Bank of New York Mellon Corp Decreases Position in NIKE, Inc. $NKE

Key Points

• Bank of New York Mellon cut its NIKE stake by 11.0% in the fourth quarter, selling 1.94 million shares and ending with about 15.8 million shares worth roughly $1.0 billion.
• NIKE’s latest quarterly results topped expectations, with EPS of $0.35 versus the $0.29 consensus and revenue of $11.28 billion, though earnings declined from a year earlier.
• The company declared a quarterly dividend of $0.41 per share, equal to an annualized yield of about 3.8%, while analysts remain cautious overall with an average "Hold" rating and a $62.04 price target.

Bank of New York Mellon Corp decreased its stake in NIKE, Inc. (NYSE:NKE - Free Report) by 11.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,772,524 shares of the footwear maker's stock after selling 1,940,840 shares during the period. Bank of New York Mellon Corp owned approximately 1.07% of NIKE worth $1,004,868,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of NKE. Guerra Advisors Inc purchased a new stake in shares of NIKE in the third quarter worth about $34,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of NIKE in the third quarter worth about $35,000. Accredited Wealth Management LLC boosted its position in shares of NIKE by 268.6% in the third quarter. Accredited Wealth Management LLC now owns 516 shares of the footwear maker's stock worth $36,000 after buying an additional 376 shares during the period. Matrix Trust Co boosted its position in shares of NIKE by 43.6% in the fourth quarter. Matrix Trust Co now owns 596 shares of the footwear maker's stock worth $38,000 after buying an additional 181 shares during the period. Finally, Ares Financial Consulting LLC acquired a new position in shares of NIKE in the fourth quarter worth about $40,000. Hedge funds and other institutional investors own 64.25% of the company's stock.

NIKE Trading Down 4.8%

Shares of NYSE NKE opened at $43.72 on Wednesday. The stock's 50 day moving average price is $45.60 and its two-hundred day moving average price is $56.61. NIKE, Inc. has a 52-week low of $41.35 and a 52-week high of $80.17. The stock has a market capitalization of $64.75 billion, a P/E ratio of 28.96, a PEG ratio of 1.96 and a beta of 1.12. The company has a quick ratio of 1.45, a current ratio of 2.14 and a debt-to-equity ratio of 0.50.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. NIKE had a return on equity of 16.41% and a net margin of 4.84%.The firm had revenue of $11.28 billion for the quarter, compared to analysts' expectations of $11.23 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. NIKE's revenue for the quarter was up .1% compared to the same quarter last year. On average, analysts anticipate that NIKE, Inc. will post 1.51 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be paid a dividend of $0.41 per share. The ex-dividend date is Monday, June 1st. This represents a $1.64 annualized dividend and a yield of 3.8%. NIKE's dividend payout ratio is presently 108.61%.

Wall Street Analyst Weigh In

Several research firms recently commented on NKE. Deutsche Bank Aktiengesellschaft cut their price target on NIKE from $54.00 to $51.00 and set a "hold" rating on the stock in a research note on Wednesday, April 1st. UBS Group cut their price target on NIKE from $58.00 to $54.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 1st. HSBC cut NIKE from a "buy" rating to a "hold" rating and cut their price target for the stock from $90.00 to $48.00 in a research note on Monday, April 13th. Wells Fargo & Company set a $45.00 price target on NIKE and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Finally, Evercore cut their price target on NIKE from $69.00 to $57.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 1st. Sixteen research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $62.04.

Insider Buying and Selling

In related news, Director John W. Rogers, Jr. purchased 4,000 shares of the company's stock in a transaction dated Thursday, April 9th. The shares were acquired at an average cost of $43.34 per share, for a total transaction of $173,360.00. Following the transaction, the director owned 41,022 shares of the company's stock, valued at $1,777,893.48. This trade represents a 10.80% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Timothy D. Cook acquired 25,000 shares of the firm's stock in a transaction that occurred on Friday, April 10th. The stock was acquired at an average cost of $42.43 per share, with a total value of $1,060,750.00. Following the completion of the acquisition, the director directly owned 130,480 shares in the company, valued at approximately $5,536,266.40. This represents a 23.70% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 64,441 shares of company stock valued at $2,734,204 over the last quarter. Company insiders own 0.80% 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).

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