UNIVEST FINANCIAL Corp Cuts Position in NIKE, Inc. (NYSE:NKE)

Key Points

• UNIVEST FINANCIAL Corp has reduced its stake in NIKE, Inc. by 53.3%, now holding 3,684 shares valued at $234,000.
• Several hedge funds have increased their positions in NIKE, with Renaissance Technologies LLC seeing a substantial 1,302.7% increase in their holdings in the last quarter.
• Research analysts have recently raised price targets for NIKE, with HSBC setting a target price of $80.00 and Robert W. Baird increasing theirs to $88.00.

UNIVEST FINANCIAL Corp decreased its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 53.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,684 shares of the footwear maker's stock after selling 4,206 shares during the quarter. UNIVEST FINANCIAL Corp's holdings in NIKE were worth $234,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Spire Wealth Management raised its stake in shares of NIKE by 4.4% during the 1st quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker's stock worth $627,000 after buying an additional 416 shares during the period. Renaissance Technologies LLC increased its holdings in NIKE by 1,302.7% in the 4th quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker's stock worth $196,901,000 after acquiring an additional 2,416,601 shares in the last quarter. Capitolis Liquid Global Markets LLC increased its holdings in NIKE by 40.9% in the 4th quarter. Capitolis Liquid Global Markets LLC now owns 310,000 shares of the footwear maker's stock worth $23,458,000 after acquiring an additional 90,000 shares in the last quarter. Janus Henderson Group PLC raised its position in NIKE by 8.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,081,021 shares of the footwear maker's stock worth $460,160,000 after acquiring an additional 463,470 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its holdings in NIKE by 0.6% during the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker's stock valued at $69,932,000 after purchasing an additional 5,601 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company's stock.

NIKE Stock Performance

Shares of NKE stock opened at $74.61 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21. The firm has a market cap of $110.19 billion, a P/E ratio of 34.54, a P/E/G ratio of 2.71 and a beta of 1.27. The firm's 50 day moving average price is $68.36 and its 200-day moving average price is $67.53. NIKE, Inc. has a one year low of $52.28 and a one year high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last announced its earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. NIKE had a return on equity of 23.33% and a net margin of 6.95%. The company had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.69 billion. During the same quarter in the previous year, the company earned $0.99 earnings per share. The firm's quarterly revenue was down 11.9% compared to the same quarter last year. As a group, equities research analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on NKE. Hsbc Global Res raised shares of NIKE from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 27th. Jefferies Financial Group reiterated a "buy" rating on shares of NIKE in a research note on Friday, May 23rd. HSBC raised NIKE from a "hold" rating to a "buy" rating and set a $80.00 target price for the company in a report on Friday, June 27th. Robert W. Baird lifted their price target on NIKE from $80.00 to $88.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Finally, Citigroup boosted their price target on NIKE from $57.00 to $68.00 and gave the stock a "neutral" 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 issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, NIKE presently has a consensus rating of "Moderate Buy" and a consensus target price of $78.22.

Insider Activity

In related news, Chairman Mark G. Parker sold 110,000 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the completion of the transaction, the chairman directly owned 842,361 shares in the company, valued at $60,894,276.69. This trade represents a 11.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.80% of the company's stock.

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.

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.