Cambridge Financial Group Inc. reduced its holdings in Nike Inc (NYSE:NKE) by 2.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,746 shares of the footwear maker’s stock after selling 1,795 shares during the period. Nike makes up about 3.6% of Cambridge Financial Group Inc.’s investment portfolio, making the stock its 11th biggest position. Cambridge Financial Group Inc.’s holdings in Nike were worth $5,357,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Nike by 1.7% in the first quarter. BlackRock Inc. now owns 90,976,698 shares of the footwear maker’s stock valued at $7,527,412,000 after buying an additional 1,489,033 shares during the period. FMR LLC raised its holdings in Nike by 4.5% in the fourth quarter. FMR LLC now owns 30,077,288 shares of the footwear maker’s stock worth $3,047,131,000 after purchasing an additional 1,302,351 shares during the period. Bank of New York Mellon Corp raised its holdings in Nike by 2.3% in the first quarter. Bank of New York Mellon Corp now owns 26,547,619 shares of the footwear maker’s stock worth $2,196,549,000 after purchasing an additional 584,343 shares during the period. Geode Capital Management LLC raised its holdings in Nike by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 20,884,664 shares of the footwear maker’s stock worth $2,112,370,000 after purchasing an additional 775,291 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Nike by 36.5% in the fourth quarter. Alliancebernstein L.P. now owns 15,559,748 shares of the footwear maker’s stock worth $1,576,358,000 after purchasing an additional 4,159,675 shares during the period. Institutional investors and hedge funds own 65.08% of the company’s stock.
In related news, Director John W. Rogers, Jr. bought 1,000 shares of the business’s stock in a transaction dated Friday, April 3rd. The stock was bought at an average price of $84.63 per share, for a total transaction of $84,630.00. Following the purchase, the director now owns 12,851 shares in the company, valued at approximately $1,087,580.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Hilary K. Krane sold 11,000 shares of Nike stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $90.00, for a total transaction of $990,000.00. The disclosure for this sale can be found here. Company insiders own 3.80% of the company’s stock.
Shares of NYSE NKE traded down $0.51 during mid-day trading on Friday, reaching $93.75. 4,040,519 shares of the company were exchanged, compared to its average volume of 6,715,255. The company’s 50-day simple moving average is $87.02 and its 200-day simple moving average is $92.42. The company has a quick ratio of 1.20, a current ratio of 1.90 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $146.58 billion, a P/E ratio of 34.59, a P/E/G ratio of 2.92 and a beta of 0.75. Nike Inc has a twelve month low of $60.00 and a twelve month high of $105.62.
Nike (NYSE:NKE) last posted its earnings results on Tuesday, March 24th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.19. The company had revenue of $10.10 billion during the quarter, compared to analysts’ expectations of $9.56 billion. Nike had a net margin of 10.46% and a return on equity of 51.49%. Nike’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.68 EPS. As a group, equities research analysts expect that Nike Inc will post 2.64 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be paid a dividend of $0.245 per share. This represents a $0.98 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, May 29th. Nike’s dividend payout ratio is presently 39.36%.
Several research firms have weighed in on NKE. JPMorgan Chase & Co. increased their target price on shares of Nike from $75.00 to $91.00 and gave the stock an “overweight” rating in a report on Wednesday, March 25th. UBS Group cut their target price on shares of Nike from $123.00 to $114.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Needham & Company LLC cut their target price on shares of Nike from $105.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, March 23rd. Deutsche Bank reiterated a “neutral” rating and issued a $84.00 target price on shares of Nike in a report on Wednesday, April 29th. Finally, Credit Suisse Group increased their price objective on shares of Nike from $85.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 25th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-eight have given a buy rating to the company’s stock. Nike currently has an average rating of “Buy” and a consensus price target of $98.18.
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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