Violich Capital Management Inc. lowered its stake in shares of Nike Inc (NYSE:NKE) by 1.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 113,317 shares of the footwear maker’s stock after selling 1,900 shares during the quarter. Nike comprises approximately 2.3% of Violich Capital Management Inc.’s holdings, making the stock its 14th largest holding. Violich Capital Management Inc.’s holdings in Nike were worth $9,513,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Nike by 890.4% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,348 shares of the footwear maker’s stock worth $365,000 after purchasing an additional 3,909 shares during the last quarter. Wealthquest Corp lifted its position in Nike by 7.9% during the 2nd quarter. Wealthquest Corp now owns 3,942 shares of the footwear maker’s stock worth $331,000 after buying an additional 288 shares in the last quarter. Alpha Cubed Investments LLC lifted its position in Nike by 11.6% during the 2nd quarter. Alpha Cubed Investments LLC now owns 4,942 shares of the footwear maker’s stock worth $415,000 after buying an additional 513 shares in the last quarter. Lenox Wealth Management Inc. lifted its position in Nike by 20.0% during the 2nd quarter. Lenox Wealth Management Inc. now owns 4,442 shares of the footwear maker’s stock worth $373,000 after buying an additional 740 shares in the last quarter. Finally, Cerebellum GP LLC lifted its position in Nike by 7.9% during the 2nd quarter. Cerebellum GP LLC now owns 4,180 shares of the footwear maker’s stock worth $351,000 after buying an additional 307 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Elizabeth J. Comstock sold 24,000 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $84.84, for a total transaction of $2,036,160.00. Following the completion of the sale, the director now directly owns 38,813 shares of the company’s stock, valued at approximately $3,292,894.92. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Elliott Hill sold 34,100 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $88.34, for a total value of $3,012,394.00. The disclosure for this sale can be found here. Insiders sold a total of 84,637 shares of company stock worth $7,388,637 over the last quarter. 3.80% of the stock is currently owned by corporate insiders.
Nike (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 27th. The footwear maker reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.04). The firm had revenue of $10.18 billion during the quarter, compared to analyst estimates of $10.15 billion. Nike had a net margin of 10.30% and a return on equity of 45.12%. The business’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.69 earnings per share. On average, equities research analysts expect that Nike Inc will post 2.9 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were given a $0.22 dividend. The ex-dividend date was Friday, May 31st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.02%. Nike’s dividend payout ratio is 35.34%.
Several brokerages recently issued reports on NKE. JPMorgan Chase & Co. upped their price target on shares of Nike from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. UBS Group set a $85.00 price target on shares of Nike and gave the stock a “neutral” rating in a research report on Monday, June 17th. Citigroup began coverage on shares of Nike in a research report on Wednesday, April 10th. They set a “buy” rating and a $100.00 price target on the stock. Piper Jaffray Companies set a $97.00 price target on shares of Nike and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Goldman Sachs Group set a $83.00 price target on shares of Nike and gave the stock a “neutral” rating in a research report on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the stock. Nike currently has a consensus rating of “Buy” and a consensus price target of $89.86.
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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