New Potomac Partners LLC cut its position in shares of Nike Inc (NYSE:NKE) by 2.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,705 shares of the footwear maker’s stock after selling 790 shares during the period. Nike makes up 2.2% of New Potomac Partners LLC’s portfolio, making the stock its 13th largest holding. New Potomac Partners LLC’s holdings in Nike were worth $2,287,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Bruderman Asset Management LLC purchased a new stake in Nike in the 1st quarter valued at about $129,000. Princeton Capital Management LLC purchased a new stake in Nike in the 1st quarter valued at about $130,000. Archford Capital Strategies LLC purchased a new stake in Nike in the 1st quarter valued at about $137,000. Tyvor Capital LLC purchased a new stake in Nike in the 2nd quarter valued at about $160,000. Finally, Bray Capital Advisors purchased a new stake in Nike in the 1st quarter valued at about $167,000. 63.51% of the stock is owned by hedge funds and other institutional investors.
NYSE NKE opened at $80.73 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.51 and a quick ratio of 1.63. The company has a market cap of $130.06 billion, a P/E ratio of 33.86, a PEG ratio of 2.72 and a beta of 0.68. Nike Inc has a 52 week low of $50.35 and a 52 week high of $81.88.
Nike (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 28th. The footwear maker reported $0.69 EPS for the quarter, topping the consensus estimate of $0.64 by $0.05. The firm had revenue of $9.79 billion during the quarter, compared to analyst estimates of $9.40 billion. Nike had a net margin of 5.31% and a return on equity of 36.57%. Nike’s revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.60 EPS. research analysts forecast that Nike Inc will post 2.61 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Tuesday, September 4th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.99%. Nike’s dividend payout ratio (DPR) is presently 33.06%.
Nike declared that its board has approved a stock repurchase program on Thursday, June 28th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the footwear maker to reacquire up to 12.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Several equities research analysts have issued reports on NKE shares. HSBC raised shares of Nike from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research report on Friday, April 27th. DA Davidson reaffirmed a “buy” rating on shares of Nike in a research report on Monday, May 7th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Nike in a research report on Friday, May 18th. Macquarie reaffirmed a “buy” rating and issued a $80.00 price target on shares of Nike in a research report on Tuesday, May 22nd. Finally, Wells Fargo & Co reaffirmed a “market perform” rating and issued a $74.00 price target (up previously from $62.00) on shares of Nike in a research report on Sunday, June 10th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twenty-three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $77.46.
In related news, insider Eric D. Sprunk sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 16th. The shares were sold at an average price of $70.00, for a total transaction of $3,500,000.00. Following the completion of the transaction, the insider now owns 191,959 shares in the company, valued at approximately $13,437,130. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Eric D. Sprunk sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 22nd. The stock was sold at an average price of $72.00, for a total transaction of $3,240,000.00. Following the transaction, the insider now owns 186,959 shares of the company’s stock, valued at approximately $13,461,048. The disclosure for this sale can be found here. In the last quarter, insiders have sold 607,778 shares of company stock valued at $46,116,326. 3.90% of the stock is currently owned by company insiders.
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.
Featured Article: Marijuana Stocks
Receive News & Ratings for Nike Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nike and related companies with MarketBeat.com's FREE daily email newsletter.