Quintet Private Bank Europe S.A. Cuts Holdings in NIKE, Inc. $NKE

Key Points

• Quintet Private Bank Europe S.A. cut its holdings in NIKE, Inc. by 69.7%, now owning 167,052 shares valued at approximately $11.87 million after selling 383,691 shares in the second quarter.
• Despite the significant reduction from Quintet, other hedge funds, including Goldman Sachs, have increased their holdings in NIKE, with Goldman Sachs boosting its stake by 344.2% in the first quarter.
• Analysts have set various price targets for NIKE, with Deutsche Bank lowering its target from $77.00 to $71.00, while JPMorgan Chase raised its target from $64.00 to $93.00.

Quintet Private Bank Europe S.A. decreased its position in NIKE, Inc. (NYSE:NKE - Free Report) by 69.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 167,052 shares of the footwear maker's stock after selling 383,691 shares during the period. Quintet Private Bank Europe S.A.'s holdings in NIKE were worth $11,867,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its holdings in NIKE by 344.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker's stock worth $1,694,842,000 after buying an additional 20,688,013 shares during the last quarter. Wellington Management Group LLP boosted its position in NIKE by 24.9% during the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker's stock worth $2,880,971,000 after acquiring an additional 9,043,180 shares during the last quarter. Jennison Associates LLC acquired a new position in NIKE during the first quarter worth about $509,051,000. Nuveen LLC acquired a new position in NIKE during the first quarter worth about $502,285,000. Finally, Vanguard Group Inc. boosted its position in NIKE by 4.6% during the first quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker's stock worth $7,182,831,000 after acquiring an additional 4,957,494 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company's stock.

Analysts Set New Price Targets

NKE has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft decreased their target price on shares of NIKE from $77.00 to $71.00 and set a "buy" rating on the stock in a report on Friday, June 20th. Telsey Advisory Group reaffirmed a "market perform" rating and set a $70.00 target price on shares of NIKE in a research note on Friday, June 27th. JPMorgan Chase & Co. raised shares of NIKE from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $64.00 to $93.00 in a research report on Monday, July 28th. Hsbc Global Res upgraded shares of NIKE from a "hold" rating to a "strong-buy" rating in a report on Friday, June 27th. Finally, TD Cowen upgraded shares of NIKE from a "hold" rating to a "buy" rating and upped their target price for the company from $62.00 to $85.00 in a report on Wednesday, September 10th. Three analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, NIKE presently has an average rating of "Moderate Buy" and an average target price of $78.67.

NIKE Price Performance

NKE opened at $73.12 on Monday. The stock has a market capitalization of $107.98 billion, a PE ratio of 33.85, a P/E/G ratio of 2.65 and a beta of 1.24. 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, Inc. has a 1 year low of $52.28 and a 1 year high of $90.62. The company's 50 day simple moving average is $75.40 and its 200 day simple moving average is $67.63.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. The business had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.69 billion. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The business's revenue was down 11.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.99 earnings per share. As a group, sell-side analysts expect that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a $0.40 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.2%. NIKE's dividend payout ratio is currently 74.07%.

Insider Buying and Selling at NIKE

In related news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total value of $7,951,900.00. Following the transaction, the chairman owned 842,361 shares in the company, valued at approximately $60,894,276.69. This represents a 11.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.80% of the stock is owned by corporate insiders.

NIKE 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.

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