State of Michigan Retirement System Acquires 58,400 Shares of NIKE, Inc. (NYSE:NKE)

State of Michigan Retirement System boosted its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 14.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 466,615 shares of the footwear maker's stock after purchasing an additional 58,400 shares during the period. State of Michigan Retirement System's holdings in NIKE were worth $29,621,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of NIKE by 32.4% during the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker's stock valued at $2,749,903,000 after acquiring an additional 8,898,591 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of NIKE by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker's stock valued at $1,915,110,000 after acquiring an additional 347,178 shares during the last quarter. Capital World Investors raised its stake in shares of NIKE by 10.3% during the fourth quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock valued at $1,857,389,000 after acquiring an additional 2,288,627 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of NIKE by 3.0% during the first quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker's stock valued at $1,332,331,000 after buying an additional 620,214 shares during the period. Finally, Norges Bank purchased a new position in shares of NIKE during the fourth quarter valued at about $1,126,288,000. 64.25% of the stock is owned by institutional investors.

NIKE Trading Down 0.3%

NIKE stock traded down $0.25 during trading hours on Monday, hitting $72.39. The company had a trading volume of 11,359,527 shares, compared to its average volume of 18,040,473. The firm has a market cap of $107.07 billion, a P/E ratio of 33.51, a P/E/G ratio of 2.63 and a beta of 1.25. 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 has a 50-day moving average price of $64.06 and a two-hundred day moving average price of $67.26.

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

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were given a $0.40 dividend. The ex-dividend date was Monday, June 2nd. This represents a $1.60 annualized dividend and a yield of 2.21%. NIKE's dividend payout ratio (DPR) is 74.07%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NKE. Royal Bank Of Canada reduced their price target on shares of NIKE from $66.00 to $65.00 and set a "sector perform" rating on the stock in a research report on Tuesday, May 20th. Wall Street Zen downgraded shares of NIKE from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. HSBC upgraded shares of NIKE from a "hold" rating to a "buy" rating and set a $80.00 price target on the stock in a research report on Friday, June 27th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of NIKE from $77.00 to $71.00 and set a "buy" rating on the stock in a research report on Friday, June 20th. Finally, Robert W. Baird raised their price objective on shares of NIKE from $80.00 to $88.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $77.15.

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.