Mackenzie Financial Corp Sells 49,228 Shares of NIKE, Inc. (NYSE:NKE)

Key Points

• Mackenzie Financial Corp reduced its stake in NIKE, Inc. by 9.1% in Q1, holding 490,422 shares worth approximately $31.13 million.
• NIKE reported a net revenue decline of 11.9% year over year, with earnings per share of $0.14, beating the consensus estimate of $0.12.
• The company announced a quarterly dividend of $0.40 per share, resulting in an annualized yield of 2.04%.

Mackenzie Financial Corp lowered its stake in NIKE, Inc. (NYSE:NKE - Free Report) by 9.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 490,422 shares of the footwear maker's stock after selling 49,228 shares during the period. Mackenzie Financial Corp's holdings in NIKE were worth $31,132,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in NKE. Jennison Associates LLC bought a new stake in NIKE in the first quarter valued at $509,051,000. Renaissance Technologies LLC lifted its position in NIKE by 1,302.7% during the fourth quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker's stock valued at $196,901,000 after buying an additional 2,416,601 shares during the period. Capital World Investors lifted its position in NIKE by 10.3% during the fourth quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock valued at $1,857,389,000 after buying an additional 2,288,627 shares during the period. Flossbach Von Storch SE lifted its position in NIKE by 24.0% during the first quarter. Flossbach Von Storch SE now owns 10,286,619 shares of the footwear maker's stock valued at $652,995,000 after buying an additional 1,988,547 shares during the period. Finally, Toronto Dominion Bank lifted its position in NIKE by 183.9% during the fourth quarter. Toronto Dominion Bank now owns 2,996,972 shares of the footwear maker's stock valued at $226,779,000 after buying an additional 1,941,375 shares during the period. Institutional investors own 64.25% of the company's stock.

Insiders Place Their Bets

In related 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 transaction of $7,951,900.00. Following the sale, the chairman owned 842,361 shares in the company, valued at approximately $60,894,276.69. This represents a 11.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on NKE shares. Robert W. Baird raised their price objective on NIKE from $80.00 to $88.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Stifel Nicolaus lowered their price objective on NIKE from $75.00 to $64.00 and set a "hold" rating for the company in a research report on Thursday, April 10th. Needham & Company LLC lifted their price target on NIKE from $66.00 to $78.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Citigroup lifted their price objective on NIKE from $57.00 to $68.00 and gave the stock a "neutral" rating in a report on Friday, June 27th. Finally, UBS Group assumed coverage on NIKE in a report on Sunday, July 6th. They issued a "buy" rating for the company. One equities research analyst has rated the stock with a sell rating, twelve have issued 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.com, NIKE presently has a consensus rating of "Moderate Buy" and an average target price of $78.22.

NIKE Price Performance

Shares of NKE traded down $2.03 during mid-day trading on Thursday, hitting $74.65. 16,621,903 shares of the stock were exchanged, compared to its average volume of 12,134,709. The company has a market cap of $110.25 billion, a PE ratio of 34.56, a price-to-earnings-growth ratio of 2.79 and a beta of 1.25. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $90.62. The firm has a 50-day moving average of $68.07 and a two-hundred day moving average of $67.51. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21.

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

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.