Mediolanum International Funds Ltd Decreases Position in NIKE, Inc. (NYSE:NKE)

Key Points

• Mediolanum International Funds Ltd reduced its stock holdings in NIKE, Inc. by 70.1%, selling 223,424 shares and retaining 95,389 shares valued at $6,037,000 as of the latest SEC filing.
• Chairman Mark G. Parker sold 110,000 shares of NIKE on July 16th, resulting in an 11.55% decrease in his position, leaving him with shares valued at approximately $60.89 million.
• NIKE's stock has received mixed analyst ratings, with a consensus rating of "Moderate Buy" and a price target averaging $77.15, amid significant adjustments in various hedge fund positions.

Mediolanum International Funds Ltd trimmed its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 70.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 95,389 shares of the footwear maker's stock after selling 223,424 shares during the quarter. Mediolanum International Funds Ltd's holdings in NIKE were worth $6,037,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Nvwm LLC boosted its holdings in NIKE by 6.7% in the first quarter. Nvwm LLC now owns 13,853 shares of the footwear maker's stock valued at $879,000 after purchasing an additional 866 shares during the last quarter. Bell & Brown Wealth Advisors LLC boosted its holdings in NIKE by 8.4% in the first quarter. Bell & Brown Wealth Advisors LLC now owns 31,987 shares of the footwear maker's stock valued at $2,031,000 after purchasing an additional 2,476 shares during the last quarter. Equitable Trust Co. boosted its holdings in NIKE by 15.2% in the first quarter. Equitable Trust Co. now owns 5,621 shares of the footwear maker's stock valued at $357,000 after purchasing an additional 741 shares during the last quarter. Cetera Investment Advisers boosted its holdings in NIKE by 3.3% in the first quarter. Cetera Investment Advisers now owns 201,850 shares of the footwear maker's stock valued at $12,813,000 after purchasing an additional 6,406 shares during the last quarter. Finally, Avantax Advisory Services Inc. boosted its holdings in NIKE by 13.9% in the first quarter. Avantax Advisory Services Inc. now owns 58,934 shares of the footwear maker's stock valued at $3,741,000 after purchasing an additional 7,180 shares during the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Trading Down 1.8%

NIKE stock traded down $1.41 during trading on Thursday, hitting $75.27. The company had a trading volume of 6,667,080 shares, compared to its average volume of 17,459,277. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $90.62. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. The company's 50 day simple moving average is $67.80 and its 200-day simple moving average is $67.49. The stock has a market cap of $111.17 billion, a price-to-earnings ratio of 34.83, a price-to-earnings-growth ratio of 2.88 and a beta of 1.25.

NIKE (NYSE:NKE - Get Free Report) last posted its earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $10.69 billion. During the same quarter last year, the firm earned $0.99 EPS. The firm's revenue for the quarter was down 11.9% on a year-over-year basis. As a group, analysts expect that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

Insiders Place Their Bets

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 completion of the sale, the chairman owned 842,361 shares in the company, valued at approximately $60,894,276.69. This trade represents a 11.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.80% of the company's stock.

Wall Street Analyst Weigh In

NKE has been the topic of several recent research reports. Berenberg Bank initiated coverage on shares of NIKE in a report on Tuesday, April 15th. They issued a "hold" rating and a $58.00 price target on the stock. Williams Trading lowered their target price on shares of NIKE from $93.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday, April 21st. Argus raised shares of NIKE to a "buy" rating in a research note on Sunday, July 6th. Piper Sandler increased their target price on shares of NIKE from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Finally, Needham & Company LLC increased their target price on shares of NIKE from $66.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, NIKE presently has a consensus rating of "Moderate Buy" and a consensus price target of $78.22.

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.