Penobscot Investment Management Company Inc. lessened its position in shares of Nike Inc (NYSE:NKE) by 0.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,933 shares of the footwear maker’s stock after selling 570 shares during the period. Nike comprises 1.3% of Penobscot Investment Management Company Inc.’s holdings, making the stock its 23rd largest position. Penobscot Investment Management Company Inc.’s holdings in Nike were worth $6,459,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC lifted its stake in Nike by 27.0% in the 1st quarter. FMR LLC now owns 23,077,703 shares of the footwear maker’s stock valued at $1,943,374,000 after purchasing an additional 4,908,916 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Nike by 4.7% in the 2nd quarter. Janus Henderson Group PLC now owns 11,145,233 shares of the footwear maker’s stock valued at $935,594,000 after purchasing an additional 504,108 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Nike by 2.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,507,942 shares of the footwear maker’s stock valued at $260,074,000 after purchasing an additional 69,032 shares during the last quarter. Bessemer Group Inc. lifted its stake in Nike by 40.8% in the 2nd quarter. Bessemer Group Inc. now owns 3,282,717 shares of the footwear maker’s stock valued at $275,583,000 after purchasing an additional 950,574 shares during the last quarter. Finally, Bank of Montreal Can lifted its stake in Nike by 10.5% in the 1st quarter. Bank of Montreal Can now owns 3,201,840 shares of the footwear maker’s stock valued at $269,624,000 after purchasing an additional 305,552 shares during the last quarter. Hedge funds and other institutional investors own 66.15% of the company’s stock.
Several brokerages recently issued reports on NKE. Macquarie set a $89.00 target price on shares of Nike and gave the company a “buy” rating in a research note on Friday, June 28th. Piper Jaffray Companies set a $97.00 price objective on shares of Nike and gave the stock a “buy” rating in a research report on Friday, June 28th. Canaccord Genuity restated a “buy” rating and set a $96.00 price objective on shares of Nike in a research report on Wednesday, June 19th. Zacks Investment Research upgraded shares of Nike from a “sell” rating to a “hold” rating and set a $95.00 price objective for the company in a research report on Monday, May 27th. Finally, Stifel Nicolaus set a $96.00 price objective on shares of Nike and gave the stock a “buy” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-two have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $90.02.
Nike (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 27th. The footwear maker reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.04). The firm had revenue of $10.18 billion during the quarter, compared to the consensus estimate of $10.15 billion. Nike had a net margin of 10.30% and a return on equity of 45.12%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business earned $0.69 earnings per share. Sell-side analysts forecast that Nike Inc will post 2.9 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.88 dividend on an annualized basis and a yield of 1.10%. Nike’s dividend payout ratio (DPR) is 35.34%.
In related news, EVP John F. Slusher sold 110,000 shares of Nike stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $85.26, for a total value of $9,378,600.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Hilary K. Krane sold 17,903 shares of Nike stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $88.70, for a total transaction of $1,587,996.10. The disclosure for this sale can be found here. Insiders sold 194,637 shares of company stock worth $16,767,237 over the last three months. 3.80% of the stock is currently owned by insiders.
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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