Allstate Corp Makes New $2.67 Million Investment in NIKE, Inc. (NYSE:NKE)

Allstate Corp acquired a new position in shares of NIKE, Inc. (NYSE:NKE - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 35,310 shares of the footwear maker's stock, valued at approximately $2,672,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in NKE. State Street Corp grew its stake in NIKE by 3.3% during the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker's stock worth $5,140,796,000 after buying an additional 1,862,021 shares during the last quarter. Wellington Management Group LLP grew its position in shares of NIKE by 5.1% during the third quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker's stock worth $2,425,886,000 after acquiring an additional 1,343,093 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of NIKE by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker's stock valued at $2,204,451,000 after acquiring an additional 251,411 shares during the period. Bank of New York Mellon Corp raised its position in NIKE by 18.1% in the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker's stock valued at $1,541,246,000 after purchasing an additional 3,121,929 shares during the last quarter. Finally, Norges Bank acquired a new stake in NIKE during the 4th quarter worth $1,126,288,000. Institutional investors and hedge funds own 64.25% of the company's stock.

Insider Activity

In related news, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the transaction, the chairman now directly owns 896,632 shares in the company, valued at approximately $65,301,708.56. This represents a 15.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.10% of the company's stock.

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NIKE Price Performance

Shares of NIKE stock traded up $0.28 during trading on Monday, hitting $63.57. 17,383,717 shares of the company were exchanged, compared to its average volume of 12,948,648. NIKE, Inc. has a fifty-two week low of $62.41 and a fifty-two week high of $98.04. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. The firm has a 50 day moving average price of $74.16 and a 200 day moving average price of $76.92. The stock has a market capitalization of $94.02 billion, a price-to-earnings ratio of 19.62, a P/E/G ratio of 2.52 and a beta of 1.02.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.26. The business had revenue of $11.27 billion for the quarter, compared to the consensus estimate of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The business's revenue was down 9.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.98 earnings per share. On average, equities analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Monday, March 3rd. NIKE's dividend payout ratio is presently 53.16%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on NKE shares. DA Davidson raised shares of NIKE to a "strong-buy" rating in a report on Monday, December 23rd. Piper Sandler upgraded NIKE from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $72.00 to $90.00 in a research note on Friday, January 10th. China Renaissance started coverage on NIKE in a research note on Wednesday, March 19th. They set a "hold" rating for the company. Wells Fargo & Company lowered their price objective on shares of NIKE from $90.00 to $85.00 and set an "overweight" rating on the stock in a research report on Friday, March 21st. Finally, Dbs Bank upgraded shares of NIKE from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 5th. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $87.38.

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.