5 Best Consumer Cyclical Dividend Stocks To Buy Now

2. NIKE, Inc. (NYSE:NKE)

Number of Hedge Fund Holders: 71

NIKE, Inc. (NYSE:NKE) is an Oregon-based footwear manufacturing company that also produces other accessories as well. Following the company’s recent quarterly earnings, Jefferies raised its price target on the stock to $160 in March and maintained a Buy rating on the shares.

NIKE, Inc. (NYSE:NKE), one of the best dividend stocks, currently pays a quarterly dividend of $0.34 per share. The company maintains a 21-year streak of consistent dividend growth. The stock has a dividend yield of 1.15%, as of March 27.

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.”