Canvas Wealth Advisors LLC Lowers Position in NIKE, Inc. $NKE

Canvas Wealth Advisors LLC trimmed its holdings in shares of NIKE, Inc. (NYSE:NKE) by 29.6% in the first quarter, Holdings Channel reports. The firm owned 28,574 shares of the footwear maker’s stock after selling 11,998 shares during the period. Canvas Wealth Advisors LLC’s holdings in NIKE were worth $1,526,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of NKE. Vanguard Group Inc. raised its stake in shares of NIKE by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 116,993,541 shares of the footwear maker’s stock valued at $7,453,658,000 after acquiring an additional 1,702,342 shares during the period. State Street Corp boosted its position in shares of NIKE by 2.2% during the 4th quarter. State Street Corp now owns 59,315,606 shares of the footwear maker’s stock worth $3,802,807,000 after purchasing an additional 1,275,494 shares during the period. Capital World Investors increased its holdings in NIKE by 16.2% in the 4th quarter. Capital World Investors now owns 49,069,951 shares of the footwear maker’s stock valued at $3,126,246,000 after purchasing an additional 6,830,938 shares during the last quarter. J. Stern & Co. LLP raised its position in NIKE by 49,010.4% in the fourth quarter. J. Stern & Co. LLP now owns 48,054,542 shares of the footwear maker’s stock valued at $3,061,555,000 after purchasing an additional 47,956,692 shares during the period. Finally, Geode Capital Management LLC lifted its stake in NIKE by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 26,442,879 shares of the footwear maker’s stock worth $1,677,251,000 after purchasing an additional 233,925 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NKE. Bank of America decreased their target price on NIKE from $55.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 1st. HSBC lowered shares of NIKE from a “buy” rating to a “hold” rating and cut their price target for the stock from $90.00 to $48.00 in a research note on Monday, April 13th. Weiss Ratings lowered shares of NIKE from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, June 8th. Zacks Research cut shares of NIKE from a “hold” rating to a “strong sell” rating in a report on Monday, June 1st. Finally, Telsey Advisory Group set a $47.00 target price on shares of NIKE and gave the stock a “market perform” rating in a research note on Wednesday, July 1st. Thirteen investment analysts have rated the stock with a Buy rating, nineteen have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $55.42.

NIKE Stock Down 1.7%

Shares of NIKE stock opened at $43.32 on Tuesday. The company has a quick ratio of 1.36, a current ratio of 1.96 and a debt-to-equity ratio of 0.40. NIKE, Inc. has a 52-week low of $40.00 and a 52-week high of $80.17. The company has a market capitalization of $64.15 billion, a P/E ratio of 20.73, a P/E/G ratio of 2.49 and a beta of 1.12. The company has a 50 day moving average of $43.86 and a 200 day moving average of $53.06.

NIKE (NYSE:NKE) last issued its earnings results on Tuesday, June 30th. The footwear maker reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.09. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The firm had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.85 billion. During the same quarter in the previous year, the firm posted $0.14 earnings per share. The company’s revenue was down 1.1% compared to the same quarter last year. As a group, research analysts forecast that NIKE, Inc. will post 1.8 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 3.8%. The ex-dividend date was Monday, June 1st. NIKE’s dividend payout ratio is currently 78.47%.

Insider Transactions at NIKE

In other news, Director Timothy D. Cook purchased 25,000 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The shares were purchased at an average price of $42.43 per share, for a total transaction of $1,060,750.00. Following the purchase, the director directly owned 130,480 shares of the company’s stock, valued at $5,536,266.40. This represents a 23.70% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Philip Mccartney sold 17,398 shares of NIKE stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $46.18, for a total value of $803,439.64. Following the transaction, the executive vice president directly owned 53,133 shares in the company, valued at approximately $2,453,681.94. This trade represents a 24.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders purchased 52,660 shares of company stock worth $2,234,218. 0.80% of the stock is owned by company insiders.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).