Savoie Capital LLC Cuts Position in NIKE, Inc. (NYSE:NKE)

Savoie Capital LLC trimmed its holdings in shares of NIKE, Inc. (NYSE:NKE) by 34.8% in the second quarter, HoldingsChannel.com reports. The fund owned 5,625 shares of the footwear maker’s stock after selling 3,000 shares during the period. Savoie Capital LLC’s holdings in NIKE were worth $424,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Annapolis Financial Services LLC increased its position in shares of NIKE by 440.0% during the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after purchasing an additional 220 shares during the last quarter. True Wealth Design LLC boosted its holdings in shares of NIKE by 106.4% in the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after buying an additional 150 shares during the last quarter. Core Wealth Advisors Inc. grew its position in NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock valued at $33,000 after buying an additional 241 shares during the period. Frank Rimerman Advisors LLC purchased a new stake in NIKE during the fourth quarter worth about $33,000. Finally, Gold Investment Management Ltd. purchased a new stake in NIKE during the fourth quarter worth about $36,000. 64.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Telsey Advisory Group reissued an “outperform” rating and set a $100.00 target price on shares of NIKE in a research report on Friday. KeyCorp reissued a “sector weight” rating on shares of NIKE in a report on Friday, June 28th. Robert W. Baird boosted their target price on NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. cut their price target on NIKE from $83.00 to $80.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Royal Bank of Canada lowered their price objective on NIKE from $100.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 2nd. Fifteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, NIKE currently has an average rating of “Moderate Buy” and a consensus target price of $96.04.

NIKE Stock Performance

Shares of NKE opened at $86.19 on Tuesday. NIKE, Inc. has a 12-month low of $70.75 and a 12-month high of $123.39. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. The company has a market cap of $130.08 billion, a PE ratio of 23.11, a price-to-earnings-growth ratio of 2.08 and a beta of 1.02. The stock has a 50-day moving average price of $78.40 and a 200-day moving average price of $86.90.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. During the same period in the previous year, the business posted $0.66 earnings per share. NIKE’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities analysts forecast that NIKE, Inc. will post 3.06 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be paid a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.72%. NIKE’s dividend payout ratio is presently 39.68%.

Insider Activity at NIKE

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the sale, the chairman now owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other NIKE news, Director Robert Holmes Swan bought 2,941 shares of NIKE stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $77.02 per share, with a total value of $226,515.82. Following the acquisition, the director now owns 20,946 shares in the company, valued at $1,613,260.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The disclosure for this sale can be found here. 0.50% of the stock is owned by insiders.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.