Nomura Asset Management Co. Ltd. raised its stake in shares of Nike Inc (NYSE:NKE) by 15.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 259,731 shares of the footwear maker’s stock after purchasing an additional 35,726 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Nike were worth $20,695,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Bruderman Asset Management LLC purchased a new position in Nike during the first quarter valued at $129,000. Princeton Capital Management LLC purchased a new position in Nike during the first quarter valued at $130,000. Archford Capital Strategies LLC purchased a new position in Nike during the first quarter valued at $137,000. Tyvor Capital LLC purchased a new position in Nike during the second quarter valued at $160,000. Finally, Bray Capital Advisors purchased a new position in Nike during the first quarter valued at $167,000. 63.51% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Eric D. Sprunk sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $70.00, for a total transaction of $3,500,000.00. Following the completion of the sale, the insider now directly owns 191,959 shares in the company, valued at $13,437,130. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Eric D. Sprunk sold 150,000 shares of the firm’s stock in a transaction dated Friday, June 29th. The stock was sold at an average price of $79.07, for a total transaction of $11,860,500.00. Following the sale, the insider now owns 241,959 shares of the company’s stock, valued at $19,131,698.13. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 607,778 shares of company stock valued at $46,116,326. 3.90% of the stock is owned by company insiders.
NKE has been the topic of several recent analyst reports. HSBC raised shares of Nike from a “hold” rating to a “buy” rating and set a $77.00 price objective on the stock in a report on Friday, April 27th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $70.00 price target on shares of Nike in a research note on Friday, May 18th. Credit Suisse Group reissued a “buy” rating and issued a $78.00 price target on shares of Nike in a research note on Thursday, June 14th. DA Davidson reissued a “buy” rating on shares of Nike in a research note on Monday, May 7th. Finally, Wells Fargo & Co reissued a “market perform” rating and issued a $74.00 price target (up from $62.00) on shares of Nike in a research note on Sunday, June 10th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $77.46.
Nike opened at $80.73 on Friday, Marketbeat Ratings reports. Nike Inc has a 12-month low of $50.35 and a 12-month high of $81.88. The stock has a market cap of $130.06 billion, a P/E ratio of 33.86, a PEG ratio of 2.72 and a beta of 0.68. The company has a quick ratio of 1.63, a current ratio of 2.51 and a debt-to-equity ratio of 0.35.
Nike (NYSE:NKE) last released its quarterly earnings data on Thursday, June 28th. The footwear maker reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.05. Nike had a net margin of 5.31% and a return on equity of 36.57%. The firm had revenue of $9.79 billion during the quarter, compared to analysts’ expectations of $9.40 billion. During the same period last year, the business earned $0.60 earnings per share. Nike’s revenue was up 12.8% compared to the same quarter last year. equities research analysts predict that Nike Inc will post 2.61 earnings per share for the current year.
Nike announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 28th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the footwear maker to repurchase up to 12.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Tuesday, September 4th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.99%. Nike’s payout ratio is currently 33.06%.
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. It offers NIKE brand products in nine categories: running, NIKE basketball, the Jordan brand, football, men's training, women's training, action sports, sportswear, and golf.
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