NIKE, Inc. $NKE Shares Sold by Legal & General Group Plc

Key Points

• Legal & General Group Plc cut its NIKE stake by 6.1% in the fourth quarter, selling 534,462 shares and ending with 8.19 million shares valued at about $521.6 million.
• NIKE reported fiscal-quarter earnings of $0.35 per share, beating estimates, while revenue came in at $11.28 billion, slightly above expectations. The company also said revenue was up just 0.1% year over year.
• NIKE announced a quarterly dividend of $0.41 per share, equal to a 3.7% annualized yield, while several directors recently bought shares and analysts largely rate the stock a Hold with a consensus target of $62.04.

Legal & General Group Plc trimmed its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 6.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,186,755 shares of the footwear maker's stock after selling 534,462 shares during the period. Legal & General Group Plc owned about 0.55% of NIKE worth $521,578,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Hantz Financial Services Inc. lifted its position in NIKE by 57.7% during the fourth quarter. Hantz Financial Services Inc. now owns 3,280 shares of the footwear maker's stock valued at $209,000 after buying an additional 1,200 shares in the last quarter. Allen Capital Group LLC lifted its position in NIKE by 6.5% during the fourth quarter. Allen Capital Group LLC now owns 58,250 shares of the footwear maker's stock valued at $3,711,000 after buying an additional 3,541 shares in the last quarter. Troy Asset Management Ltd lifted its position in NIKE by 21.5% during the fourth quarter. Troy Asset Management Ltd now owns 542,792 shares of the footwear maker's stock valued at $34,581,000 after buying an additional 95,943 shares in the last quarter. Lathrop Investment Management Co. lifted its position in NIKE by 3.1% during the fourth quarter. Lathrop Investment Management Co. now owns 100,834 shares of the footwear maker's stock valued at $6,424,000 after buying an additional 3,032 shares in the last quarter. Finally, Frazier Financial Advisors LLC lifted its position in NIKE by 1,467.6% during the fourth quarter. Frazier Financial Advisors LLC now owns 1,113 shares of the footwear maker's stock valued at $71,000 after buying an additional 1,042 shares in the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Trading Up 0.1%

NYSE NKE opened at $44.70 on Tuesday. The company's fifty day simple moving average is $46.41 and its 200-day simple moving average is $57.17. NIKE, Inc. has a 52 week low of $41.35 and a 52 week high of $80.17. The company has a current ratio of 2.14, a quick ratio of 1.45 and a debt-to-equity ratio of 0.50. The stock has a market cap of $66.20 billion, a P/E ratio of 29.60, a PEG ratio of 2.37 and a beta of 1.12.

NIKE (NYSE:NKE - Get Free Report) last posted its earnings results on Tuesday, March 31st. The footwear maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $11.28 billion for the quarter, compared to analysts' expectations of $11.23 billion. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The business's revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 earnings per share. Equities research analysts predict that NIKE, Inc. will post 1.51 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be given a $0.41 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.64 annualized dividend and a dividend yield of 3.7%. NIKE's payout ratio is presently 108.61%.

Insider Activity at NIKE

In related news, Director John W. Rogers, Jr. bought 4,000 shares of the business's stock in a transaction dated Thursday, April 9th. The shares were acquired at an average price of $43.34 per share, for a total transaction of $173,360.00. Following the purchase, the director owned 41,022 shares in the company, valued at $1,777,893.48. This trade represents a 10.80% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Timothy D. Cook purchased 25,000 shares of NIKE stock in a transaction dated Friday, April 10th. The shares were bought at an average cost of $42.43 per share, for a total transaction of $1,060,750.00. Following the transaction, the director directly owned 130,480 shares of the company's stock, valued at approximately $5,536,266.40. The trade was a 23.70% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 64,441 shares of company stock worth $2,734,204. Company insiders own 0.80% of the company's stock.

Wall Street Analysts Forecast Growth

NKE has been the topic of a number of recent research reports. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $52.00 price target (down from $76.00) on shares of NIKE in a research report on Wednesday, April 1st. BTIG Research reduced their target price on shares of NIKE from $90.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, April 1st. Citigroup reduced their target price on shares of NIKE from $65.00 to $53.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 1st. Piper Sandler reissued a "neutral" rating and set a $50.00 target price (down from $60.00) on shares of NIKE in a research report on Friday, April 10th. Finally, Williams Trading reduced their target price on shares of NIKE from $80.00 to $57.00 and set a "buy" rating on the stock in a research report on Wednesday, April 1st. Sixteen equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $62.04.

NIKE Company Profile

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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