6 Meridian Has $7.47 Million Stake in Nike Inc (NKE)
6 Meridian cut its stake in Nike Inc (NYSE:NKE) by 0.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 93,789 shares of the footwear maker’s stock after selling 888 shares during the quarter. 6 Meridian’s holdings in Nike were worth $7,473,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. bought a new position in shares of Nike in the second quarter valued at approximately $104,000. CSat Investment Advisory L.P. bought a new position in Nike during the second quarter valued at $119,000. Bruderman Asset Management LLC bought a new position in Nike during the first quarter valued at $129,000. Princeton Capital Management LLC bought a new position in Nike during the first quarter valued at $130,000. Finally, Archford Capital Strategies LLC bought a new position in Nike during the first quarter valued at $137,000. 63.99% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently issued reports on NKE. Wells Fargo & Co set a $82.00 price objective on Nike and gave the stock a “neutral” rating in a research report on Tuesday. UBS Group downgraded Nike from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $76.00 to $78.00 in a research report on Thursday, June 21st. Buckingham Research downgraded Nike from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $75.00 to $80.00 in a research report on Friday, June 22nd. They noted that the move was a valuation call. TheStreet upgraded Nike from a “c+” rating to a “b+” rating in a research report on Thursday, June 28th. Finally, Nomura increased their price objective on Nike from $74.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, June 29th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-six have issued a buy rating to the company. Nike currently has an average rating of “Buy” and an average price target of $79.19.
Nike (NYSE:NKE) last released its earnings results on Thursday, June 28th. The footwear maker reported $0.69 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $9.40 billion. During the same period last year, the business earned $0.60 earnings per share. The business’s revenue was up 12.8% on a year-over-year basis. sell-side analysts predict that Nike Inc will post 2.62 EPS for the current year.
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 issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, August 31st. This represents a $0.80 dividend on an annualized basis and a yield of 1.01%. Nike’s payout ratio is currently 33.06%.
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 purchase up to 12.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
In related news, insider Eric D. Sprunk sold 150,000 shares of the business’s stock in a transaction that occurred on Friday, June 29th. The shares were sold at an average price of $79.07, for a total value of $11,860,500.00. Following the completion of the transaction, the insider now directly owns 241,959 shares in the company, valued at approximately $19,131,698.13. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Hilary K. Krane sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, July 5th. The stock was sold at an average price of $76.51, for a total transaction of $3,060,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 332,778 shares of company stock valued at $26,186,826. 3.90% of the stock is owned by company insiders.
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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