Kayne Anderson Rudnick Investment Management LLC Sells 16,600 Shares of NIKE, Inc. $NKE

Key Points

• Kayne Anderson Rudnick Investment Management LLC sold 16,600 shares of NIKE, Inc., reducing its holdings by 3.6% and worth approximately $28 million after the sale.
• In a related insider transaction, Chairman Mark G. Parker sold 110,000 shares for about $7.95 million, resulting in an 11.55% decrease in his position.
• NIKE recently declared a quarterly dividend of $0.40 per share, with an annual yield of 2.0%, and analysts have set a consensus price target of $78.22 for the stock.

Kayne Anderson Rudnick Investment Management LLC lowered its position in NIKE, Inc. (NYSE:NKE - Free Report) by 3.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 442,143 shares of the footwear maker's stock after selling 16,600 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in NIKE were worth $28,067,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of NKE. Comerica Bank increased its stake in shares of NIKE by 1.6% during the 1st quarter. Comerica Bank now owns 281,486 shares of the footwear maker's stock worth $17,869,000 after purchasing an additional 4,516 shares during the last quarter. Synovus Financial Corp lifted its holdings in NIKE by 41.2% during the 1st quarter. Synovus Financial Corp now owns 99,009 shares of the footwear maker's stock valued at $6,285,000 after purchasing an additional 28,871 shares during the last quarter. ICONIQ Capital LLC increased its holdings in shares of NIKE by 47.4% in the first quarter. ICONIQ Capital LLC now owns 4,551 shares of the footwear maker's stock valued at $289,000 after purchasing an additional 1,464 shares during the last quarter. Cadence Bank raised its position in shares of NIKE by 10.0% in the first quarter. Cadence Bank now owns 83,002 shares of the footwear maker's stock valued at $5,269,000 after purchasing an additional 7,574 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in shares of NIKE by 2.7% in the first quarter. Smartleaf Asset Management LLC now owns 10,432 shares of the footwear maker's stock valued at $660,000 after purchasing an additional 277 shares during the period. Institutional investors own 64.25% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on NKE. Telsey Advisory Group reissued a "market perform" rating and issued a $70.00 price target on shares of NIKE in a report on Friday, June 27th. Barclays increased their target price on NIKE from $53.00 to $64.00 and gave the stock an "equal weight" rating in a research note on Friday, June 27th. Royal Bank Of Canada reduced their price target on NIKE from $66.00 to $65.00 and set a "sector perform" rating for the company in a research note on Tuesday, May 20th. Jefferies Financial Group reiterated a "buy" rating and set a $115.00 price objective on shares of NIKE in a research report on Friday, August 22nd. Finally, Needham & Company LLC boosted their target price on shares of NIKE from $66.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, NIKE presently has an average rating of "Moderate Buy" and a consensus target price of $78.22.

Insider Activity

In other news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction on 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 completion of the transaction, the chairman directly owned 842,361 shares in the company, valued at approximately $60,894,276.69. This represents a 11.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.80% of the company's stock.

NIKE Price Performance

NYSE:NKE traded down $0.45 during trading hours on Wednesday, hitting $78.20. The company's stock had a trading volume of 12,633,901 shares, compared to its average volume of 9,298,987. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $90.62. 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 has a fifty day simple moving average of $73.60 and a 200-day simple moving average of $67.84. The company has a market capitalization of $115.50 billion, a P/E ratio of 36.20, a PEG ratio of 2.86 and a beta of 1.27.

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

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. NIKE's payout ratio is presently 74.07%.

NIKE 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.