Pershing Square reveals Nike stake among Q2 moves, shoe giant’s shares rise 4% after hours
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Bill Ackman’s Pershing Square Capital Management has disclosed a new stake in Nike (NYSE:NKE) among its Q2 equity moves, after research firm Gordon Haskett speculated that the shoe giant could be the next target for activist investors.
Pershing Square disclosed the information in its latest 13F filing for the three months ended June 30, 2024, published on Wednesday.
Shares of Nike (NKE) rose 4.3% to $81.83 after hours on the news.
Ackman is known for his activist wins on companies such as Canadian Pacific, Fortune Brands and Allergan.
Pershing Square’s 13F filing showed a stake of 3M class B shares in the world’s largest shoemaker at the end of Q2.
Gordon Haskett on Wednesday said Nike (NKE) could also be targeted for a change in top management, especially after coffee chain Starbucks’ (SBUX) poaching of Chipotle’s (CMG) Brian Niccol. Haskett speculated that former Deckers (DECK) chief executive Dave Powers would be a great candidate to take over at Nike (NKE).
Nike (NKE) – a barometer for consumer trends – in late June warned that its current quarter sales would decline 10%.
Looking at Pershing Square’s other moves in Q2, the fund picked up a stake of 6.85M class A limited voting shares in Canadian investment firm Brookfield (BN).
Pershing also slashed its stake in Google-parent Alphabet’s class C capital stock (GOOG) by 19.5% to 7.55M shares and in its class A capital stock (GOOGL) by 8.5% to 3.99M shares.
Additionally, Pershing cut its stake in hotel and resort chain Hilton Worldwide (HLT) by 2.5% to 8.95M shares in Q2; and by 0.9% each to 23.1M and 15M shares in Burger King-owner Restaurant Brands International (QSR) and railroad operator Canadian Pacific Kansas City (CP), respectively.
Also of note, Pershing Square’s stake in Mexican food chain Chipotle (CMG) stands at 28.8M shares at the end of Q2, compared to 744K at the end of Q1. This was because Chipotle (CMG) effected a historic 50-for-1 stock split in the quarter.
According to Forbes, Ackman’s real time net worth is $8.9B.
More on 13F filings
- Warren Buffett’s Berkshire Hathaway’s Q2 adds Ulta, sheds Snowflake, others
- Paul Singer’s Elliott Management exits Nvidia, BTU, adds LUV, ARM, among other Q2 moves
- Trian almost entirely sheds Disney in Q2, takes stakes in Rentokil, 3M spin-off Solventum
- Druckenmiller’s Duquesne pares Apple, Coupang, adds Adobe, TeraWulf, others
- Soroban Capital exits AvalonBay, adds McDonald’s, decreases CSX, others in Q2