Nuveen LLC Purchases New Position in NIKE, Inc. (NYSE:NKE)

Key Points

• Nuveen LLC has made a significant investment in NIKE, acquiring nearly 7.9 million shares valued at approximately $502.29 million, increasing its ownership to 0.53% as of the latest SEC filing.
• NIKE's recent earnings report showed a decline in revenue of 11.9% year-over-year, with a reported earnings per share of $0.14, which was above the consensus estimate of $0.12.
• The company has declared a quarterly dividend of $0.40 per share, representing a 2.2% yield, with the payment scheduled for October 1st.

Nuveen LLC purchased a new position in NIKE, Inc. (NYSE:NKE - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 7,912,489 shares of the footwear maker's stock, valued at approximately $502,285,000. Nuveen LLC owned approximately 0.53% of NIKE as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. American Alpha Advisors LLC bought a new stake in shares of NIKE in the 1st quarter worth approximately $317,000. Invesco Ltd. boosted its position in shares of NIKE by 17.8% in the 1st quarter. Invesco Ltd. now owns 7,317,084 shares of the footwear maker's stock worth $464,488,000 after purchasing an additional 1,103,281 shares in the last quarter. Covestor Ltd boosted its position in shares of NIKE by 27.2% in the 1st quarter. Covestor Ltd now owns 1,758 shares of the footwear maker's stock worth $112,000 after purchasing an additional 376 shares in the last quarter. Frank Rimerman Advisors LLC boosted its position in shares of NIKE by 27.4% in the 1st quarter. Frank Rimerman Advisors LLC now owns 10,889 shares of the footwear maker's stock worth $691,000 after purchasing an additional 2,340 shares in the last quarter. Finally, Koss Olinger Consulting LLC boosted its position in shares of NIKE by 5.5% in the 1st quarter. Koss Olinger Consulting LLC now owns 44,241 shares of the footwear maker's stock worth $2,808,000 after purchasing an additional 2,315 shares in the last quarter. 64.25% of the stock is owned by institutional investors.

NIKE Price Performance

NKE stock traded up $0.89 during trading on Tuesday, reaching $74.91. The company's stock had a trading volume of 6,397,175 shares, compared to its average volume of 10,926,941. The company's fifty day moving average is $70.20 and its 200-day moving average is $67.60. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $90.62. The company has a market capitalization of $110.63 billion, a P/E ratio of 34.68, a price-to-earnings-growth ratio of 2.69 and a beta of 1.27. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 EPS 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 business had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.69 billion. During the same quarter in the prior year, the firm earned $0.99 EPS. The business's revenue was down 11.9% on a year-over-year basis. On average, research analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, September 2nd. NIKE's dividend payout ratio is 74.07%.

Insider Activity at NIKE

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the completion of the transaction, the chairman owned 842,361 shares of the company's stock, valued at $60,894,276.69. This represents a 11.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

NKE has been the topic of several analyst reports. Jefferies Financial Group reaffirmed a "buy" rating on shares of NIKE in a research report on Friday, May 23rd. Morgan Stanley boosted their target price on shares of NIKE from $61.00 to $64.00 and gave the company an "equal weight" rating in a research note on Friday, June 27th. DZ Bank lowered shares of NIKE from a "buy" rating to a "hold" rating and set a $76.00 target price for the company. in a research note on Thursday, July 10th. Evercore ISI decreased their target price on shares of NIKE from $97.00 to $75.00 and set an "outperform" rating for the company in a research note on Tuesday, June 24th. Finally, Barclays boosted their target price on shares of NIKE from $53.00 to $64.00 and gave the company an "equal weight" rating in a research note on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, NIKE has an average rating of "Moderate Buy" and an average price target of $78.22.

NIKE Company Profile

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.