LGT Fund Management Co Ltd. Makes New Investment in NIKE, Inc. $NKE

LGT Fund Management Co Ltd. purchased a new stake in shares of NIKE, Inc. (NYSE:NKE) during the 1st quarter, HoldingsChannel reports. The firm purchased 17,727 shares of the footwear maker’s stock, valued at approximately $936,000.

A number of other hedge funds have also modified their holdings of the company. Cornerstone Financial Management LLC purchased a new position in shares of NIKE in the fourth quarter worth about $26,000. Sankala Group LLC purchased a new stake in NIKE in the fourth quarter valued at approximately $26,000. J.Safra Asset Management Corp acquired a new position in NIKE in the 4th quarter worth approximately $29,000. Kemnay Advisory Services Inc. acquired a new position in NIKE in the 4th quarter worth approximately $30,000. Finally, Litman Gregory Wealth Management LLC acquired a new position in NIKE in the 4th quarter worth approximately $32,000. 64.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NKE. The Goldman Sachs Group decreased their price objective on shares of NIKE from $46.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, July 1st. JPMorgan Chase & Co. cut their price objective on shares of NIKE from $52.00 to $47.00 and set a “neutral” rating on the stock in a research note on Monday, June 29th. BNP Paribas Exane reissued an “underperform” rating and set a $23.00 target price on shares of NIKE in a report on Wednesday, July 1st. Bank of America reduced their target price on shares of NIKE from $55.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, July 1st. Finally, Needham & Company LLC restated a “hold” rating on shares of NIKE in a research report on Thursday, June 4th. Thirteen research analysts have rated the stock with a Buy rating, nineteen have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $54.80.

Insider Transactions at NIKE

In related news, EVP Philip Mccartney sold 17,398 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $46.18, for a total transaction of $803,439.64. Following the sale, the executive vice president directly owned 53,133 shares of the company’s stock, valued at approximately $2,453,681.94. This represents a 24.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.80% of the company’s stock.

NIKE Trading Up 0.0%

Shares of NYSE:NKE opened at $44.39 on Monday. NIKE, Inc. has a 12-month low of $40.00 and a 12-month high of $80.17. The company has a market capitalization of $65.73 billion, a PE ratio of 21.24, a PEG ratio of 2.56 and a beta of 1.12. The business has a 50 day moving average of $43.71 and a two-hundred day moving average of $52.37. The company has a current ratio of 1.96, a quick ratio of 1.36 and a debt-to-equity ratio of 0.40.

NIKE (NYSE:NKE) last released its quarterly earnings data on Tuesday, June 30th. The footwear maker reported $0.20 EPS for the quarter, topping the consensus estimate of $0.11 by $0.09. The business had revenue of $10.97 billion for the quarter, compared to analyst estimates of $10.85 billion. NIKE had a return on equity of 16.54% and a net margin of 6.70%.The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.14 EPS. As a group, analysts forecast that NIKE, Inc. will post 1.76 EPS for the current year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 1st were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Monday, June 1st. NIKE’s payout ratio is currently 78.47%.

NIKE Profile

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).