Rockland Trust Co. Acquires 91,141 Shares of NIKE, Inc. $NKE

Key Points

• Rockland Trust Co. increased its holdings in NIKE, Inc. by 36.8% during the 2nd quarter, acquiring an additional 91,141 shares worth approximately $24 million.
• The stock's current market cap stands at $106.47 billion, with a recent trading price of $72.09 and a PE ratio of 33.37.
• NIKE's analysts have been optimistic, with three analysts rating it as a Strong Buy and a consensus target price of $78.73.

Rockland Trust Co. increased its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 36.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 338,789 shares of the footwear maker's stock after acquiring an additional 91,141 shares during the quarter. Rockland Trust Co.'s holdings in NIKE were worth $24,068,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NKE. Stone House Investment Management LLC bought a new position in shares of NIKE during the first quarter worth $25,000. Heck Capital Advisors LLC bought a new position in shares of NIKE during the fourth quarter worth $28,000. Saudi Central Bank bought a new position in shares of NIKE during the first quarter worth $30,000. Roxbury Financial LLC boosted its position in shares of NIKE by 52.1% during the first quarter. Roxbury Financial LLC now owns 587 shares of the footwear maker's stock worth $37,000 after acquiring an additional 201 shares during the last quarter. Finally, N.E.W. Advisory Services LLC bought a new position in shares of NIKE during the first quarter worth $37,000. Institutional investors own 64.25% of the company's stock.

NIKE Trading Up 0.6%

NKE stock traded up $0.40 during trading on Monday, hitting $71.29. The company had a trading volume of 12,134,877 shares, compared to its average volume of 11,800,166. The firm has a market capitalization of $105.29 billion, a P/E ratio of 33.01, a PEG ratio of 2.57 and a beta of 1.24. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $90.62. The company has a 50 day simple moving average of $75.16 and a 200-day simple moving average of $67.38. 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 posted its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.69 billion. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The firm's revenue was down 11.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.99 EPS. As a group, research analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 2nd. NIKE's dividend payout ratio (DPR) is currently 74.07%.

Insider Buying and Selling

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 transaction, the chairman directly owned 842,361 shares in the company, valued at $60,894,276.69. This represents a 11.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NKE has been the subject of a number of research reports. TD Cowen upgraded shares of NIKE from a "hold" rating to a "buy" rating and upped their target price for the stock from $62.00 to $85.00 in a research report on Wednesday, September 10th. Cowen raised shares of NIKE from a "hold" rating to a "buy" rating in a research note on Wednesday, September 10th. UBS Group set a $71.00 price target on shares of NIKE and gave the company a "neutral" rating in a research note on Friday. Evercore ISI decreased their price target on shares of NIKE from $97.00 to $75.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 24th. Finally, Barclays upped their price target on shares of NIKE from $64.00 to $65.00 and gave the company an "equal weight" rating in a research note on Thursday. Three research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $79.04.

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.