NIKE, Inc. $NKE Shares Purchased by Swiss National Bank

Key Points

• The Swiss National Bank increased its NIKE stake by 7.3% in the first quarter, buying 237,600 additional shares and bringing its total holding to 3,496,700 shares worth about $184.7 million.
• NIKE reported better-than-expected quarterly results, with EPS of $0.20 versus $0.11 expected and revenue of $10.97 billion versus $10.85 billion estimated, though revenue still fell 1.1% from a year earlier.
• Analysts have grown more cautious on the stock, with several price target cuts and an overall consensus rating of “Hold”; NIKE closed at $43.78, well below its 52-week high of $80.17.

Swiss National Bank boosted its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 7.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,496,700 shares of the footwear maker's stock after purchasing an additional 237,600 shares during the quarter. Swiss National Bank owned approximately 0.24% of NIKE worth $184,696,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. J. Stern & Co. LLP increased its stake in shares of NIKE by 49,010.4% during the fourth quarter. J. Stern & Co. LLP now owns 48,054,542 shares of the footwear maker's stock worth $3,061,555,000 after buying an additional 47,956,692 shares during the period. Norges Bank acquired a new stake in NIKE in the fourth quarter valued at approximately $829,956,000. Harris Associates L P purchased a new position in NIKE in the second quarter worth approximately $621,525,000. Capital World Investors lifted its stake in NIKE by 16.2% in the fourth quarter. Capital World Investors now owns 49,069,951 shares of the footwear maker's stock worth $3,126,246,000 after acquiring an additional 6,830,938 shares during the last quarter. Finally, Jasper Ridge Partners L.P. grew its holdings in NIKE by 2,492.4% during the 4th quarter. Jasper Ridge Partners L.P. now owns 4,883,229 shares of the footwear maker's stock worth $311,111,000 after acquiring an additional 4,694,859 shares in the last quarter. Institutional investors and hedge funds own 64.25% of the company's stock.

Insider Transactions at NIKE

In other NIKE news, EVP Philip Mccartney sold 17,398 shares of the firm's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $46.18, for a total transaction of $803,439.64. Following the transaction, the executive vice president directly owned 53,133 shares of the company's stock, valued at approximately $2,453,681.94. This trade represents a 24.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.80% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on NKE. Stifel Nicolaus set a $45.00 price objective on shares of NIKE and gave the company a "hold" rating in a report on Wednesday, July 1st. Zacks Research downgraded shares of NIKE from a "hold" rating to a "strong sell" rating in a research note on Monday, June 1st. Barclays lowered their target price on shares of NIKE from $67.00 to $52.00 and set an "overweight" rating for the company in a research note on Wednesday, July 1st. JPMorgan Chase & Co. dropped their target price on NIKE from $52.00 to $47.00 and set a "neutral" rating on the stock in a report on Monday, June 29th. Finally, BNP Paribas Exane restated an "underperform" rating and issued a $23.00 price target on shares of NIKE in a research note on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nineteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, NIKE presently has an average rating of "Hold" and a consensus target price of $54.80.

NIKE Price Performance

Shares of NYSE NKE opened at $43.78 on Monday. The company has a current ratio of 1.96, a quick ratio of 1.36 and a debt-to-equity ratio of 0.40. NIKE, Inc. has a twelve month low of $40.00 and a twelve month high of $80.17. The stock has a 50 day moving average of $43.67 and a two-hundred day moving average of $51.79. The stock has a market cap of $64.83 billion, a P/E ratio of 20.95, a P/E/G ratio of 2.53 and a beta of 1.12.

NIKE (NYSE:NKE - Get Free Report) last announced its earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.09. The business had revenue of $10.97 billion for the quarter, compared to analyst estimates of $10.85 billion. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The company's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the firm posted $0.14 earnings per share. On average, research analysts forecast that NIKE, Inc. will post 1.75 earnings per share for the current year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Monday, June 1st. NIKE's dividend payout ratio (DPR) is presently 78.47%.

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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