Sumitomo Life Insurance Co. Raises Stake in Nike Inc (NKE)

Sumitomo Life Insurance Co. increased its position in Nike Inc (NYSE:NKE) by 19.0% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 59,426 shares of the footwear maker’s stock after buying an additional 9,487 shares during the period. Sumitomo Life Insurance Co.’s holdings in Nike were worth $3,312,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the company. Norges Bank bought a new stake in Nike during the fourth quarter worth approximately $463,411,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in Nike during the fourth quarter worth approximately $165,446,000. Russell Investments Group Ltd. bought a new stake in Nike during the fourth quarter worth approximately $157,179,000. State Street Corp boosted its stake in Nike by 4.6% in the fourth quarter. State Street Corp now owns 58,719,250 shares of the footwear maker’s stock worth $2,984,719,000 after buying an additional 2,563,166 shares during the last quarter. Finally, Asset Management One Co. Ltd. boosted its stake in Nike by 769.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,306,093 shares of the footwear maker’s stock worth $117,260,000 after buying an additional 2,040,975 shares during the last quarter. Institutional investors and hedge funds own 62.23% of the company’s stock.

Institutional Ownership by Quarter for Nike (NYSE:NKE)

Shares of Nike Inc (NYSE:NKE) traded up 0.65% during midday trading on Thursday, hitting $52.35. 7,627,454 shares of the stock were exchanged. Nike Inc has a 52-week low of $49.01 and a 52-week high of $60.33. The firm has a market cap of $86.42 billion, a PE ratio of 21.84 and a beta of 0.44. The firm’s 50-day moving average is $54.46 and its 200 day moving average is $53.92.

Nike (NYSE:NKE) last posted its earnings results on Tuesday, March 21st. The footwear maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.15. Nike had a net margin of 11.60% and a return on equity of 31.70%. The firm had revenue of $8.43 billion during the quarter, compared to analyst estimates of $8.47 billion. During the same period last year, the firm posted $0.55 earnings per share. Nike’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, analysts forecast that Nike Inc will post $2.40 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Monday, June 5th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend is Thursday, June 1st. Nike’s dividend payout ratio (DPR) is presently 31.72%.

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A number of equities research analysts have commented on NKE shares. Goldman Sachs Group Inc restated a “buy” rating and issued a $62.00 price target on shares of Nike in a report on Tuesday, April 18th. Forward View started coverage on shares of Nike in a report on Friday, January 27th. They issued a “hold” rating and a $55.00 price target for the company. Deutsche Bank AG restated a “buy” rating and issued a $64.00 price target on shares of Nike in a report on Saturday, April 22nd. Vetr upgraded shares of Nike from a “buy” rating to a “strong-buy” rating and set a $63.24 price target for the company in a report on Wednesday, March 22nd. Finally, Bank of America Corp restated a “sell” rating and issued a $46.00 price target on shares of Nike in a report on Wednesday, April 5th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Nike presently has an average rating of “Buy” and an average price target of $60.93.

In related news, Chairman Mark G. Parker sold 100,000 shares of the firm’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $55.50, for a total value of $5,550,000.00. Following the completion of the transaction, the chairman now directly owns 1,966,235 shares of the company’s stock, valued at $109,126,042.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Eric D. Sprunk sold 50,000 shares of the firm’s stock in a transaction on Wednesday, March 29th. The shares were sold at an average price of $57.00, for a total transaction of $2,850,000.00. Following the completion of the transaction, the insider now directly owns 300,108 shares of the company’s stock, valued at $17,106,156. The disclosure for this sale can be found here. Over the last three months, insiders sold 379,000 shares of company stock valued at $21,213,800. 3.90% of the stock is currently owned by insiders.

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.

12 Month Chart for NYSE:NKE

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