Bank of Nova Scotia Sells 32,800 Shares of NIKE, Inc. (NYSE:NKE)

Key Points

• The Bank of Nova Scotia reduced its stock position in NIKE, Inc. by 17.5%, selling 32,800 shares and leaving it with 155,081 shares valued at approximately $9.84 million.
• NIKE reported earnings of $0.14 per share, surpassing expectations, though its quarterly revenue decreased by 11.9% compared to the previous year.
• Insider selling increased as Chairman Mark G. Parker sold 110,000 shares at an average price of $72.29, reducing his ownership by 11.55%.

Bank of Nova Scotia cut its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 17.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 155,081 shares of the footwear maker's stock after selling 32,800 shares during the period. Bank of Nova Scotia's holdings in NIKE were worth $9,844,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Heck Capital Advisors LLC bought a new position in NIKE in the fourth quarter valued at about $28,000. EnRich Financial Partners LLC raised its stake in NIKE by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 412 shares of the footwear maker's stock worth $31,000 after acquiring an additional 273 shares in the last quarter. Ritter Daniher Financial Advisory LLC DE lifted its holdings in shares of NIKE by 95.1% in the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 513 shares of the footwear maker's stock worth $39,000 after acquiring an additional 250 shares during the last quarter. Putney Financial Group LLC acquired a new stake in shares of NIKE in the 4th quarter valued at approximately $40,000. Finally, Minot DeBlois Advisors LLC acquired a new stake in shares of NIKE in the 4th quarter valued at approximately $42,000. Institutional investors and hedge funds own 64.25% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NKE. Telsey Advisory Group reiterated a "market perform" rating and set a $70.00 price target on shares of NIKE in a report on Friday, June 27th. Morgan Stanley boosted their price objective on NIKE from $61.00 to $64.00 and gave the stock an "equal weight" rating in a research report on Friday, June 27th. Robert W. Baird increased their target price on NIKE from $80.00 to $88.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Deutsche Bank Aktiengesellschaft cut their price target on NIKE from $77.00 to $71.00 and set a "buy" rating on the stock in a research note on Friday, June 20th. Finally, Barclays upped their price objective on NIKE from $53.00 to $64.00 and gave the company an "equal weight" rating in a research note on Friday, June 27th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, seventeen have given a buy rating and three have given a strong buy 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 $78.22.

NIKE Stock Performance

NIKE stock traded down $0.27 during mid-day trading on Friday, reaching $74.08. 4,462,298 shares of the company's stock were exchanged, compared to its average volume of 17,150,254. The business's fifty day simple moving average is $69.43 and its 200 day simple moving average is $67.63. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. NIKE, Inc. has a one year low of $52.28 and a one year high of $90.62. The firm has a market capitalization of $109.40 billion, a PE ratio of 34.29, a P/E/G ratio of 2.74 and a beta of 1.27.

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

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.2%. NIKE's dividend payout ratio is currently 74.07%.

Insider Buying and Selling at NIKE

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

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.