ICICI Prudential Asset Management Co Ltd Increases Stock Position in NIKE, Inc. $NKE

ICICI Prudential Asset Management Co Ltd boosted its stake in NIKE, Inc. (NYSE:NKE) by 12.3% during the fourth quarter, HoldingsChannel reports. The firm owned 145,580 shares of the footwear maker’s stock after buying an additional 16,000 shares during the period. NIKE comprises about 1.1% of ICICI Prudential Asset Management Co Ltd’s portfolio, making the stock its 21st biggest holding. ICICI Prudential Asset Management Co Ltd’s holdings in NIKE were worth $9,275,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of NKE. Norges Bank purchased a new stake in NIKE in the fourth quarter valued at approximately $829,956,000. Harris Associates L P purchased a new stake in NIKE in the second quarter valued at approximately $621,525,000. Capital World Investors raised its stake in NIKE by 16.2% in the fourth quarter. Capital World Investors now owns 49,069,951 shares of the footwear maker’s stock valued at $3,126,246,000 after purchasing an additional 6,830,938 shares in the last quarter. Capital International Investors raised its stake in NIKE by 83.3% in the fourth quarter. Capital International Investors now owns 7,642,382 shares of the footwear maker’s stock valued at $486,895,000 after purchasing an additional 3,472,515 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in NIKE by 129.4% in the second quarter. Ameriprise Financial Inc. now owns 5,849,636 shares of the footwear maker’s stock valued at $411,951,000 after purchasing an additional 3,299,155 shares in the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Royal Bank Of Canada downgraded shares of NIKE from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $70.00 to $50.00 in a research note on Wednesday. Citigroup decreased their price target on shares of NIKE from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday. Berenberg Bank reissued a “neutral” rating on shares of NIKE in a research note on Wednesday, May 6th. Stifel Nicolaus decreased their price target on shares of NIKE from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Wednesday, April 1st. Finally, HSBC downgraded shares of NIKE from a “buy” rating to a “hold” rating and decreased their price target for the stock from $90.00 to $48.00 in a research note on Monday, April 13th. Fifteen research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, NIKE has an average rating of “Hold” and an average target price of $60.89.

Insiders Place Their Bets

In other news, Director John W. Rogers, Jr. purchased 4,000 shares of the business’s stock in a transaction on Thursday, April 9th. The stock was acquired at an average cost of $43.34 per share, for a total transaction of $173,360.00. Following the purchase, the director directly owned 41,022 shares in the company, valued at $1,777,893.48. This trade represents a 10.80% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy D. Cook acquired 25,000 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The shares were bought at an average price of $42.43 per share, with a total value of $1,060,750.00. Following the completion of the purchase, the director owned 130,480 shares in the company, valued at $5,536,266.40. This trade represents a 23.70% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 64,441 shares of company stock worth $2,734,204 in the last 90 days. Corporate insiders own 0.80% of the company’s stock.

Trending Headlines about NIKE

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: NIKE should get an attention boost from the World Cup, which gives the company a high-profile stage to promote its brand and compete more directly with Adidas. Nike’s World Cup play: take on Adidas and revitalize the brand
• Neutral Sentiment: Recent valuation commentary suggests the stock has had mixed performance, with short-term gains offset by weakness over the longer term, keeping investor sentiment cautious. A Look At Nike (NKE) Valuation As Recent Share Performance Remains Mixed
• Negative Sentiment: RBC Capital downgraded NIKE to Sector Perform/Hold and cut its price target, saying the company’s turnaround is taking longer than expected and near-term catalysts look limited. Nike Could Get a World Cup Boost. But Stay Behind the Touchline, Analysts Say.
• Negative Sentiment: Citigroup also lowered its price target on NIKE and kept a neutral view, adding to concerns about margins, brand reset progress, and the credibility of management’s financial targets. Citigroup adjusts Nike’s PT to 47 from 53, maintains Neutral rating
• Negative Sentiment: Commentary from analysts and media outlets echoed the same theme: NIKE’s operational turnaround and brand reset are progressing more slowly than hoped, keeping pressure on the shares. Analyst Downgrade Puts Nike Turnaround Pace And Profit Goals In Focus

NIKE Stock Up 4.4%

Shares of NIKE stock opened at $45.91 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.45 and a current ratio of 2.14. NIKE, Inc. has a 52-week low of $41.35 and a 52-week high of $80.17. The stock has a market capitalization of $67.99 billion, a price-to-earnings ratio of 30.41, a P/E/G ratio of 1.90 and a beta of 1.12. The company’s 50 day moving average price is $44.26 and its 200-day moving average price is $55.52.

NIKE (NYSE:NKE) last issued its earnings results on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The firm had revenue of $11.28 billion for the quarter, compared to analysts’ expectations of $11.23 billion. During the same quarter last year, the business earned $0.54 earnings per share. The business’s revenue was up .1% on a year-over-year basis. Equities research analysts forecast that NIKE, Inc. will post 1.49 EPS for the current year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be given a $0.41 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.64 dividend on an annualized basis and a yield of 3.6%. NIKE’s payout ratio is 108.61%.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).