NIKE, Inc. $NKE Stake Trimmed by Alecta Tjanstepension Omsesidigt

Key Points

• Alecta Tjanstepension Omsesidigt reduced its holdings in NIKE, Inc. by 31.1% during the second quarter, ending with approximately 3.45 million shares valued at $245.32 million.
• Despite the downsizing by Alecta, other investment firms like Spire Wealth Management and Mackenzie Financial Corp have increased their stakes in NIKE, reflecting a diverse institutional interest in the company.
• NIKE has announced a quarterly dividend of $0.40, representing a 2.2% dividend yield, with a payout ratio of 74.07% currently.

Alecta Tjanstepension Omsesidigt lessened its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 31.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,454,700 shares of the footwear maker's stock after selling 1,555,900 shares during the quarter. Alecta Tjanstepension Omsesidigt owned approximately 0.23% of NIKE worth $245,318,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Stone House Investment Management LLC acquired a new position in shares of NIKE during the first quarter valued at $25,000. Heck Capital Advisors LLC acquired a new position in shares of NIKE during the fourth quarter valued at $28,000. Saudi Central Bank acquired a new position in shares of NIKE during the first quarter valued at $30,000. Roxbury Financial LLC boosted its holdings in shares of NIKE by 52.1% during the first quarter. Roxbury Financial LLC now owns 587 shares of the footwear maker's stock valued at $37,000 after acquiring an additional 201 shares during the period. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of NIKE during the first quarter valued at $37,000. Institutional investors and hedge funds own 64.25% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NKE. Argus raised shares of NIKE to a "buy" rating in a report on Sunday, July 6th. Morgan Stanley boosted their price target on shares of NIKE from $61.00 to $64.00 and gave the company an "equal weight" rating in a report on Friday, June 27th. UBS Group set a $71.00 price objective on shares of NIKE and gave the company a "neutral" rating in a research note on Friday. Sanford C. Bernstein restated an "outperform" rating on shares of NIKE in a research note on Monday, August 18th. Finally, HSBC upgraded shares of NIKE from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a research note on Friday, June 27th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat.com, NIKE presently has an average rating of "Moderate Buy" and an average target price of $79.04.

Insiders Place Their Bets

In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total value of $7,951,900.00. Following the transaction, the chairman owned 842,361 shares of the company's stock, valued at approximately $60,894,276.69. This trade represents a 11.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.80% of the company's stock.

NIKE Price Performance

NIKE stock traded down $1.22 during midday trading on Friday, hitting $70.88. The company's stock had a trading volume of 33,397,876 shares, compared to its average volume of 10,678,684. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. The stock's 50-day moving average price is $75.19 and its 200-day moving average price is $67.57. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $90.62. The company has a market capitalization of $104.68 billion, a PE ratio of 32.81, a price-to-earnings-growth ratio of 2.61 and a beta of 1.24.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The firm had revenue of $11.10 billion for the quarter, compared to analysts' expectations of $10.69 billion. During the same period in the previous year, the business earned $0.99 earnings per share. NIKE's revenue for the quarter was down 11.9% compared to the same quarter last year. Analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be given a $0.40 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $1.60 annualized dividend and a yield of 2.3%. NIKE's payout ratio is 74.07%.

About NIKE

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.