Rafferty Asset Management LLC Has $5.44 Million Stake in NIKE, Inc. $NKE

Key Points

• Rafferty Asset Management LLC has sold 25,030 shares of NIKE, Inc., reducing its stake by 22.6% to a total of 85,658 shares, valued at approximately $5.44 million.
• NIKE reported quarterly earnings of $0.14 EPS, surpassing analyst expectations, despite a year-over-year revenue decline of 11.9% to $11.10 billion.
• Analysts have generally upgraded their ratings for NIKE, with the consensus target price now at $78.22 and multiple firms assigning "buy" ratings.

Rafferty Asset Management LLC decreased its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 22.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 85,658 shares of the footwear maker's stock after selling 25,030 shares during the period. Rafferty Asset Management LLC's holdings in NIKE were worth $5,438,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Heck Capital Advisors LLC acquired a new position in shares of NIKE during the 4th quarter valued at about $28,000. Stone House Investment Management LLC acquired a new position in shares of NIKE during the 1st quarter valued at about $25,000. Putney Financial Group LLC acquired a new position in shares of NIKE during the 4th quarter valued at about $40,000. Minot DeBlois Advisors LLC bought a new stake in NIKE during the 4th quarter valued at approximately $42,000. Finally, N.E.W. Advisory Services LLC bought a new stake in NIKE during the 1st quarter valued at approximately $37,000. Institutional investors and hedge funds own 64.25% of the company's stock.

NIKE Stock Performance

Shares of NKE stock traded down $0.58 during mid-day trading on Friday, reaching $77.34. The stock had a trading volume of 14,203,244 shares, compared to its average volume of 8,854,530. The firm's 50 day simple moving average is $74.32 and its 200 day simple moving average is $67.86. 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, Inc. has a one year low of $52.28 and a one year high of $90.62. The firm has a market cap of $114.22 billion, a PE ratio of 35.81, a P/E/G ratio of 2.81 and a beta of 1.24.

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

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be given 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 is Tuesday, September 2nd. NIKE's dividend payout ratio (DPR) is 74.07%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Needham & Company LLC increased their target price on NIKE from $66.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, June 27th. Argus upgraded NIKE to a "buy" rating in a research note on Sunday, July 6th. UBS Group assumed coverage on NIKE in a research note on Sunday, July 6th. They set a "buy" rating for the company. Royal Bank Of Canada decreased their target price on NIKE from $66.00 to $65.00 and set a "sector perform" rating for the company in a research note on Tuesday, May 20th. Finally, HSBC upgraded NIKE from a "hold" rating to a "buy" rating and set a $80.00 target price for the company in a research note on Friday, June 27th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and thirteen have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $78.22.

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 110,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chairman owned 842,361 shares in the company, valued at $60,894,276.69. This trade represents a 11.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.80% of the stock is owned by company insiders.

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.