Lorne Steinberg Wealth Management Inc. Invests $2.16 Million in NIKE, Inc. (NYSE:NKE)

Lorne Steinberg Wealth Management Inc. acquired a new stake in NIKE, Inc. (NYSE:NKE) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 19,922 shares of the footwear maker’s stock, valued at approximately $2,163,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Oliver Luxxe Assets LLC boosted its stake in NIKE by 2.9% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 37,510 shares of the footwear maker’s stock worth $3,587,000 after acquiring an additional 1,041 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of NIKE in the 4th quarter valued at $8,034,000. Financial Gravity Asset Management Inc. lifted its holdings in NIKE by 2,332.5% during the third quarter. Financial Gravity Asset Management Inc. now owns 184,042 shares of the footwear maker’s stock worth $17,598,000 after acquiring an additional 176,476 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of NIKE by 10,184.3% during the fourth quarter. International Assets Investment Management LLC now owns 388,131 shares of the footwear maker’s stock worth $42,139,000 after purchasing an additional 384,357 shares during the period. Finally, Franklin Street Advisors Inc. NC lifted its holdings in shares of NIKE by 55.6% during the 4th quarter. Franklin Street Advisors Inc. NC now owns 194,164 shares of the footwear maker’s stock valued at $21,080,000 after purchasing an additional 69,363 shares in the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on NKE shares. Telsey Advisory Group dropped their target price on shares of NIKE from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Monday, March 18th. HSBC reduced their target price on shares of NIKE from $120.00 to $115.00 and set a “hold” rating for the company in a research note on Monday, January 22nd. Stifel Nicolaus cut their price target on NIKE from $129.00 to $117.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Jefferies Financial Group decreased their price objective on NIKE from $110.00 to $100.00 and set a “hold” rating for the company in a report on Friday, March 22nd. Finally, Citigroup reduced their price target on NIKE from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, March 14th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, NIKE has a consensus rating of “Moderate Buy” and an average target price of $116.26.

NIKE Stock Up 1.2 %

NKE stock traded up $1.09 during trading on Wednesday, reaching $95.11. 2,642,633 shares of the stock were exchanged, compared to its average volume of 9,472,606. The firm’s 50 day moving average is $97.63 and its 200 day moving average is $103.44. The firm has a market cap of $143.56 billion, a P/E ratio of 27.82, a price-to-earnings-growth ratio of 1.82 and a beta of 1.08. The company has a current ratio of 2.74, a quick ratio of 1.89 and a debt-to-equity ratio of 0.63. NIKE, Inc. has a twelve month low of $88.66 and a twelve month high of $128.68.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, March 21st. The footwear maker reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.29. The company had revenue of $12.43 billion for the quarter, compared to analysts’ expectations of $12.28 billion. NIKE had a return on equity of 39.41% and a net margin of 10.14%. As a group, research analysts forecast that NIKE, Inc. will post 3.73 EPS for the current year.

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 4th were paid a dividend of $0.37 per share. The ex-dividend date was Friday, March 1st. This represents a $1.48 dividend on an annualized basis and a yield of 1.56%. NIKE’s dividend payout ratio (DPR) is currently 43.53%.

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.