Wealthfront Advisers LLC Has $3 Million Stock Position in NIKE, Inc. $NKE

Key Points

• Wealthfront Advisers LLC cut its NIKE stake by 40.4% in the first quarter, selling 38,447 shares and leaving it with 56,736 shares worth about $3.0 million.
• Analyst sentiment remains mixed but cautious, with several firms trimming price targets; the overall consensus rating is still “Hold,” and the average target price is $54.80.
• NIKE posted stronger-than-expected quarterly earnings, reporting EPS of $0.20 versus $0.11 expected and revenue of $10.97 billion, while also paying a quarterly dividend of $0.41 per share.

Wealthfront Advisers LLC lowered its position in NIKE, Inc. (NYSE:NKE - Free Report) by 40.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,736 shares of the footwear maker's stock after selling 38,447 shares during the quarter. Wealthfront Advisers LLC's holdings in NIKE were worth $2,997,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Cornerstone Financial Management LLC bought a new position in NIKE in the fourth quarter worth $26,000. Sankala Group LLC bought a new stake in NIKE in the 4th quarter valued at $26,000. J.Safra Asset Management Corp bought a new stake in NIKE in the 4th quarter valued at $29,000. Kemnay Advisory Services Inc. acquired a new position in shares of NIKE in the 4th quarter valued at $30,000. Finally, Litman Gregory Wealth Management LLC acquired a new position in shares of NIKE in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 64.25% of the company's stock.

Analyst Upgrades and Downgrades

NKE has been the topic of several recent research reports. Citigroup decreased their target price on shares of NIKE from $47.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 1st. Wells Fargo & Company dropped their price target on shares of NIKE from $45.00 to $40.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 1st. Evercore set a $46.00 price target on shares of NIKE and gave the stock an "in-line" rating in a research note on Tuesday, June 23rd. Oppenheimer decreased their price objective on NIKE to $60.00 and set an "outperform" rating on the stock in a report on Friday, June 26th. Finally, Weiss Ratings raised NIKE from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nineteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $54.80.

Insider Activity at NIKE

In other news, EVP Philip Mccartney sold 17,398 shares of NIKE stock in a transaction on Friday, June 12th. The stock was sold at an average price of $46.18, for a total value of $803,439.64. Following the completion of the sale, the executive vice president directly owned 53,133 shares of the company's stock, valued at approximately $2,453,681.94. This trade represents a 24.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.80% of the company's stock.

NIKE Price Performance

Shares of NKE stock opened at $43.78 on Monday. NIKE, Inc. has a 1 year low of $40.00 and a 1 year high of $80.17. The company has a current ratio of 1.96, a quick ratio of 1.36 and a debt-to-equity ratio of 0.40. The firm's 50 day moving average is $43.67 and its 200-day moving average is $51.79. The firm has a market capitalization of $64.83 billion, a price-to-earnings ratio of 20.95, a PEG ratio of 2.53 and a beta of 1.12.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.09. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The business had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.85 billion. During the same quarter last year, the business posted $0.14 earnings per share. NIKE's revenue for the quarter was down 1.1% compared to the same quarter last year. Sell-side analysts forecast that NIKE, Inc. will post 1.75 EPS for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Monday, June 1st. NIKE's dividend payout ratio (DPR) is presently 78.47%.

NIKE Company Profile

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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