Concord Investment Counsel Inc. Invests $577,000 in NIKE, Inc. (NYSE:NKE)

Concord Investment Counsel Inc. acquired a new position in shares of NIKE, Inc. (NYSE:NKE) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 6,140 shares of the footwear maker’s stock, valued at approximately $577,000.

Other institutional investors also recently modified their holdings of the company. Piscataqua Savings Bank boosted its stake in NIKE by 2.1% in the 4th quarter. Piscataqua Savings Bank now owns 4,861 shares of the footwear maker’s stock worth $528,000 after purchasing an additional 100 shares in the last quarter. Physicians Financial Services Inc. lifted its stake in NIKE by 0.6% during the 4th quarter. Physicians Financial Services Inc. now owns 16,077 shares of the footwear maker’s stock valued at $1,745,000 after acquiring an additional 100 shares during the period. ZWJ Investment Counsel Inc. lifted its stake in NIKE by 4.0% during the 4th quarter. ZWJ Investment Counsel Inc. now owns 2,599 shares of the footwear maker’s stock valued at $282,000 after acquiring an additional 100 shares during the period. Kornitzer Capital Management Inc. KS lifted its stake in NIKE by 0.4% during the 4th quarter. Kornitzer Capital Management Inc. KS now owns 25,568 shares of the footwear maker’s stock valued at $2,776,000 after acquiring an additional 100 shares during the period. Finally, Claro Advisors LLC lifted its stake in NIKE by 0.8% during the 4th quarter. Claro Advisors LLC now owns 12,227 shares of the footwear maker’s stock valued at $1,327,000 after acquiring an additional 101 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Price Performance

NKE traded up $0.15 during trading on Friday, reaching $73.54. 8,587,727 shares of the company traded hands, compared to its average volume of 11,149,655. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. NIKE, Inc. has a 12-month low of $71.67 and a 12-month high of $123.39. The firm has a fifty day simple moving average of $89.89 and a 200 day simple moving average of $96.31. The company has a market cap of $111.00 billion, a P/E ratio of 19.72, a PEG ratio of 1.86 and a beta of 1.01.

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

NIKE Announces Dividend

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

Insider Activity

In other news, EVP Monique S. Matheson sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total transaction of $4,237,200.00. Following the completion of the transaction, the executive vice president now directly owns 44,997 shares in the company, valued at approximately $4,236,917.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Monique S. Matheson sold 45,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the completion of the sale, the executive vice president now directly owns 44,997 shares in the company, valued at $4,236,917.52. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert Holmes Swan purchased 2,941 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average price of $77.02 per share, with a total value of $226,515.82. Following the completion of the transaction, the director now owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 213,660 shares of company stock worth $19,946,333. 0.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Piper Sandler lowered their target price on shares of NIKE from $107.00 to $98.00 and set a “neutral” rating on the stock in a research note on Friday, March 22nd. Royal Bank of Canada lowered their target price on shares of NIKE from $100.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 2nd. Guggenheim lowered their target price on shares of NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Oppenheimer reaffirmed an “outperform” rating and set a $120.00 price target on shares of NIKE in a research report on Friday, June 28th. Finally, BMO Capital Markets reduced their price target on shares of NIKE from $118.00 to $100.00 and set an “outperform” rating for the company in a research report on Friday, June 28th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $97.19.

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.