.66 on Friday. The company has a market cap of $114.94 billion, a price-to-earnings ratio of 21.97, a P/E/G ratio of 1.86 and a beta of 1.03. NIKE, Inc. has a twelve month low of $70.75 and a twelve month high of $123.39. The business has a 50 day moving average price of $80.97 and a two-hundred day moving average price of $83.39. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last issued its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. The business had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The firm’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.94 earnings per share. Analysts anticipate that NIKE, Inc. will post 2.74 EPS 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 paid a $0.40 dividend. This is an increase from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Monday, December 2nd. NIKE’s dividend payout ratio (DPR) is 42.41%.

Analysts Set New Price Targets

Several brokerages have weighed in on NKE. Williams Trading raised NIKE from a “sell” rating to a “buy” rating and boosted their price objective for the stock from $67.00 to $93.00 in a report on Friday, August 16th. Evercore ISI lowered their target price on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Wednesday, October 2nd. Robert W. Baird raised their price target on NIKE from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Jefferies Financial Group upped their price objective on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a report on Monday, September 30th. Finally, Piper Sandler restated a “neutral” rating and set a $80.00 target price on shares of NIKE in a research report on Friday, September 20th. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $96.48.

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.