On September 30, 2023, Daymark Wealth Partners LLC announced that it has raised its holdings in NIKE, Inc. (NYSE:NKE) by 48.0% during the second quarter. This increase in holdings is reported in the company’s most recent filing with the Securities and Exchange Commission. At the end of the most recent quarter, the fund owned 11,139 shares of NIKE’s stock, after purchasing an additional 3,615 shares during the period. The value of Daymark Wealth Partners’ holdings in NIKE was estimated to be $1,229,000.
This news comes shortly after NIKE announced its earnings results on September 28th. During this quarter, the footwear maker reported earnings per share (EPS) of $0.94, surpassing analysts’ consensus estimates of $0.76 by $0.18. Despite falling slightly short of revenue expectations at $12.90 billion compared to analysts’ forecast of $13 billion, NIKE achieved a return on equity of 34.01% and a net margin of 9.90%. The company’s quarterly revenue showed growth of 1.6% year-over-year.
Numerous research firms have recently released reports on NKE’s performance and prospects for future growth. The Goldman Sachs Group lowered their price objective from $145.00 to $136.00 and JPMorgan Chase & Co., on the other hand, increased their price objective from $136.00 to $137.00 in their research reports.
Citigroup also weighed in by decreasing their target price from $109.00 to $100 and providing a “neutral” rating for NIKE’s stock in their report published on September 20th.Taking a different stance earlier in June, OTR Global had positively rated NIKE.
While research firms differ in their assessments of NIKE’s stock performance and outlook, it is essential to note that the average rating from analysts, according to data from Bloomberg, remains a “Moderate Buy.” The consensus target price for the company’s stock is $124.24.
Investors and industry experts will continue to monitor NIKE as it progresses through the current fiscal year. With Daymark Wealth Partners LLC increasing their holdings in the company and NIKE exceeding EPS expectations, despite slightly lower revenue figures, market watchers anticipate further opportunities for growth and potential profitability in the coming quarters.
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Insider Transactions and Institutional Interest in NIKE Inc. Highlight Potential Investment Opportunities
September 30, 2023 – Hedge funds and other institutional investors have shown a significant interest in NIKE Inc., with several purchasing and selling shares of the prominent sports apparel company. America First Investment Advisors LLC bought a new position in NIKE during the first quarter, valued at approximately $27,000. Meanwhile, Tucker Asset Management LLC also acquired a new stake in NIKE during the same period, worth $29,000. Financial Freedom LLC and Ruedi Wealth Management Inc. both purchased new positions in the fourth quarter and first quarter, respectively, valued at around $29,000 and $30,000. Finally, Worth Asset Management LLC bought a new stake in NIKE during the first quarter for about $32,000. As of now, hedge funds and other institutional investors own 63.42% of the company’s stock.
In terms of recent developments within the company itself, EVP Monique S. Matheson sold 40,000 shares of NIKE stock on August 8th in a transaction that amounted to $4,343,600. Following this sale, Matheson now possesses 44,736 shares valued at approximately $4,857,882.24. This news was disclosed through documents filed with the Securities & Exchange Commission.
Another executive within NIKE who made a notable transaction was VP Johanna Nielsen who sold 1,706 shares of the company’s stock on August 3rd at an average price of $107 per share amounting to a total transaction value of $182,542. Following this sale, Nielsen now directly owns 954 shares valued at about $102,o78.
Further analysis reveals that over the last 90 days alone insiders have sold a staggering number of 157，251 shares valued at $17,o63，257 representing o50% ownership in company stocks.
As we turn our attention to NIKE’s current stock performance，the market opened at $89.63 on Friday. The company has a quick ratio of 1.81 and a current ratio of 2.72, indicating its liquidity position.
On a larger scale, NIKE has witnessed its shares fluctuating between the range of $82.22 to $131.31 over the past twelve months. In terms of moving averages，the recent 50-day average has been recorded at $101.77 while the 200-day average stood at $111.04.
The market capitalization stands at $137。13 billion as of September 30th,2023 with a price-to-earnings (P/E) ratio of 27。75。 To assess its growth prospects and valuation further，we calculate that NIKE’s price-to-earnings growth (PEG) ratio is currently recorded at 1。54 – arousing curiosity toward the company’s performance outlook.
With all these data points presenting an intriguing picture，those interested in analyzing NIKE Inc.’s stock are advised to stay updated with the latest analysis reports for comprehensive insights into the company’s direction and potential opportunities for investment
