BRYN MAWR TRUST Co reduced its stake in Nike Inc (NYSE:NKE) by 15.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 225,966 shares of the footwear maker’s stock after selling 40,687 shares during the period. Nike makes up about 1.0% of BRYN MAWR TRUST Co’s investment portfolio, making the stock its 24th biggest holding. BRYN MAWR TRUST Co’s holdings in Nike were worth $18,006,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. boosted its position in Nike by 3.3% in the 1st quarter. BlackRock Inc. now owns 81,870,764 shares of the footwear maker’s stock valued at $5,439,495,000 after buying an additional 2,649,041 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Nike by 4.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 27,940,846 shares of the footwear maker’s stock valued at $2,226,327,000 after buying an additional 1,273,548 shares during the last quarter. FMR LLC boosted its position in Nike by 1.4% in the 2nd quarter. FMR LLC now owns 15,661,001 shares of the footwear maker’s stock valued at $1,247,869,000 after buying an additional 219,743 shares during the last quarter. Edgewood Management LLC boosted its position in Nike by 2.6% in the 2nd quarter. Edgewood Management LLC now owns 15,500,497 shares of the footwear maker’s stock valued at $1,235,080,000 after buying an additional 388,901 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in Nike by 26.5% in the 2nd quarter. Jennison Associates LLC now owns 14,740,623 shares of the footwear maker’s stock valued at $1,174,533,000 after buying an additional 3,087,189 shares during the last quarter. Hedge funds and other institutional investors own 64.02% of the company’s stock.
In other Nike news, insider Elliott Hill sold 5,741 shares of the firm’s stock in a transaction that occurred on Friday, July 27th. The shares were sold at an average price of $78.17, for a total value of $448,773.97. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Monique S. Matheson sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 30th. The shares were sold at an average price of $76.07, for a total transaction of $760,700.00. Following the completion of the sale, the executive vice president now owns 86,774 shares in the company, valued at approximately $6,600,898.18. The disclosure for this sale can be found here. Insiders sold 315,778 shares of company stock worth $24,911,826 in the last three months. 3.90% of the stock is currently owned by corporate insiders.
Several brokerages have recently commented on NKE. Macquarie set a $87.00 price target on shares of Nike and gave the stock a “buy” rating in a research report on Thursday. HSBC set a $92.00 price target on shares of Nike and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Co set a $82.00 price target on shares of Nike and gave the stock a “neutral” rating in a research report on Tuesday, September 4th. Robert W. Baird reaffirmed a “buy” rating and set a $90.00 price target on shares of Nike in a research report on Monday, September 3rd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $90.00 price target on shares of Nike in a research report on Thursday, August 23rd. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-six have given a buy rating to the company. Nike currently has a consensus rating of “Buy” and an average price target of $79.60.
Shares of NYSE NKE opened at $80.30 on Monday. The company has a current ratio of 2.51, a quick ratio of 1.63 and a debt-to-equity ratio of 0.35. Nike Inc has a 52-week low of $50.35 and a 52-week high of $83.68. The stock has a market capitalization of $128.52 billion, a price-to-earnings ratio of 33.18, a price-to-earnings-growth ratio of 2.68 and a beta of 0.70.
Nike (NYSE:NKE) last issued its earnings results on Thursday, June 28th. The footwear maker reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ 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 for the quarter, compared to analysts’ expectations of $9.40 billion. During the same quarter last year, the company posted $0.60 earnings per share. Nike’s revenue was up 12.8% on a year-over-year basis. analysts anticipate that Nike Inc will post 2.62 EPS for the current fiscal year.
Nike announced that its Board of Directors has approved a stock repurchase plan on Thursday, June 28th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the footwear maker to reacquire up to 12.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders 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 1.00%. Nike’s dividend payout ratio is currently 33.06%.
Nike Company Profile
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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