NIKE, Inc. (NYSE:NKE) Shares Bought by Solidarity Wealth LLC

Key Points

• Solidarity Wealth LLC increased its holdings in NIKE by 11.5% in Q1, owning 81,545 shares valued at approximately $5.21 million, making NIKE their 25th largest holding.
• NIKE reported a quarterly net revenue of $11.10 billion, exceeding analysts' expectations of $10.69 billion, but experienced an 11.9% year-over-year decline in revenue.
• Chairman Mark G. Parker sold 110,000 shares at an average price of $72.29, resulting in an 11.55% decrease in his position, leaving him with 842,361 shares valued at about $60.89 million.

Solidarity Wealth LLC grew its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 11.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,545 shares of the footwear maker's stock after buying an additional 8,386 shares during the period. NIKE accounts for about 1.3% of Solidarity Wealth LLC's investment portfolio, making the stock its 25th largest position. Solidarity Wealth LLC's holdings in NIKE were worth $5,208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Sheaff Brock Investment Advisors LLC increased its holdings in shares of NIKE by 7.8% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 11,213 shares of the footwear maker's stock worth $712,000 after purchasing an additional 811 shares during the last quarter. University of Texas Texas AM Investment Management Co. boosted its position in shares of NIKE by 316.4% during the 1st quarter. University of Texas Texas AM Investment Management Co. now owns 1,520 shares of the footwear maker's stock valued at $96,000 after acquiring an additional 1,155 shares during the last quarter. Richards Merrill & Peterson Inc. increased its position in NIKE by 9.6% in the first quarter. Richards Merrill & Peterson Inc. now owns 9,555 shares of the footwear maker's stock worth $607,000 after purchasing an additional 840 shares during the last quarter. TCW Group Inc. lifted its position in NIKE by 4.8% during the first quarter. TCW Group Inc. now owns 17,276 shares of the footwear maker's stock valued at $1,097,000 after purchasing an additional 794 shares during the last quarter. Finally, LPL Financial LLC grew its stake in shares of NIKE by 25.5% in the 1st quarter. LPL Financial LLC now owns 1,263,797 shares of the footwear maker's stock worth $80,226,000 after buying an additional 257,095 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company's stock.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 110,000 shares of the company's stock in a transaction on 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NKE. Royal Bank Of Canada lowered their price target on shares of NIKE from $66.00 to $65.00 and set a "sector perform" rating for the company in a report on Tuesday, May 20th. Argus upgraded NIKE to a "buy" rating in a report on Sunday, July 6th. UBS Group started coverage on NIKE in a report on Sunday, July 6th. They set a "buy" rating on the stock. Morgan Stanley lifted their price objective on shares of NIKE from $61.00 to $64.00 and gave the stock an "equal weight" rating in a research note on Friday, June 27th. Finally, Robert W. Baird increased their target price on shares of NIKE from $80.00 to $88.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $78.22.

NIKE Price Performance

Shares of NKE traded down $1.84 during mid-day trading on Thursday, hitting $74.84. 8,735,993 shares of the company were exchanged, compared to its average volume of 17,472,594. The stock has a market cap of $110.53 billion, a price-to-earnings ratio of 34.68, a price-to-earnings-growth ratio of 2.88 and a beta of 1.25. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $90.62. The company has a 50 day moving average of $67.80 and a 200-day moving average of $67.49. 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 (NYSE:NKE - Get Free Report) last announced its earnings results on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. The business had revenue of $11.10 billion during the quarter, compared to analysts' expectations of $10.69 billion. NIKE had a return on equity of 23.33% and a net margin of 6.95%. The business's revenue was down 11.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.99 earnings per share. Analysts expect that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

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.