Troy Asset Management Ltd Acquires 95,943 Shares of NIKE, Inc. $NKE

Key Points

• Troy Asset Management increased its NIKE stake by 21.5% in the fourth quarter, buying 95,943 additional shares and bringing its total to 542,792 shares valued at about $34.6 million.
• Institutional ownership remains strong, with several other large funds also adding to NIKE positions and institutions now holding 64.25% of the stock.
• NIKE’s latest results and outlook were mixed: the company beat EPS and revenue estimates for the quarter, but analysts still see the stock as a Hold overall with a consensus price target of $62.04, while the shares recently traded near $44.70.

Troy Asset Management Ltd lifted its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 21.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 542,792 shares of the footwear maker's stock after acquiring an additional 95,943 shares during the quarter. NIKE accounts for about 0.9% of Troy Asset Management Ltd's holdings, making the stock its 17th biggest holding. Troy Asset Management Ltd's holdings in NIKE were worth $34,581,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in NKE. Harris Associates L P bought a new stake in shares of NIKE in the 2nd quarter worth approximately $621,525,000. Ameriprise Financial Inc. raised its holdings in NIKE by 129.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 5,849,636 shares of the footwear maker's stock valued at $411,951,000 after buying an additional 3,299,155 shares during the last quarter. Flossbach Von Storch SE raised its holdings in NIKE by 29.3% during the 4th quarter. Flossbach Von Storch SE now owns 12,753,317 shares of the footwear maker's stock valued at $812,514,000 after buying an additional 2,886,856 shares during the last quarter. Sustainable Growth Advisers LP bought a new stake in NIKE during the 3rd quarter valued at $190,182,000. Finally, Amundi raised its holdings in NIKE by 85.2% during the 3rd quarter. Amundi now owns 5,187,020 shares of the footwear maker's stock valued at $369,160,000 after buying an additional 2,385,815 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on NKE. DA Davidson lowered shares of NIKE from a "buy" rating to a "neutral" rating and lowered their price target for the company from $72.00 to $46.00 in a report on Thursday, April 2nd. Royal Bank Of Canada reiterated a "buy" rating on shares of NIKE in a report on Wednesday, April 1st. Telsey Advisory Group lowered their price target on shares of NIKE from $65.00 to $55.00 and set a "market perform" rating for the company in a report on Wednesday, April 1st. Berenberg Bank reiterated a "neutral" rating on shares of NIKE in a report on Wednesday, May 6th. Finally, BTIG Research lowered their price target on shares of NIKE from $90.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, April 1st. Sixteen research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $62.04.

NIKE Stock Up 0.1%

Shares of NIKE stock opened at $44.70 on Monday. The company has a current ratio of 2.14, a quick ratio of 1.45 and a debt-to-equity ratio of 0.50. The company's fifty day simple moving average is $46.59 and its two-hundred day simple moving average is $57.28. The company has a market cap of $66.20 billion, a P/E ratio of 29.60, a PEG ratio of 2.37 and a beta of 1.12. NIKE, Inc. has a 12-month low of $41.35 and a 12-month high of $80.17.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $11.28 billion for the quarter, compared to the consensus estimate of $11.23 billion. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The company's quarterly revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.54 EPS. Research analysts anticipate that NIKE, Inc. will post 1.51 EPS for the current year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be given a $0.41 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.7%. NIKE's dividend payout ratio is currently 108.61%.

Insider Buying and Selling at NIKE

In other NIKE news, Director Timothy D. Cook bought 25,000 shares of NIKE stock in a transaction dated Friday, April 10th. The shares were purchased at an average cost of $42.43 per share, with a total value of $1,060,750.00. Following the transaction, the director directly owned 130,480 shares of the company's stock, valued at $5,536,266.40. This represents a 23.70% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Rogers, Jr. bought 4,000 shares of NIKE stock in a transaction dated Thursday, April 9th. The stock was acquired at an average cost of $43.34 per share, for a total transaction of $173,360.00. Following the completion of the transaction, the director directly owned 41,022 shares in the company, valued at approximately $1,777,893.48. This trade represents a 10.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought 64,441 shares of company stock valued at $2,734,204 over the last 90 days. 0.80% of the stock is owned by corporate insiders.

About NIKE

Nike, Inc NYSE: NKE is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).

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