Perigon Wealth Management LLC Sells 19,962 Shares of NIKE, Inc. $NKE

Key Points

• Perigon Wealth Management LLC sold 19,962 shares of NIKE, Inc., reducing its holdings by 35.7% and bringing their ownership to 36,030 shares valued at approximately $2.56 million.
• Insider Chairman Mark G. Parker sold 86,078 shares on August 14, resulting in a 10.36% decrease in his ownership but still retaining around $56 million in shares.
• NIKE received multiple upgrades from analysts, with the Royal Bank of Canada raising its target price from $76.00 to $90.00 and maintaining an "outperform" rating, contributing to a consensus rating of "Moderate Buy."

Perigon Wealth Management LLC reduced its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 35.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 36,030 shares of the footwear maker's stock after selling 19,962 shares during the quarter. Perigon Wealth Management LLC's holdings in NIKE were worth $2,560,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Stone House Investment Management LLC bought a new stake in shares of NIKE during the 1st quarter worth $25,000. Saudi Central Bank bought a new position in NIKE in the first quarter valued at about $30,000. Matrix Trust Co raised its position in NIKE by 53.1% in the second quarter. Matrix Trust Co now owns 441 shares of the footwear maker's stock valued at $31,000 after purchasing an additional 153 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in NIKE in the second quarter valued at about $35,000. Finally, Roxbury Financial LLC raised its position in NIKE by 52.1% in the first quarter. Roxbury Financial LLC now owns 587 shares of the footwear maker's stock valued at $37,000 after purchasing an additional 201 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 86,078 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the completion of the sale, the chairman owned 744,988 shares of the company's stock, valued at $56,566,938.84. This trade represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on NKE. Royal Bank Of Canada upgraded NIKE from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $76.00 to $90.00 in a research report on Thursday, September 18th. HSBC upgraded NIKE from a "hold" rating to a "buy" rating and set a $80.00 target price for the company in a research report on Friday, June 27th. Robert W. Baird increased their target price on NIKE from $80.00 to $88.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Deutsche Bank Aktiengesellschaft dropped their target price on NIKE from $77.00 to $71.00 and set a "buy" rating for the company in a research report on Friday, June 20th. Finally, DZ Bank downgraded NIKE from a "buy" rating to a "hold" rating and set a $76.00 target price for the company. in a research report on Thursday, July 10th. Three analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $79.62.

NIKE Trading Up 0.1%

Shares of NKE stock opened at $69.31 on Friday. The stock has a market cap of $102.36 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 2.51 and a beta of 1.24. The stock has a 50-day moving average of $74.99 and a 200-day moving average of $67.34. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $90.26.

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

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.60 annualized dividend and a yield of 2.3%. NIKE's dividend payout ratio (DPR) is currently 74.07%.

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.

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