Nike, Inc. (NKE) Shares Bought by Edgewood Management LLC

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.

About Nike

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.

Institutional Ownership by Quarter for Nike (NYSE:NKE)

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