Pinnacle Financial Partners Inc. lowered its stake in shares of Nike Inc (NYSE:NKE) by 38.6% during the fourth quarter, Holdings Channel reports. The firm owned 17,268 shares of the footwear maker’s stock after selling 10,875 shares during the period. Pinnacle Financial Partners Inc.’s holdings in Nike were worth $878,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the stock. Carmignac Gestion increased its stake in Nike by 148.9% in the third quarter. Carmignac Gestion now owns 5,259,454 shares of the footwear maker’s stock valued at $276,910,000 after buying an additional 3,146,536 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in Nike during the fourth quarter valued at approximately $157,179,000. State Street Corp increased its stake in Nike by 4.6% in the fourth quarter. State Street Corp now owns 58,719,250 shares of the footwear maker’s stock valued at $2,984,719,000 after buying an additional 2,563,166 shares in the last quarter. Morgan Stanley increased its stake in Nike by 10.1% in the third quarter. Morgan Stanley now owns 22,764,806 shares of the footwear maker’s stock valued at $1,198,567,000 after buying an additional 2,090,700 shares in the last quarter. Finally, Asset Management One Co. Ltd. increased its stake in Nike by 769.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,306,093 shares of the footwear maker’s stock valued at $117,260,000 after buying an additional 2,040,975 shares in the last quarter. 62.23% of the stock is currently owned by institutional investors.
Shares of Nike Inc (NYSE:NKE) opened at 55.93 on Tuesday. The stock has a market capitalization of $92.46 billion, a P/E ratio of 23.33 and a beta of 0.44. Nike Inc has a 12-month low of $49.01 and a 12-month high of $62.64. The firm’s 50-day moving average is $56.55 and its 200 day moving average is $53.36.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, March 21st. The footwear maker reported $0.68 EPS for the quarter, beating the consensus estimate of $0.53 by $0.15. The business earned $8.43 billion during the quarter, compared to analyst estimates of $8.47 billion. Nike had a return on equity of 31.70% and a net margin of 11.60%. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.55 earnings per share. On average, equities research analysts forecast that Nike Inc will post $2.34 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Monday, March 6th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, March 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.29%. Nike’s payout ratio is presently 31.72%.
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A number of research analysts have recently issued reports on the stock. Cowen and Company downgraded shares of Nike from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $59.00 to $54.00 in a research report on Tuesday, December 6th. Jefferies Group LLC restated a “buy” rating and issued a $75.00 price target on shares of Nike in a research report on Tuesday, January 3rd. Piper Jaffray Companies restated a “neutral” rating and issued a $51.00 price target on shares of Nike in a research report on Thursday, March 16th. Bank of America Corp restated an “underperform” rating on shares of Nike in a research report on Wednesday, December 21st. Finally, Credit Suisse Group AG set a $67.00 price target on shares of Nike and gave the stock a “buy” rating in a research report on Tuesday, March 14th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-four have issued a buy rating to the company. Nike has a consensus rating of “Buy” and an average target price of $61.38.
In other news, EVP David J. Ayre sold 200,000 shares of the firm’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $52.39, for a total transaction of $10,478,000.00. Following the completion of the transaction, the executive vice president now directly owns 357,713 shares in the company, valued at $18,740,584.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John C. Lechleiter purchased 1,000 shares of Nike stock in a transaction dated Friday, March 24th. The shares were bought at an average price of $56.30 per share, with a total value of $56,300.00. Following the completion of the acquisition, the director now directly owns 28,660 shares of the company’s stock, valued at $1,613,558. The disclosure for this purchase can be found here. Insiders have sold 686,000 shares of company stock valued at $36,261,180 over the last 90 days. Corporate insiders own 3.90% of the company’s stock.
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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