Confluence Investment Management LLC Acquires 3,397 Shares of NIKE, Inc. (NYSE:NKE)

Confluence Investment Management LLC boosted its holdings in NIKE, Inc. (NYSE:NKEGet Rating) by 2.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 154,739 shares of the footwear maker’s stock after purchasing an additional 3,397 shares during the period. Confluence Investment Management LLC’s holdings in NIKE were worth $15,814,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Alpha Paradigm Partners LLC bought a new position in shares of NIKE during the fourth quarter valued at about $31,000. FNY Investment Advisers LLC bought a new position in shares of NIKE during the first quarter valued at about $26,000. Antonetti Capital Management LLC raised its stake in shares of NIKE by 900.0% during the first quarter. Antonetti Capital Management LLC now owns 200 shares of the footwear maker’s stock valued at $27,000 after acquiring an additional 180 shares during the last quarter. Delos Wealth Advisors LLC raised its stake in shares of NIKE by 90.4% during the fourth quarter. Delos Wealth Advisors LLC now owns 238 shares of the footwear maker’s stock valued at $40,000 after acquiring an additional 113 shares during the last quarter. Finally, Rise Advisors LLC bought a new position in shares of NIKE during the fourth quarter valued at about $40,000. 64.19% of the stock is owned by institutional investors.

NIKE Trading Down 1.3 %

NYSE:NKE opened at $104.12 on Monday. The company’s 50 day moving average price is $109.90 and its 200-day moving average price is $116.50. NIKE, Inc. has a 52 week low of $99.53 and a 52 week high of $179.10. The company has a quick ratio of 1.84, a current ratio of 2.63 and a debt-to-equity ratio of 0.58. The stock has a market cap of $163.32 billion, a price-to-earnings ratio of 27.69, a PEG ratio of 2.21 and a beta of 1.03.

NIKE (NYSE:NKEGet Rating) last posted its quarterly earnings results on Monday, June 27th. The footwear maker reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.09. The firm had revenue of $12.20 billion for the quarter, compared to analysts’ expectations of $12.10 billion. NIKE had a net margin of 12.94% and a return on equity of 40.74%. The business’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.93 earnings per share. On average, equities research analysts forecast that NIKE, Inc. will post 3.78 earnings per share for the current fiscal year.

NIKE declared that its board has authorized a stock buyback program on Monday, June 27th that allows the company to repurchase $18.00 billion in outstanding shares. This repurchase authorization allows the footwear maker to purchase up to 11% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Tuesday, September 6th will be given a dividend of $0.305 per share. The ex-dividend date is Friday, September 2nd. This represents a $1.22 dividend on an annualized basis and a yield of 1.17%. NIKE’s dividend payout ratio (DPR) is 32.45%.

Insider Activity at NIKE

In related news, CFO Matthew Friend sold 4,139 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $113.42, for a total transaction of $469,445.38. Following the transaction, the chief financial officer now owns 56,539 shares in the company, valued at $6,412,653.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Matthew Friend sold 4,139 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $113.42, for a total transaction of $469,445.38. Following the transaction, the chief financial officer now owns 56,539 shares in the company, valued at $6,412,653.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Monique S. Matheson sold 19,500 shares of the stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $103.45, for a total transaction of $2,017,275.00. Following the transaction, the executive vice president now owns 80,355 shares in the company, valued at approximately $8,312,724.75. The disclosure for this sale can be found here. Insiders have sold a total of 59,561 shares of company stock worth $6,374,094 over the last quarter. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NKE. Guggenheim lowered their price objective on shares of NIKE from $160.00 to $155.00 and set a “buy” rating for the company in a research note on Tuesday, June 28th. Barclays decreased their price target on shares of NIKE from $140.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, June 29th. Telsey Advisory Group decreased their price target on shares of NIKE from $140.00 to $130.00 and set an “outperform” rating for the company in a research note on Tuesday, June 28th. Morgan Stanley decreased their price target on shares of NIKE from $159.00 to $149.00 and set an “overweight” rating for the company in a research note on Tuesday, June 28th. Finally, The Goldman Sachs Group decreased their price target on shares of NIKE from $155.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, June 29th. Ten research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $136.42.

About NIKE

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NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells men's, women's, and kids athletic footwear, apparel, equipment, and accessories 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.

See Also

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Institutional Ownership by Quarter for NIKE (NYSE:NKE)

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