NIKE, Inc. $NKE Shares Sold by Principal Financial Group Inc.

Key Points

• Principal Financial Group reduced its NIKE holdings by 5.8% in the second quarter, selling 80,947 shares and retaining 1.33 million shares valued at approximately $54.4 million. Institutional investors and hedge funds collectively own 64.25% of NIKE.
• NIKE shares opened at $40.73, near their 52-week low of $40.00, while the company reported quarterly EPS of $0.20 and revenue of $10.97 billion—both above analyst estimates—despite a 1.1% year-over-year revenue decline.
• NIKE declared a quarterly dividend of $0.41 per share, representing a 4.0% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $53.53, while insiders have sold 26,142 shares worth about $1.17 million over the past 90 days.

Principal Financial Group Inc. trimmed its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 5.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,325,122 shares of the footwear maker's stock after selling 80,947 shares during the period. Principal Financial Group Inc. owned about 0.09% of NIKE worth $54,396,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Cornerstone Financial Management LLC acquired a new position in NIKE during the fourth quarter worth $26,000. Sankala Group LLC purchased a new position in NIKE in the fourth quarter worth $26,000. J.Safra Asset Management Corp acquired a new stake in NIKE in the fourth quarter valued at $29,000. Kemnay Advisory Services Inc. acquired a new stake in NIKE in the fourth quarter valued at $30,000. Finally, Scarborough Advisors LLC purchased a new stake in shares of NIKE during the 1st quarter worth $25,000. 64.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at NIKE

In other NIKE news, insider Amy Montagne sold 4,867 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $42.05, for a total value of $204,657.35. Following the sale, the insider owned 57,436 shares of the company's stock, valued at $2,415,183.80. This represents a 7.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Venkatesh Alagirisamy sold 890 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $41.60, for a total transaction of $37,024.00. Following the completion of the sale, the chief operating officer owned 74,820 shares in the company, valued at $3,112,512. This represents a 1.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 26,142 shares of company stock valued at $1,169,380. Insiders own 1.10% of the company's stock.

NIKE Stock Down 1.2%

NIKE stock opened at $40.73 on Friday. NIKE, Inc. has a fifty-two week low of $40.00 and a fifty-two week high of $80.17. The firm has a market capitalization of $60.42 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 1.83 and a beta of 1.11. The stock's fifty day moving average is $42.90 and its two-hundred day moving average is $48.73. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.36 and a current ratio of 1.96.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.09. NIKE had a return on equity of 16.54% and a net margin of 6.70%.The business had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.85 billion. During the same quarter in the previous year, the company posted $0.14 EPS. The business's revenue was down 1.1% on a year-over-year basis. Analysts predict that NIKE, Inc. will post 1.74 EPS for the current fiscal year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 4.0%. The ex-dividend date is Tuesday, September 1st. NIKE's dividend payout ratio (DPR) is 78.47%.

Wall Street Analysts Forecast Growth

NKE has been the topic of a number of recent analyst reports. BTIG Research reaffirmed a "buy" rating and set a $55.00 price target on shares of NIKE in a research note on Wednesday, July 1st. CICC Research reduced their price objective on shares of NIKE from $58.00 to $44.80 and set a "neutral" rating for the company in a research note on Thursday, July 2nd. The Goldman Sachs Group decreased their price objective on shares of NIKE from $46.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, July 1st. Royal Bank Of Canada restated a "neutral" rating on shares of NIKE in a research report on Wednesday, July 1st. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $68.00 target price (down from $72.00) on shares of NIKE in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eighteen have given a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat, NIKE has an average rating of "Hold" and a consensus price target of $53.53.

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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