Confluence Wealth Services Inc. Raises Stock Holdings in NIKE, Inc. (NYSE:NKE)

Confluence Wealth Services Inc. boosted its holdings in NIKE, Inc. (NYSE:NKE) by 44.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,875 shares of the footwear maker’s stock after purchasing an additional 2,720 shares during the period. Confluence Wealth Services Inc.’s holdings in NIKE were worth $834,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Annapolis Financial Services LLC boosted its holdings in NIKE by 440.0% in the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after purchasing an additional 220 shares during the last quarter. Iron Horse Wealth Management LLC lifted its holdings in NIKE by 120.7% during the 4th quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock worth $28,000 after buying an additional 140 shares during the last quarter. Planned Solutions Inc. bought a new position in NIKE during the 4th quarter worth approximately $29,000. True Wealth Design LLC lifted its holdings in NIKE by 106.4% during the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after buying an additional 150 shares during the last quarter. Finally, Frank Rimerman Advisors LLC bought a new position in NIKE during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on NKE. TheStreet downgraded NIKE from a “b” rating to a “c+” rating in a report on Tuesday, January 9th. Oppenheimer downgraded NIKE from an “outperform” rating to a “market perform” rating and set a $110.00 target price on the stock. in a report on Friday, February 16th. Truist Financial reiterated a “hold” rating and set a $111.00 price target on shares of NIKE in a research report on Tuesday, March 19th. Robert W. Baird dropped their price target on NIKE from $140.00 to $125.00 and set an “outperform” rating on the stock in a research report on Friday, March 22nd. Finally, Citigroup dropped their price target on NIKE from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, March 14th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $116.26.

NIKE Price Performance

Shares of NKE stock traded down $1.80 during mid-day trading on Tuesday, hitting $92.26. 6,471,496 shares of the stock traded hands, compared to its average volume of 9,340,923. NIKE, Inc. has a twelve month low of $88.66 and a twelve month high of $128.68. The firm has a market cap of $139.25 billion, a price-to-earnings ratio of 27.14, a price-to-earnings-growth ratio of 1.82 and a beta of 1.09. The company’s 50-day simple moving average is $96.55 and its 200-day simple moving average is $103.28. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.89 and a current ratio of 2.74.

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

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 4th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend was Friday, March 1st. NIKE’s dividend payout ratio is presently 43.53%.

NIKE Company 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.