Cullinan Associates Inc. Purchases 500 Shares of NIKE, Inc. (NYSE:NKE)

Cullinan Associates Inc. lifted its position in NIKE, Inc. (NYSE:NKE) by 5.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 10,520 shares of the footwear maker’s stock after buying an additional 500 shares during the period. Cullinan Associates Inc.’s holdings in NIKE were worth $668,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in NKE. Elgethun Capital Management boosted its stake in shares of NIKE by 13.7% in the fourth quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker’s stock valued at $94,000 after buying an additional 149 shares in the last quarter. AlTi Global Inc. boosted its position in NIKE by 0.4% during the fourth quarter. AlTi Global Inc. now owns 36,996 shares of the footwear maker’s stock worth $2,813,000 after purchasing an additional 150 shares in the last quarter. Waterfront Wealth Inc. boosted its position in NIKE by 1.4% during the fourth quarter. Waterfront Wealth Inc. now owns 10,757 shares of the footwear maker’s stock worth $814,000 after purchasing an additional 153 shares in the last quarter. Staley Capital Advisers Inc. boosted its position in NIKE by 4.4% during the fourth quarter. Staley Capital Advisers Inc. now owns 3,773 shares of the footwear maker’s stock worth $286,000 after purchasing an additional 160 shares in the last quarter. Finally, Cohen & Steers Inc. boosted its position in NIKE by 5.3% during the fourth quarter. Cohen & Steers Inc. now owns 3,171 shares of the footwear maker’s stock worth $240,000 after purchasing an additional 160 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on NKE shares. Williams Trading decreased their target price on NIKE from $93.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, April 21st. Royal Bank Of Canada decreased their target price on NIKE from $66.00 to $65.00 and set a “sector perform” rating on the stock in a research report on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft decreased their target price on NIKE from $77.00 to $71.00 and set a “buy” rating on the stock in a research report on Friday. Dbs Bank upgraded NIKE from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Finally, Berenberg Bank initiated coverage on NIKE in a report on Tuesday, April 15th. They issued a “hold” rating and a $58.00 price target for the company. Sixteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $78.74.

NIKE Stock Performance

NIKE stock opened at $59.78 on Friday. The firm has a market capitalization of $88.41 billion, a P/E ratio of 19.86, a PEG ratio of 2.11 and a beta of 1.21. The company has a current ratio of 2.19, a quick ratio of 1.52 and a debt-to-equity ratio of 0.57. The stock has a fifty day moving average price of $59.78 and a 200 day moving average price of $68.02. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $98.04.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.28 by $0.26. The company had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. NIKE had a return on equity of 32.18% and a net margin of 9.43%. The firm’s revenue was down 9.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 earnings per share. Equities research analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $1.60 annualized dividend and a yield of 2.68%. NIKE’s dividend payout ratio is presently 53.16%.

Insiders Place Their Bets

In other news, Director Robert Holmes Swan purchased 8,600 shares of the company’s stock in a transaction on Friday, April 4th. The stock was bought at an average cost of $58.46 per share, for a total transaction of $502,756.00. Following the completion of the purchase, the director now directly owns 31,983 shares of the company’s stock, valued at $1,869,726.18. The trade was a 36.78% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is currently owned by 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.