MeadowBrook Investment Advisors LLC Trims Stock Position in NIKE, Inc. $NKE

MeadowBrook Investment Advisors LLC lessened its holdings in shares of NIKE, Inc. (NYSE:NKE) by 2.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 12,349 shares of the footwear maker’s stock after selling 300 shares during the quarter. NIKE makes up approximately 0.8% of MeadowBrook Investment Advisors LLC’s holdings, making the stock its 28th largest holding. MeadowBrook Investment Advisors LLC’s holdings in NIKE were worth $877,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Banco Santander S.A. grew its position in shares of NIKE by 28.3% in the second quarter. Banco Santander S.A. now owns 221,117 shares of the footwear maker’s stock valued at $15,708,000 after purchasing an additional 48,764 shares during the period. Bank Julius Baer & Co. Ltd Zurich grew its position in shares of NIKE by 0.6% in the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker’s stock valued at $69,932,000 after purchasing an additional 5,601 shares during the period. Clal Insurance Enterprises Holdings Ltd acquired a new stake in shares of NIKE in the first quarter valued at about $25,963,000. BROOKFIELD Corp ON grew its position in shares of NIKE by 36.2% in the first quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker’s stock valued at $41,808,000 after purchasing an additional 175,000 shares during the period. Finally, Cadence Bank grew its position in shares of NIKE by 10.0% in the first quarter. Cadence Bank now owns 83,002 shares of the footwear maker’s stock valued at $5,269,000 after purchasing an additional 7,574 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Insider Activity

In other NIKE news, EVP Treasure Heinle sold 4,300 shares of the firm’s stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $71.27, for a total transaction of $306,461.00. Following the completion of the transaction, the executive vice president directly owned 29,396 shares in the company, valued at approximately $2,095,052.92. This trade represents a 12.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Mark G. Parker sold 86,078 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the transaction, the chairman owned 744,988 shares of the company’s stock, valued at $56,566,938.84. This trade represents a 10.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.80% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Sanford C. Bernstein reiterated a “buy” rating and issued a $90.00 target price on shares of NIKE in a research report on Monday, October 13th. Wall Street Zen upgraded shares of NIKE from a “sell” rating to a “hold” rating in a research report on Saturday, September 6th. TD Cowen upgraded shares of NIKE from a “hold” rating to a “buy” rating and boosted their price target for the stock from $62.00 to $85.00 in a research report on Wednesday, September 10th. Stifel Nicolaus set a $68.00 target price on shares of NIKE and gave the company a “hold” rating in a report on Wednesday, October 1st. Finally, Citigroup raised shares of NIKE from a “neutral” rating to a “positive” rating in a research note on Friday, September 19th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, NIKE has a consensus rating of “Moderate Buy” and an average price target of $82.21.

NIKE Stock Performance

Shares of NKE opened at $65.35 on Thursday. The company has a 50-day simple moving average of $71.79 and a 200-day simple moving average of $68.17. The company has a quick ratio of 1.45, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $96.59 billion, a PE ratio of 33.51, a P/E/G ratio of 2.48 and a beta of 1.29. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $82.44.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.22. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The firm had revenue of $11.72 billion during the quarter, compared to the consensus estimate of $10.96 billion. During the same period last year, the firm posted $0.70 EPS. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. Equities research analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.4%. The ex-dividend date was Tuesday, September 2nd. NIKE’s dividend payout ratio (DPR) is 82.05%.

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.