NIKE (NYSE:NKE) EVP Sells $803,439.64 in Stock

Key Points

• NIKE EVP Philip Mccartney sold 17,398 shares on June 12 at an average price of $46.18, totaling about $803,440. The sale cut his direct stake by 24.67% and was made under a pre-arranged Rule 10b5-1 plan to cover tax withholding from vested equity awards.
• NIKE shares fell 2.3% to $44.90 in Friday trading, with volume below average. The stock remains well below its 12-month high of $80.17, while trading near its 50-day moving average.
• The company recently beat quarterly earnings estimates, reporting EPS of $0.35 versus expectations of $0.29, alongside revenue of $11.28 billion. NIKE also announced a quarterly dividend of $0.41 per share, though its payout ratio is elevated at 108.61%.

NIKE, Inc. (NYSE:NKE - Get Free Report) EVP Philip Mccartney sold 17,398 shares of NIKE stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $46.18, for a total transaction of $803,439.64. Following the completion of the transaction, the executive vice president directly owned 53,133 shares in the company, valued at approximately $2,453,681.94. The trade was a 24.67% decrease in their position. The sale was disclosed in a filing with the SEC, 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.

NIKE Stock Down 2.3%

NKE traded down $1.06 during trading on Friday, reaching $44.90. The company had a trading volume of 16,506,441 shares, compared to its average volume of 19,799,979. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.14 and a quick ratio of 1.45. NIKE, Inc. has a 12 month low of $41.35 and a 12 month high of $80.17. The business's fifty day moving average price is $44.26 and its 200 day moving average price is $55.52. The company has a market cap of $66.49 billion, a P/E ratio of 29.73, a PEG ratio of 1.90 and a beta of 1.12.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings results on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The firm had revenue of $11.28 billion for the quarter, compared to analyst estimates of $11.23 billion. During the same quarter in the previous year, the firm posted $0.54 earnings per share. The business's revenue was up .1% on a year-over-year basis. Equities analysts anticipate that NIKE, Inc. will post 1.49 EPS for the current year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be issued a dividend of $0.41 per share. The ex-dividend date 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 (DPR) is presently 108.61%.

Wall Street Analysts Forecast Growth

NKE has been the subject of a number of recent research reports. UBS Group set a $50.00 price target on NIKE and gave the stock a "neutral" rating in a research report on Wednesday. China Renaissance lowered their price objective on shares of NIKE from $74.60 to $50.30 and set a "hold" rating on the stock in a report on Thursday, April 2nd. BNP Paribas Exane cut their price objective on shares of NIKE from $35.00 to $23.00 and set an "underperform" rating on the stock in a research report on Wednesday, April 1st. Sanford C. Bernstein restated a "buy" rating on shares of NIKE in a report on Monday, May 11th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating on shares of NIKE in a research note on Monday, April 13th. Fifteen equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $60.89.

Hedge Funds Weigh In On NIKE

A number of institutional investors have recently added to or reduced their stakes in the company. E Wealth Partners LLC acquired a new position in NIKE during the first quarter worth $279,000. FAS Wealth Partners Inc. raised its holdings in shares of NIKE by 4.2% in the 1st quarter. FAS Wealth Partners Inc. now owns 6,109 shares of the footwear maker's stock valued at $323,000 after purchasing an additional 249 shares during the period. Pine Valley Investments Ltd Liability Co lifted its stake in NIKE by 43.2% in the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 41,295 shares of the footwear maker's stock valued at $2,182,000 after purchasing an additional 12,464 shares during the last quarter. Honeycomb Asset Management LP acquired a new stake in NIKE in the 1st quarter valued at about $1,258,000. Finally, Allen Capital Group LLC grew its holdings in NIKE by 8.0% during the first quarter. Allen Capital Group LLC now owns 62,937 shares of the footwear maker's stock worth $3,324,000 after purchasing an additional 4,687 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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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