Philadelphia Trust Co. Has $11.98 Million Stake in Nike Inc (NKE)
Philadelphia Trust Co. reduced its position in Nike Inc (NYSE:NKE) by 12.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 150,294 shares of the footwear maker’s stock after selling 21,098 shares during the quarter. Philadelphia Trust Co.’s holdings in Nike were worth $11,975,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Nike by 3.3% during the first quarter. BlackRock Inc. now owns 81,870,764 shares of the footwear maker’s stock worth $5,439,495,000 after acquiring an additional 2,649,041 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Nike by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 27,940,846 shares of the footwear maker’s stock worth $2,226,327,000 after acquiring an additional 1,273,548 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Nike by 1.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 17,523,005 shares of the footwear maker’s stock worth $1,164,228,000 after acquiring an additional 248,381 shares in the last quarter. FMR LLC boosted its stake in Nike by 1.4% during the second quarter. FMR LLC now owns 15,661,001 shares of the footwear maker’s stock worth $1,247,869,000 after acquiring an additional 219,743 shares in the last quarter. Finally, Edgewood Management LLC boosted its stake in Nike by 2.6% during the second quarter. Edgewood Management LLC now owns 15,500,497 shares of the footwear maker’s stock worth $1,235,080,000 after acquiring an additional 388,901 shares in the last quarter. 64.02% of the stock is currently owned by institutional investors.
Several research analysts recently issued reports on NKE shares. DA Davidson reissued a “buy” rating on shares of Nike in a research note on Monday, May 7th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $70.00 target price on shares of Nike in a research note on Friday, May 18th. Macquarie reissued a “buy” rating and set a $80.00 target price on shares of Nike in a research note on Tuesday, May 22nd. Wells Fargo & Co reissued a “market perform” rating and set a $74.00 target price (up from $62.00) on shares of Nike in a research note on Sunday, June 10th. Finally, Jefferies Financial Group reissued a “neutral” rating and set a $68.00 target price on shares of Nike in a research note on Wednesday, June 13th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $79.19.
Nike (NYSE:NKE) last announced its earnings results on Thursday, June 28th. The footwear maker reported $0.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.05. The company had revenue of $9.79 billion during the quarter, compared to the consensus estimate of $9.40 billion. Nike had a net margin of 5.31% and a return on equity of 36.57%. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.60 earnings per share. equities research analysts anticipate that Nike Inc will post 2.62 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Tuesday, September 4th will be issued a $0.20 dividend. The ex-dividend date is Friday, August 31st. This represents a $0.80 annualized dividend and a dividend yield of 0.98%. Nike’s dividend payout ratio is currently 33.06%.
Nike announced that its Board of Directors has approved a stock buyback plan on Thursday, June 28th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the footwear maker to buy up to 12.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Eric D. Sprunk sold 45,000 shares of the stock in a transaction dated Tuesday, June 5th. The shares were sold at an average price of $74.01, for a total value of $3,330,450.00. Following the completion of the sale, the insider now owns 186,959 shares in the company, valued at $13,836,835.59. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Mark G. Parker sold 135,000 shares of the stock in a transaction dated Monday, June 4th. The shares were sold at an average price of $73.03, for a total transaction of $9,859,050.00. Following the completion of the sale, the chairman now owns 1,637,736 shares of the company’s stock, valued at approximately $119,603,860.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 512,778 shares of company stock valued at $39,376,326. 3.90% of the stock is currently owned by corporate insiders.
Nike Company Profile
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. It offers NIKE brand products in nine categories: running, NIKE basketball, the Jordan brand, football, men's training, women's training, action sports, sportswear, and golf.
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