Tenere Capital LLC Trims Stock Position in NIKE, Inc. (NYSE:NKE)

Tenere Capital LLC decreased its holdings in NIKE, Inc. (NYSE:NKEGet Rating) by 14.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 74,878 shares of the footwear maker’s stock after selling 12,764 shares during the quarter. NIKE makes up 5.8% of Tenere Capital LLC’s investment portfolio, making the stock its 4th biggest holding. Tenere Capital LLC’s holdings in NIKE were worth $9,951,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of NKE. abrdn plc grew its stake in shares of NIKE by 3.1% in the fourth quarter. abrdn plc now owns 2,045,764 shares of the footwear maker’s stock worth $340,968,000 after purchasing an additional 60,932 shares during the last quarter. Paradigm Financial Partners LLC bought a new stake in NIKE during the fourth quarter valued at $669,000. Rafferty Asset Management LLC boosted its position in NIKE by 128.5% during the fourth quarter. Rafferty Asset Management LLC now owns 11,999 shares of the footwear maker’s stock valued at $2,000,000 after acquiring an additional 6,748 shares during the last quarter. Confluence Wealth Services Inc. bought a new stake in NIKE during the fourth quarter valued at $398,000. Finally, Regal Investment Advisors LLC boosted its position in NIKE by 4.8% during the fourth quarter. Regal Investment Advisors LLC now owns 5,951 shares of the footwear maker’s stock valued at $992,000 after acquiring an additional 273 shares during the last quarter. Institutional investors own 64.19% of the company’s stock.

NIKE Trading Up 2.1 %

NYSE:NKE opened at $110.97 on Friday. NIKE, Inc. has a 52 week low of $99.53 and a 52 week high of $179.10. The firm has a 50-day moving average price of $109.73 and a two-hundred day moving average price of $117.65. The firm has a market cap of $174.06 billion, a price-to-earnings ratio of 29.51, a price-to-earnings-growth ratio of 2.29 and a beta of 1.03. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.84 and a current ratio of 2.63.

NIKE (NYSE:NKEGet Rating) last released its earnings results on Monday, June 27th. The footwear maker reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.09. NIKE had a net margin of 12.94% and a return on equity of 40.74%. The firm had revenue of $12.20 billion during the quarter, compared to the consensus estimate of $12.10 billion. During the same period in the prior year, the firm earned $0.93 EPS. The company’s revenue was down .8% compared to the same quarter last year. On average, equities analysts expect that NIKE, Inc. will post 3.79 earnings per share for the current fiscal year.

NIKE declared that its Board of Directors has approved a stock buyback plan on Monday, June 27th that permits the company to repurchase $18.00 billion in shares. This repurchase authorization permits the footwear maker to repurchase up to 11% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Tuesday, September 6th will be given a dividend of $0.305 per share. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Friday, September 2nd. NIKE’s dividend payout ratio is currently 32.45%.

Insider Activity

In related news, COO Andrew Campion sold 5,922 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $113.42, for a total value of $671,673.24. Following the completion of the transaction, the chief operating officer now directly owns 75,295 shares of the company’s stock, valued at approximately $8,539,958.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Monique S. Matheson sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $107.19, for a total value of $3,215,700.00. Following the completion of the transaction, the executive vice president now directly owns 60,330 shares of the company’s stock, valued at approximately $6,466,772.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Andrew Campion sold 5,922 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $113.42, for a total transaction of $671,673.24. Following the completion of the transaction, the chief operating officer now directly owns 75,295 shares of the company’s stock, valued at $8,539,958.90. The disclosure for this sale can be found here. Insiders sold 68,593 shares of company stock valued at $7,372,310 in the last three months. Company insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on NKE shares. Jefferies Financial Group set a $155.00 price target on shares of NIKE in a research report on Tuesday, June 28th. UBS Group cut their price target on shares of NIKE from $168.00 to $156.00 in a research report on Friday, July 15th. KeyCorp initiated coverage on shares of NIKE in a report on Wednesday, July 20th. They set a “sector weight” rating on the stock. Citigroup upgraded shares of NIKE to a “neutral” rating in a report on Friday, August 19th. Finally, Exane BNP Paribas lowered shares of NIKE from an “outperform” rating to a “neutral” rating and set a $118.00 price objective on the stock. in a report on Tuesday, August 9th. Eleven equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $137.12.

NIKE Company Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for NIKE (NYSE:NKE)

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