The Manufacturers Life Insurance Company Sells 48,242 Shares of NIKE, Inc. $NKE

The Manufacturers Life Insurance Company reduced its stake in NIKE, Inc. (NYSE:NKE) by 7.1% during the first quarter, Holdings Channel.com reports. The fund owned 629,005 shares of the footwear maker’s stock after selling 48,242 shares during the period. The Manufacturers Life Insurance Company’s holdings in NIKE were worth $33,223,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Main Street Financial Solutions LLC increased its position in NIKE by 4.2% during the 2nd quarter. Main Street Financial Solutions LLC now owns 3,441 shares of the footwear maker’s stock valued at $244,000 after purchasing an additional 139 shares during the period. Diligent Investors LLC raised its holdings in NIKE by 4.3% during the 4th quarter. Diligent Investors LLC now owns 3,719 shares of the footwear maker’s stock worth $237,000 after purchasing an additional 153 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of NIKE by 4.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,978 shares of the footwear maker’s stock worth $253,000 after purchasing an additional 163 shares during the period. Lakeshore Capital Group Inc. lifted its position in shares of NIKE by 2.9% in the 4th quarter. Lakeshore Capital Group Inc. now owns 5,868 shares of the footwear maker’s stock worth $374,000 after purchasing an additional 165 shares during the period. Finally, ANB Bank boosted its stake in shares of NIKE by 0.7% in the 4th quarter. ANB Bank now owns 25,451 shares of the footwear maker’s stock valued at $1,621,000 after purchasing an additional 165 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

NIKE Stock Performance

NYSE:NKE opened at $41.86 on Friday. The company has a fifty day moving average of $43.56 and a 200-day moving average of $50.36. The firm has a market capitalization of $62.10 billion, a P/E ratio of 20.03, a P/E/G ratio of 1.88 and a beta of 1.12. The company has a quick ratio of 1.36, a current ratio of 1.96 and a debt-to-equity ratio of 0.40. NIKE, Inc. has a twelve month low of $40.00 and a twelve month high of $80.17.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.09. The company had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.85 billion. NIKE had a net margin of 6.70% and a return on equity of 16.54%. NIKE’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.14 EPS. As a group, sell-side analysts anticipate that NIKE, Inc. will post 1.74 EPS for the current year.

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Monday, June 1st. NIKE’s payout ratio is 78.47%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Oppenheimer decreased their price objective on shares of NIKE from $120.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, June 26th. The Goldman Sachs Group dropped their target price on shares of NIKE from $46.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, July 1st. JPMorgan Chase & Co. cut their price target on shares of NIKE from $52.00 to $47.00 and set a “neutral” rating on the stock in a research report on Monday, June 29th. Wells Fargo & Company decreased their price target on NIKE from $45.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, July 1st. Finally, Royal Bank Of Canada reissued a “neutral” rating on shares of NIKE in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nineteen have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, NIKE has an average rating of “Hold” and an average price target of $53.74.

Insider Buying and Selling at NIKE

In other news, EVP Philip Mccartney sold 17,398 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $46.18, for a total transaction of $803,439.64. Following the transaction, the executive vice president owned 53,133 shares in the company, valued at approximately $2,453,681.94. This represents a 24.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 1.10% of the company’s stock.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).