AE Wealth Management LLC increased its stake in Nike Inc (NYSE:NKE) by 57.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,144 shares of the footwear maker’s stock after buying an additional 2,617 shares during the quarter. AE Wealth Management LLC’s holdings in Nike were worth $569,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. bought a new stake in Nike in the 2nd quarter valued at $104,000. CSat Investment Advisory L.P. bought a new stake in Nike in the 2nd quarter valued at $119,000. Bruderman Asset Management LLC bought a new stake in Nike in the 1st quarter valued at $129,000. Archford Capital Strategies LLC bought a new stake in Nike in the 1st quarter valued at $137,000. Finally, Tyvor Capital LLC bought a new stake in Nike in the 2nd quarter valued at $160,000. 63.99% of the stock is owned by institutional investors.
Shares of NYSE NKE opened at $83.49 on Friday. The company has a current ratio of 2.51, a quick ratio of 1.63 and a debt-to-equity ratio of 0.35. Nike Inc has a 52 week low of $50.35 and a 52 week high of $83.90. The firm has a market capitalization of $132.85 billion, a P/E ratio of 34.50, a P/E/G ratio of 2.77 and a beta of 0.70.
Nike declared that its Board of Directors has approved a share buyback program on Thursday, June 28th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the footwear maker to buy up to 12.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Tuesday, September 4th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date is Friday, August 31st. Nike’s payout ratio is currently 33.06%.
In related news, insider Eric D. Sprunk sold 150,000 shares of the firm’s stock in a transaction on Friday, June 29th. The stock was sold at an average price of $79.07, for a total value of $11,860,500.00. Following the transaction, the insider now owns 241,959 shares in the company, valued at $19,131,698.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Monique S. Matheson sold 17,000 shares of the firm’s stock in a transaction on Tuesday, September 11th. The stock was sold at an average price of $83.15, for a total value of $1,413,550.00. Following the completion of the transaction, the executive vice president now owns 104,737 shares in the company, valued at approximately $8,708,881.55. The disclosure for this sale can be found here. Insiders sold 332,778 shares of company stock worth $26,325,376 in the last 90 days. 3.90% of the stock is owned by company insiders.
NKE has been the topic of a number of research analyst reports. Wells Fargo & Co set a $82.00 price target on Nike and gave the company a “neutral” rating in a research note on Tuesday, September 4th. Piper Jaffray Companies upgraded Nike from a “neutral” rating to an “overweight” rating and increased their price target for the company from $72.00 to $93.00 in a research note on Monday, August 20th. UBS Group upgraded Nike from a “neutral” rating to a “positive” rating in a research note on Monday, August 20th. Wedbush increased their price target on Nike from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Monday, September 10th. Finally, Susquehanna Bancshares upgraded Nike from a “neutral” rating to a “positive” rating and increased their price target for the company from $78.00 to $93.00 in a research note on Monday, August 20th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $80.21.
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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