Stack Financial Management Inc Purchases Shares of 237,060 Nike, Inc. (NKE)
Stack Financial Management Inc purchased a new position in Nike, Inc. (NYSE:NKE) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 237,060 shares of the footwear maker’s stock, valued at approximately $13,987,000.
Several other institutional investors also recently bought and sold shares of NKE. State Street Corp raised its position in Nike by 1.4% in the first quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock worth $3,319,086,000 after buying an additional 835,003 shares during the last quarter. Wellington Management Group LLP raised its position in Nike by 5.0% in the first quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock worth $2,781,332,000 after buying an additional 2,375,447 shares during the last quarter. Bank of New York Mellon Corp raised its stake in 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 in the last quarter. Jennison Associates LLC raised its stake in 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 in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in 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 in the last quarter. 62.71% of the stock is owned by hedge funds and other institutional investors.
Shares of Nike, Inc. (NYSE:NKE) traded down 3.024% on Tuesday, reaching $52.105. 7,466,948 shares of the company traded hands. Nike, Inc. has a 1-year low of $49.01 and a 1-year high of $60.53. The stock has a market capitalization of $85.62 billion, a price-to-earnings ratio of 20.759 and a beta of 0.59. The company has a 50-day moving average of $58.03 and a 200-day moving average of $55.80.
Nike (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.10. The business had revenue of $8.68 billion during the quarter, compared to the consensus estimate of $8.63 billion. Nike had a net margin of 12.34% and a return on equity of 34.18%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.49 EPS. Analysts anticipate that Nike, Inc. will post $2.42 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.34%. Nike’s dividend payout ratio is presently 28.69%.
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Several research firms recently issued reports on NKE. Jefferies Group LLC reissued a “buy” rating and set a $75.00 price objective on shares of Nike in a research note on Friday, May 5th. Morgan Stanley reissued an “equal weight” rating and set a $56.00 price objective on shares of Nike in a research note on Wednesday, June 21st. Credit Suisse Group set a $63.00 price objective on Nike and gave the company a “buy” rating in a research note on Saturday, June 24th. UBS AG reissued a “buy” rating and set a $62.00 price objective (down previously from $63.00) on shares of Nike in a research note on Tuesday, June 27th. Finally, Nomura reissued a “buy” rating and set a $60.00 price objective on shares of Nike in a research note on Friday, June 30th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-three have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $60.42.
In other Nike news, insider Trevor A. Edwards sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the completion of the transaction, the insider now directly owns 729,610 shares in the company, valued at approximately $42,047,424.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Campion sold 96,243 shares of the firm’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $56.68, for a total transaction of $5,455,053.24. Following the transaction, the chief financial officer now owns 50,246 shares of the company’s stock, valued at $2,847,943.28. The disclosure for this sale can be found here. Insiders sold a total of 492,360 shares of company stock valued at $28,485,174 in the last quarter. 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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