Nissay Asset Management Corp Japan ADV boosted its position in Nike Inc (NYSE:NKE) by 6.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 219,018 shares of the footwear maker’s stock after purchasing an additional 13,492 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Nike were worth $17,451,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Nike by 3.3% in the first quarter. BlackRock Inc. now owns 81,870,764 shares of the footwear maker’s stock worth $5,439,495,000 after purchasing an additional 2,649,041 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Nike by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 27,940,846 shares of the footwear maker’s stock valued at $2,226,327,000 after acquiring an additional 1,273,548 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Nike by 1.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 17,523,005 shares of the footwear maker’s stock valued at $1,164,228,000 after acquiring an additional 248,381 shares in the last quarter. Edgewood Management LLC increased its holdings in shares of Nike by 3.8% during the first quarter. Edgewood Management LLC now owns 15,111,596 shares of the footwear maker’s stock valued at $1,004,014,000 after acquiring an additional 546,687 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of Nike by 26.5% during the second quarter. Jennison Associates LLC now owns 14,740,623 shares of the footwear maker’s stock valued at $1,174,533,000 after acquiring an additional 3,087,189 shares in the last quarter. Institutional investors and hedge funds own 64.72% of the company’s stock.
Several equities analysts have recently weighed in on NKE shares. Credit Suisse Group restated a “buy” rating and set a $78.00 price target on shares of Nike in a report on Thursday, June 14th. UBS Group downgraded Nike from a “buy” rating to a “neutral” rating and raised their price target for the company from $76.00 to $78.00 in a report on Thursday, June 21st. Wells Fargo & Co set a $82.00 price target on Nike and gave the company a “neutral” rating in a report on Monday, August 6th. DZ Bank restated a “sell” rating on shares of Nike in a report on Friday, June 29th. Finally, Piper Jaffray Companies raised their price target on Nike to $72.00 and gave the company a “neutral” rating in a report on Friday, June 29th. Three 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 stock has an average rating of “Hold” and a consensus target price of $77.60.
Nike stock opened at $79.75 on Friday. The firm has a market cap of $129.21 billion, a P/E ratio of 32.95, a price-to-earnings-growth ratio of 2.70 and a beta of 0.68. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.63 and a current ratio of 2.51. Nike Inc has a one year low of $50.35 and a one year high of $81.88.
Nike (NYSE:NKE) last announced its earnings results on Thursday, June 28th. The footwear maker reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.05. The business had revenue of $9.79 billion for the quarter, compared to analysts’ expectations of $9.40 billion. Nike had a return on equity of 36.57% and a net margin of 5.31%. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period last year, the firm posted $0.60 earnings per share. equities analysts anticipate that Nike Inc will post 2.61 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th will be given a $0.20 dividend. The ex-dividend date is Friday, August 31st. This represents a $0.80 annualized dividend and a yield of 1.00%. Nike’s payout ratio is 33.06%.
Nike declared that its Board of Directors has initiated a stock repurchase program on Thursday, June 28th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the footwear maker to repurchase up to 12.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other Nike news, insider Eric D. Sprunk sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $72.00, for a total value of $3,240,000.00. Following the transaction, the insider now directly owns 186,959 shares of the company’s stock, valued at $13,461,048. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Mark G. Parker sold 135,000 shares of the firm’s stock in a transaction dated Monday, June 4th. The stock was sold at an average price of $73.03, for a total value of $9,859,050.00. Following the completion of the transaction, the chairman now directly owns 1,637,736 shares in the company, valued at $119,603,860.08. The disclosure for this sale can be found here. Insiders sold 557,778 shares of company stock worth $42,616,326 over the last three months. Insiders own 3.90% of the company’s stock.
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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