Should You Hold NIKE (NKE)?

ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Growth Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 3000 Growth Index benchmark. The strategy gained in seven of the nine sectors in which it was invested in the quarter on an absolute basis. Healthcare and industrials sectors were the primary contributors while the consumer discretionary sector detracted from performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge All Cap Growth Strategy highlighted stocks like NIKE, Inc. (NYSE:NKE) in the Q4 2022 investor letter. Headquartered in Beaverton, Oregon, NIKE, Inc. (NYSE:NKE) designs and develops athletic footwear, apparel, equipment, and accessories. On February 28, 2023, NIKE, Inc. (NYSE:NKE) stock closed at $118.79 per share. One-month return of NIKE, Inc. (NYSE:NKE) was -8.27%, and its shares lost 12.45% of their value over the last 52 weeks. NIKE, Inc. (NYSE:NKE) has a market capitalization of $183.788 billion.

ClearBridge All Cap Growth Strategy made the following comment about NIKE, Inc. (NYSE:NKE) in its Q4 2022 investor letter:

“NIKE, Inc. (NYSE:NKE) has been pressured by an uneven global recovery that led to surplus inventory. We added to the position earlier in the year with the view that its inventory write-down should not derail the company’s long-term high-single-digit revenue growth or the margin expansion from its enhanced focus on the direct-to-consumer business. While near-term earnings estimates may have some risk, much of the multiple contraction is in the current value of Nike shares and sentiment has shifted, with the shares bouncing 40% higher during the quarter. Netflix is another earnings reset name that has taken decisive actions, developing an ad-supported subscription tier and cracking down on password sharing, that have helped its shares rerate strongly.”

Costi Iosif / Shutterstock.com

NIKE, Inc. (NYSE:NKE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 71 hedge fund portfolios held NIKE, Inc. (NYSE:NKE) at the end of the fourth quarter which was 70 in the previous quarter.

We discussed NIKE, Inc. (NYSE:NKE) in another article and shared the list of stocks that billionaire George Soros owns. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 12 Most Promising New Tech Stocks To Buy
• S&P 500 Dividend Aristocrats List
• 10 Most Promising Biotech Stocks According to Analysts

Disclosure: None. This article is originally published at Insider Monkey.