5 Best Sporting Goods Stocks To Invest In

01. NIKE, Inc. (NYSE:NKE)

Number of Hedge Fund Holders as of Q2, 2022: 72

Topping the list of best sporting goods stocks to invest in is NIKE, Inc. (NYSE:NKE), one of the most recognizable footwear and apparel brands in the world. It also sells sports equipment and accessories, including golf clubs, baseball bats, gloves, and watches. NIKE, Inc. (NYSE:NKE) is transitioning away from retail outlets to online sales, with great success, as digital revenue topped $10 billion in FY22. NIKE, Inc. (NYSE:NKE) also topped fiscal 2023 Q1 revenue estimates with $12.7 billion in sales. The stock paid a dividend of $0.31 on October 3, with a forward dividend yield of 1.38%.

On October 13, Raymond James analyst Rick Patel initiated coverage of NIKE, Inc. (NYSE:NKE) with an Outperform rating and a $99 price target. Hedge fund ownership of NIKE, Inc. (NYSE:NKE) ticked up during Q2 as money managers looked to buy into the iconic brand at a discount. Nike shares fell by 46% year to date as of October 24. At the end of Q2, 72 hedge funds had a collective stake in the company valued at $3.34 billion. This was up from Q1 2022 when only 67 hedge funds held stakes worth $3.98 billion in the stock. Ken Fisher’s Fisher Asset Management is the leading shareholder of NIKE, Inc. (NYSE:NKE) during Q2, holding 8.5 million shares.

Here is what Ensemble Capital specifically said about NIKE, Inc. (NYSE:NKE) in its Q3 2022 investor letter:

“NIKE, Inc. (NYSE:NKE) (-18.4%): The company spent most of the quarter trading about in line with the overall market. But on the last day of the quarter, they reported earnings that demonstrated strong consumer demand, but a series of geographic and product level inventory level issues. Given the start-stop nature of their production during COVID, strained global supply chains, and China consumers popping in and out of lockdowns, the company ended up with too much apparel inventory and announced they’d be slashing prices on certain items to reset inventory to appropriate levels quickly.”

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