Toronto Dominion Bank Decreases Stake in Nike Inc (NYSE:NKE)

Toronto Dominion Bank cut its stake in shares of Nike Inc (NYSE:NKE) by 9.2% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 900,899 shares of the footwear maker’s stock after selling 91,457 shares during the period. Toronto Dominion Bank’s holdings in Nike were worth $75,613,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. FMR LLC lifted its position in shares of Nike by 27.0% during the 1st quarter. FMR LLC now owns 23,077,703 shares of the footwear maker’s stock worth $1,943,374,000 after purchasing an additional 4,908,916 shares during the last quarter. Jennison Associates LLC raised its stake in Nike by 13.6% during the 2nd quarter. Jennison Associates LLC now owns 23,510,331 shares of the footwear maker’s stock worth $1,973,692,000 after acquiring an additional 2,809,878 shares in the last quarter. Bessemer Group Inc. lifted its position in Nike by 40.8% in the second quarter. Bessemer Group Inc. now owns 3,282,717 shares of the footwear maker’s stock valued at $275,583,000 after acquiring an additional 950,574 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in Nike by 151.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,087,961 shares of the footwear maker’s stock valued at $91,253,000 after acquiring an additional 655,013 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Nike by 16.2% in the second quarter. Canada Pension Plan Investment Board now owns 4,415,575 shares of the footwear maker’s stock valued at $370,688,000 after acquiring an additional 616,375 shares in the last quarter. Hedge funds and other institutional investors own 65.09% of the company’s stock.

NKE has been the topic of a number of research analyst reports. Stifel Nicolaus set a $96.00 target price on Nike and gave the stock a “buy” rating in a research report on Wednesday, August 7th. UBS Group set a $87.00 target price on Nike and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Zacks Investment Research upgraded Nike from a “sell” rating to a “hold” rating and set a $95.00 price target on the stock in a research note on Monday, May 27th. Morgan Stanley lifted their price target on Nike from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 6th. Finally, Bank of America upgraded Nike to an “underperform” rating and boosted their price objective for the company from $60.00 to $70.00 in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-two have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $90.39.

NYSE NKE traded down $0.12 during trading hours on Wednesday, hitting $86.71. 2,599,512 shares of the stock were exchanged, compared to its average volume of 5,371,749. The company has a market cap of $138.94 billion, a price-to-earnings ratio of 34.82, a price-to-earnings-growth ratio of 2.35 and a beta of 0.79. Nike Inc has a 12-month low of $66.53 and a 12-month high of $90.00. The stock has a 50-day moving average of $83.76 and a 200 day moving average of $84.71. The company has a quick ratio of 1.39, a current ratio of 2.10 and a debt-to-equity ratio of 0.38.

Nike (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 27th. The footwear maker reported $0.62 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.04). Nike had a net margin of 10.30% and a return on equity of 45.12%. The business had revenue of $10.18 billion during the quarter, compared to analysts’ expectations of $10.15 billion. During the same period in the prior year, the firm posted $0.69 EPS. Nike’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities research analysts expect that Nike Inc will post 2.9 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.88 annualized dividend and a dividend yield of 1.01%. Nike’s dividend payout ratio is currently 35.34%.

In other news, insider Elliott Hill sold 34,100 shares of Nike stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $88.34, for a total transaction of $3,012,394.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John F. Slusher sold 110,000 shares of Nike stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $85.26, for a total transaction of $9,378,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 194,637 shares of company stock worth $16,767,237. Company insiders own 3.80% of the company’s stock.

Nike Company Profile

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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Institutional Ownership by Quarter for Nike (NYSE:NKE)

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