NIKE, Inc. $NKE Shares Purchased by Allstate Corp

Key Points

• Allstate Corp increased its stake in NIKE, Inc. by 18.5% during the first quarter, acquiring an additional 6,546 shares, bringing its total holdings to 41,856 shares valued at approximately $2,657,000.
• NIKE's Chairman, Mark G. Parker, sold 86,078 shares of the company's stock recently, indicating a 10.36% decrease in his holdings, now valued at around $56.57 million.
• Several analysts have lifted their price targets for NIKE's stock, with Goldman Sachs setting a new target of $81.00 and Robert W. Baird raising it to $88.00, reflecting a consensus rating of "Moderate Buy" across the analyst community.

Allstate Corp increased its position in NIKE, Inc. (NYSE:NKE - Free Report) by 18.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 41,856 shares of the footwear maker's stock after purchasing an additional 6,546 shares during the period. Allstate Corp's holdings in NIKE were worth $2,657,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. D.B. Root & Company LLC grew its stake in NIKE by 11.7% in the first quarter. D.B. Root & Company LLC now owns 18,618 shares of the footwear maker's stock worth $1,182,000 after purchasing an additional 1,954 shares in the last quarter. 1832 Asset Management L.P. grew its stake in NIKE by 2.6% in the first quarter. 1832 Asset Management L.P. now owns 1,239,051 shares of the footwear maker's stock worth $78,655,000 after purchasing an additional 30,965 shares in the last quarter. Compound Planning Inc. grew its stake in NIKE by 15.4% in the first quarter. Compound Planning Inc. now owns 22,573 shares of the footwear maker's stock worth $1,433,000 after purchasing an additional 3,008 shares in the last quarter. Gould Capital LLC grew its stake in NIKE by 4.6% in the first quarter. Gould Capital LLC now owns 42,227 shares of the footwear maker's stock worth $2,681,000 after purchasing an additional 1,862 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in NIKE by 85.4% in the first quarter. Ameriprise Financial Inc. now owns 2,550,481 shares of the footwear maker's stock worth $159,277,000 after purchasing an additional 1,174,748 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NKE has been the subject of a number of research reports. Argus upgraded NIKE to a "buy" rating in a research note on Sunday, July 6th. Robert W. Baird upped their target price on NIKE from $80.00 to $88.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Wells Fargo & Company upped their target price on NIKE from $55.00 to $60.00 and gave the company an "equal weight" rating in a report on Wednesday, May 14th. Royal Bank Of Canada lowered their target price on NIKE from $66.00 to $65.00 and set a "sector perform" rating for the company in a report on Tuesday, May 20th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of NIKE in a report on Monday, August 18th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and twelve have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $78.22.

NIKE Stock Performance

Shares of NYSE NKE traded up $0.76 during midday trading on Monday, hitting $79.14. 12,481,342 shares of the company's stock were exchanged, compared to its average volume of 10,106,631. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.21 and a quick ratio of 1.50. The stock's 50 day moving average price is $72.85 and its 200-day moving average price is $67.69. The firm has a market cap of $116.88 billion, a P/E ratio of 36.64, a PEG ratio of 2.85 and a beta of 1.27. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $90.62.

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

NIKE Dividend Announcement

The company also recently announced 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. This represents a $1.60 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, September 2nd. NIKE's dividend payout ratio is 74.07%.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total value of $6,535,902.54. Following the completion of the sale, the chairman directly owned 744,988 shares in the company, valued at $56,566,938.84. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.80% of the stock is owned by company insiders.

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.