Tokio Marine Asset Management Co. Ltd. Sells 106,614 Shares of NIKE, Inc. (NYSE:NKE)

Key Points

• Tokio Marine Asset Management Co. Ltd. reduced its stake in NIKE, Inc. by 74.8%, selling 106,614 shares, and now holds 35,943 shares valued at approximately $2.28 million.
• NIKE's stock recently received multiple price target increases from analysts, with a consensus rating of "Moderate Buy" and an average target price of $78.22.
• The company announced a quarterly dividend of $0.40, representing a 2.1% yield, with a payout ratio of 74.07% expected to be paid on October 1st.

Tokio Marine Asset Management Co. Ltd. lowered its stake in NIKE, Inc. (NYSE:NKE - Free Report) by 74.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 35,943 shares of the footwear maker's stock after selling 106,614 shares during the quarter. Tokio Marine Asset Management Co. Ltd.'s holdings in NIKE were worth $2,282,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

NKE has been the topic of several recent research reports. Argus raised NIKE to a "buy" rating in a research note on Sunday, July 6th. Robert W. Baird increased their target price on NIKE from $80.00 to $88.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Truist Financial cut their target price on NIKE from $82.00 to $73.00 and set a "buy" rating on the stock in a research note on Tuesday, June 24th. UBS Group started coverage on NIKE in a research note on Sunday, July 6th. They issued a "buy" rating on the stock. Finally, The Goldman Sachs Group increased their price objective on NIKE from $72.00 to $81.00 and gave the company a "buy" rating in a research report on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $78.22.

NIKE Stock Up 3.2%

Shares of NKE opened at $77.28 on Thursday. The business's 50 day moving average is $70.49 and its 200 day moving average is $67.67. The company has a market capitalization of $114.13 billion, a PE ratio of 35.78, a price-to-earnings-growth ratio of 2.72 and a beta of 1.27. NIKE, Inc. has a 12-month low of $52.28 and a 12-month high of $90.62. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60.

NIKE (NYSE:NKE - Get Free Report) last issued its earnings results 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 for 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 firm'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. Research analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.1%. NIKE's payout ratio is presently 74.07%.

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of NIKE 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 sale, the chairman owned 842,361 shares of the company's stock, valued at $60,894,276.69. The trade was a 11.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.80% of the stock is currently owned by insiders.

About NIKE

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.

Want to see what other hedge funds are holding NKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NIKE, Inc. (NYSE:NKE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.