Cambridge Trust Co. Sells 1,390 Shares of Nike, Inc. (NKE)
Cambridge Trust Co. lowered its stake in shares of Nike, Inc. (NYSE:NKE) by 5.8% during the first quarter, Holdings Channel reports. The fund owned 22,745 shares of the footwear maker’s stock after selling 1,390 shares during the period. Cambridge Trust Co.’s holdings in Nike were worth $1,268,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. State Street Corp raised its position in shares of Nike by 1.4% in the first quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock valued at $3,319,086,000 after buying an additional 835,003 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Nike by 5.0% in the first quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock valued at $2,781,332,000 after buying an additional 2,375,447 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Nike by 0.5% in the first quarter. Bank of New York Mellon Corp now owns 29,087,830 shares of the footwear maker’s stock valued at $1,621,066,000 after buying an additional 144,846 shares during the last quarter. Jennison Associates LLC raised its position in shares of Nike by 124.7% in the first quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock valued at $1,401,251,000 after buying an additional 13,953,567 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Nike by 9.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 12,679,290 shares of the footwear maker’s stock valued at $706,617,000 after buying an additional 1,130,409 shares during the last quarter. 63.47% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Nike, Inc. (NYSE:NKE) traded down 0.27% during mid-day trading on Wednesday, reaching $58.40. The company had a trading volume of 1,442,249 shares. The firm’s 50-day moving average price is $58.31 and its 200 day moving average price is $55.72. The company has a market cap of $95.96 billion, a price-to-earnings ratio of 23.27 and a beta of 0.59. Nike, Inc. has a 52-week low of $49.01 and a 52-week high of $60.53. Nike also was the recipient of some unusual options trading on Tuesday. Traders bought 10,309 put options on the stock. This represents an increase of 171% compared to the average daily volume of 3,808 put options.
Nike (NYSE:NKE) last posted its earnings results on Thursday, June 29th. The footwear maker reported $0.60 EPS for the quarter, beating the consensus estimate of $0.50 by $0.10. The firm had revenue of $8.68 billion during the quarter, compared to the consensus estimate of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period last year, the company earned $0.49 earnings per share. Equities analysts expect that Nike, Inc. will post $2.42 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Tuesday, September 5th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.72 annualized dividend and a yield of 1.23%. Nike’s dividend payout ratio is presently 28.69%.
Several brokerages have commented on NKE. Nomura reiterated a “buy” rating and set a $60.00 price target on shares of Nike in a report on Friday, June 30th. J P Morgan Chase & Co downgraded Nike from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $61.00 to $58.00 in a report on Friday, June 16th. Telsey Advisory Group lowered their price target on Nike from $66.00 to $62.00 and set an “outperform” rating on the stock in a report on Thursday, June 22nd. Cowen and Company increased their price target on Nike from $53.00 to $54.00 and gave the company a “market perform” rating in a report on Friday, June 30th. Finally, Vetr upgraded Nike from a “hold” rating to a “buy” rating and set a $55.06 price target on the stock in a report on Thursday, June 15th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty-two have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $61.04.
In other Nike news, insider Trevor A. Edwards sold 200,000 shares of the stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total value of $11,526,000.00. Following the completion of the transaction, the insider now directly owns 729,610 shares in the company, valued at $42,047,424.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Campion sold 5,722 shares of the stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $59.40, for a total value of $339,886.80. Following the completion of the transaction, the chief financial officer now owns 34,976 shares of the company’s stock, valued at $2,077,574.40. The disclosure for this sale can be found here. Insiders sold 492,360 shares of company stock valued at $28,485,174 over the last quarter. Corporate insiders own 3.90% of the company’s stock.
Nike Company Profile
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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