Dow 30 Stocks List: 15 Stocks Ranked By 2022 Hedge Fund Bullishness Index

11. NIKE, Inc. (NYSE:NKE)

Number of Hedge Fund Holders as of Q3, 2022: 70

NIKE, Inc. (NYSE:NKE) is a Beaverton, Oregon-based company known for its footwear, apparel, accessories, and equipment with a sports-based theme. On November 15, NIKE, Inc. (NYSE:NKE) increased its quarterly dividend by 11% to 34 cents per share. The company is on track to become a member of the Dividend Aristocrat list as it has been raising its annual dividend for the past 15 consecutive years.

On October 13, Rick Patel at Raymond James initiated coverage on NIKE, Inc. (NYSE:NKE) with an Outperform rating and a target price of $99. Although the stock is in the red YTD due to macroeconomic headwinds and industry-specific challenges, the analyst has a long-term bullish take on NIKE, Inc. (NYSE:NKE). Experts believe the company will continue to grow due to its globally renowned brand, out-of-the-box products, and high growth in emerging markets. NIKE, Inc. (NYSE:NKE) was held by 70 hedge funds at the end of Q3 2022.

Leaven Partners discussed its outlook on NIKE, Inc. (NYSE:NKE) in its Q3 2022 investor letter. Here’s what the firm said:

“In our last quarterly letter, I briefly mentioned that the consensus estimates for corporate profits appeared to be a bit too sanguine. I referenced a Reuters article that reported, as of June 17, Wall Street expected S&P 500 earnings to grow by 9.6% in 2022, which was up from 8.8% in April and from 8.4% in January. That tune began to change at the end of July and accelerated in August and September, as major players, such as NIKE (NYSE:NKE), has recently issued profit warnings and/or have withdrawn guidance. In response, Wall Street has altered its outlook: lowering third-quarter profit growth to 4.6%^[2] from 7.2% in early August and slashing full-year profit growth to 4.5%.”