Edgewood Management LLC increased its stake in shares of Nike, Inc. (NYSE:NKE) by 3.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,873,490 shares of the footwear maker’s stock after acquiring an additional 441,507 shares during the quarter. Nike makes up about 3.7% of Edgewood Management LLC’s portfolio, making the stock its 17th largest position. Edgewood Management LLC owned approximately 0.72% of Nike worth $661,710,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Crestwood Advisors Group LLC bought a new position in Nike during the first quarter worth $117,000. Webster Bank N. A. boosted its stake in Nike by 75.5% during the first quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock worth $117,000 after acquiring an additional 900 shares in the last quarter. Rational Advisors LLC boosted its stake in Nike by 14.3% during the first quarter. Rational Advisors LLC now owns 2,572 shares of the footwear maker’s stock worth $143,000 after acquiring an additional 321 shares in the last quarter. State of Alaska Department of Revenue bought a new position in Nike during the first quarter worth $169,000. Finally, SRS Capital Advisors Inc. boosted its stake in Nike by 31.1% during the first quarter. SRS Capital Advisors Inc. now owns 3,085 shares of the footwear maker’s stock worth $171,000 after acquiring an additional 731 shares in the last quarter. 62.72% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Eric D. Sprunk sold 112,323 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $58.61, for a total value of $6,583,251.03. Following the completion of the sale, the insider now directly owns 139,551 shares in the company, valued at $8,179,084.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Trevor A. Edwards sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $57.63, for a total value of $11,526,000.00. Following the completion of the sale, the insider now owns 729,610 shares of the company’s stock, valued at $42,047,424.30. 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 90 days. Company insiders own 3.90% of the company’s stock.
Nike, Inc. (NYSE:NKE) traded up 0.36% on Wednesday, reaching $53.59. The company’s stock had a trading volume of 2,569,378 shares. The company has a market capitalization of $88.06 billion, a price-to-earnings ratio of 21.35 and a beta of 0.61. Nike, Inc. has a 12-month low of $49.01 and a 12-month high of $60.53. The firm has a 50-day moving average of $56.46 and a 200 day moving average of $55.56.
Nike (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 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 analysts’ expectations of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 earnings per share. On average, equities research analysts anticipate that Nike, Inc. will post $2.42 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Thursday, August 31st. Nike’s dividend payout ratio (DPR) is presently 28.69%.
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Several research analysts have weighed in on the stock. Morgan Stanley restated a “buy” rating and set a $64.00 price objective (down previously from $68.00) on shares of Nike in a report on Tuesday, August 29th. Telsey Advisory Group lowered their price objective on shares of Nike from $63.00 to $61.00 and set an “outperform” rating on the stock in a report on Wednesday, August 30th. Vetr upgraded shares of Nike from a “buy” rating to a “strong-buy” rating and set a $59.09 price objective on the stock in a report on Wednesday, September 6th. Cowen and Company set a $54.00 target price on shares of Nike and gave the company a “hold” rating in a report on Friday, August 4th. Finally, Canaccord Genuity set a $51.00 target price on shares of Nike and gave the company a “hold” rating in a report on Friday, May 26th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $60.44.
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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