5 Best Passive Income Stocks To Buy Now

2. NIKE, Inc. (NYSE:NKE)

Number of Hedge Fund Holders: 71

NIKE, Inc. (NYSE:NKE) is a multinational footwear manufacturing company, based in Oregon, US. The company remained committed to its shareholder obligation in fiscal Q3 2022 as it paid approximately $528 million to investors in dividends. It is one of the best dividend stocks on our list.

NIKE, Inc. (NYSE:NKE) offers a quarterly dividend of $0.34 per share and has a dividend yield of 1.08%, as of April 19. In 2022, the company raised its dividends for the 21st consecutive year.

At the end of Q4 2022, 71 hedge funds tracked by Insider Monkey owned stakes in NIKE, Inc. (NYSE:NKE), up from 70 in the previous quarter. These stakes have a collective value of over $4 billion.

RiverPark Advisors mentioned NIKE, Inc. (NYSE:NKE) in its Q4 2022 investor letter. Here is what the firm has to say:

“NIKE, Inc. (NYSE:NKE) shares were a top contributor for 4Q as the company reported solid 2Q23 results and raised its annual guidance. Nike reported 17% revenue growth (27% on a currency neutral basis) and $0.85 EPS, both significantly greater than expectations. Management raised its F23 outlook to low teens currency-neutral revenue growth.

Nike is, by far, the leading athletic footwear, apparel, and equipment company in the world with over $46 billion in revenue, $6 billion in 2021 annual free cash flow, and over $4 billion of excess cash. We believe that the continued global secular growth trend towards active wear will continue to aid Nike’s top-line growth, while we expect gross and operating margin improvements as it shifts its product mix to more premium products and adopts a more direct to consumer approach, driving long-term mid-teens or higher annual EPS growth for the foreseeable future.”