Saratoga Research & Investment Management Lowers Stake in NIKE, Inc. (NYSE:NKE)

Saratoga Research & Investment Management reduced its position in shares of NIKE, Inc. (NYSE:NKE) by 2.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 621,018 shares of the footwear maker’s stock after selling 15,963 shares during the quarter. NIKE accounts for approximately 2.7% of Saratoga Research & Investment Management’s investment portfolio, making the stock its 16th biggest holding. Saratoga Research & Investment Management’s holdings in NIKE were worth $58,363,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Iron Horse Wealth Management LLC lifted its stake in NIKE by 120.7% in the 4th quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock valued at $28,000 after buying an additional 140 shares in the last quarter. Planned Solutions Inc. purchased a new position in NIKE in the 4th quarter valued at about $29,000. True Wealth Design LLC lifted its stake in NIKE by 106.4% in the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after buying an additional 150 shares in the last quarter. Frank Rimerman Advisors LLC purchased a new position in NIKE in the 4th quarter valued at about $33,000. Finally, Core Wealth Advisors Inc. lifted its stake in NIKE by 408.5% in the 4th quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock valued at $33,000 after buying an additional 241 shares in the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Trading Down 20.0 %

NYSE NKE traded down $18.82 on Friday, reaching $75.37. The stock had a trading volume of 129,966,982 shares, compared to its average volume of 9,446,953. The firm has a market capitalization of $113.76 billion, a price-to-earnings ratio of 20.21, a P/E/G ratio of 1.79 and a beta of 1.05. The company has a quick ratio of 1.89, a current ratio of 2.74 and a debt-to-equity ratio of 0.63. NIKE, Inc. has a 12-month low of $74.55 and a 12-month high of $123.39. The stock has a fifty day moving average price of $93.28 and a two-hundred day moving average price of $99.00.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. NIKE had a return on equity of 42.87% and a net margin of 11.10%. The company had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. During the same quarter in the previous year, the company earned $0.66 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that NIKE, Inc. will post 3.9 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Monday, June 3rd. NIKE’s dividend payout ratio is currently 39.68%.

Analyst Upgrades and Downgrades

NKE has been the topic of a number of research reports. Evercore ISI decreased their price target on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a research note on Friday. JPMorgan Chase & Co. restated a “neutral” rating and set a $83.00 target price (down from $116.00) on shares of NIKE in a report on Friday. Raymond James restated a “market perform” rating on shares of NIKE in a report on Friday. Wedbush lowered their target price on NIKE from $115.00 to $97.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $115.00 target price on shares of NIKE in a report on Thursday, June 13th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $98.96.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Mark G. Parker sold 168,378 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the transaction, the chairman now owns 1,102,090 shares in the company, valued at $102,648,662.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Monique S. Matheson sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total transaction of $4,237,200.00. Following the transaction, the executive vice president now owns 44,997 shares of the company’s stock, valued at approximately $4,236,917.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 213,660 shares of company stock valued at $19,946,333. 0.50% of the stock is currently owned by company insiders.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.