Asset Dedication LLC Purchases 11,104 Shares of NIKE, Inc. (NYSE:NKE)

Asset Dedication LLC grew its holdings in shares of NIKE, Inc. (NYSE:NKE) by 31.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 46,488 shares of the footwear maker’s stock after buying an additional 11,104 shares during the quarter. Asset Dedication LLC’s holdings in NIKE were worth $3,504,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Chris Bulman Inc bought a new position in NIKE in the 2nd quarter valued at $51,000. Strategic Financial Concepts LLC purchased a new position in NIKE in the 2nd quarter worth about $48,000. Umpqua Bank lifted its holdings in NIKE by 7.7% during the 2nd quarter. Umpqua Bank now owns 15,951 shares of the footwear maker’s stock valued at $1,202,000 after buying an additional 1,136 shares in the last quarter. Chicago Capital LLC boosted its position in NIKE by 31.0% in the 2nd quarter. Chicago Capital LLC now owns 12,693 shares of the footwear maker’s stock valued at $957,000 after buying an additional 3,000 shares during the period. Finally, EFG Asset Management Americas Corp. grew its stake in NIKE by 41.4% in the 2nd quarter. EFG Asset Management Americas Corp. now owns 36,849 shares of the footwear maker’s stock worth $2,777,000 after acquiring an additional 10,785 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Stock Performance

Shares of NIKE stock opened at $80.63 on Friday. The firm has a market capitalization of $121.70 billion, a P/E ratio of 21.62, a PEG ratio of 2.19 and a beta of 1.02. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average price of $76.94 and a 200 day moving average price of $88.68.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. The business had revenue of $12.60 billion during the quarter, compared to the consensus estimate of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.66 earnings per share. Sell-side analysts expect that NIKE, Inc. will post 3.1 EPS for the current year.

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.37 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $1.48 annualized dividend and a yield of 1.84%. NIKE’s payout ratio is presently 39.68%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NKE. Robert W. Baird decreased their price target on shares of NIKE from $125.00 to $100.00 and set an “outperform” rating for the company in a research note on Friday, June 28th. Royal Bank of Canada lowered their target price on NIKE from $100.00 to $75.00 and set a “sector perform” rating for the company in a report on Tuesday, July 2nd. Williams Trading upgraded NIKE from a “sell” rating to a “buy” rating and raised their price target for the company from $67.00 to $93.00 in a research note on Friday, August 16th. Barclays lowered shares of NIKE from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $109.00 to $80.00 in a research note on Friday, June 28th. Finally, Telsey Advisory Group dropped their target price on shares of NIKE from $115.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday, June 28th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.59.

Insider Activity

In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the 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 sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

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.