Sumitomo Life Insurance Co. Sells 7,441 Shares of NIKE, Inc. (NYSE:NKE)

by · The Markets Daily

Sumitomo Life Insurance Co. reduced its holdings in shares of NIKE, Inc. (NYSE:NKE – Free Report) by 24.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,825 shares of the footwear maker’s stock after selling 7,441 shares during the period. Sumitomo Life Insurance Co.’s holdings in NIKE were worth $2,018,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Annapolis Financial Services LLC grew its holdings in shares of NIKE by 440.0% during the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after purchasing an additional 220 shares during the last quarter. Scarborough Advisors LLC purchased a new position in NIKE in the 4th quarter worth approximately $42,000. Transcendent Capital Group LLC lifted its position in NIKE by 97.6% in the first quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock valued at $38,000 after purchasing an additional 200 shares during the last quarter. VitalStone Financial LLC boosted its stake in shares of NIKE by 52.6% during the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after purchasing an additional 150 shares during the period. Finally, Financial Synergies Wealth Advisors Inc. boosted its stake in shares of NIKE by 64.4% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 480 shares of the footwear maker’s stock valued at $45,000 after purchasing an additional 188 shares during the period. 64.25% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at NIKE

In related news, Chairman Mark G. Parker sold 52,487 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the transaction, the chairman now owns 1,031,226 shares in the company, valued at $80,435,628. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.50% of the company’s stock.

NIKE Trading Up 2.2 %

NIKE stock opened at $83.94 on Thursday. NIKE, Inc. has a 12 month low of $70.75 and a 12 month high of $123.39. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The business’s fifty day simple moving average is $82.28 and its two-hundred day simple moving average is $85.40. The company has a market capitalization of $126.70 billion, a price-to-earnings ratio of 22.50, a price-to-earnings-growth ratio of 1.96 and a beta of 1.02.

NIKE (NYSE:NKE – Get Free Report) last announced its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, beating the consensus estimate of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. During the same period in the prior year, the firm posted $0.94 EPS. NIKE’s revenue for the quarter was down 10.4% on a year-over-year basis. As a group, equities analysts predict that NIKE, Inc. will post 2.8 earnings per share for the current fiscal year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend was Tuesday, September 3rd. NIKE’s payout ratio is presently 39.68%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on NKE shares. Telsey Advisory Group lowered their price target on shares of NIKE from $100.00 to $96.00 and set an “outperform” rating for the company in a report on Wednesday, October 2nd. Sanford C. Bernstein lowered their price objective on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a research note on Thursday, September 19th. Oppenheimer reiterated an “outperform” rating and set a $120.00 target price on shares of NIKE in a report on Friday, June 28th. HSBC reduced their price target on NIKE from $100.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, June 28th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of NIKE in a research report on Friday, June 28th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $96.56.

View Our Latest Stock Analysis on NIKE

NIKE Company Profile

(Free Report)

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.

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