DAVENPORT & Co LLC Lowers Position in Nike Inc (NKE)
DAVENPORT & Co LLC cut its holdings in Nike Inc (NYSE:NKE) by 3.9% in the third quarter, HoldingsChannel.com reports. The fund owned 672,527 shares of the footwear maker’s stock after selling 27,281 shares during the quarter. DAVENPORT & Co LLC’s holdings in Nike were worth $56,977,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in NKE. Highland Capital Management LP purchased a new stake in Nike in the first quarter worth about $465,000. Blue Chip Wealth Management Inc. purchased a new stake in shares of Nike during the first quarter valued at about $289,000. Pagoda Asset Management LP purchased a new stake in shares of Nike during the first quarter valued at about $16,061,000. SPF Beheer BV lifted its position in shares of Nike by 5.4% during the first quarter. SPF Beheer BV now owns 1,276,541 shares of the footwear maker’s stock valued at $85,069,000 after buying an additional 65,441 shares during the last quarter. Finally, Braun Bostich & Associates Inc. purchased a new stake in shares of Nike during the first quarter valued at about $562,000. 63.97% of the stock is owned by institutional investors.
In related news, CFO Andrew Campion sold 4,130 shares of the stock in a transaction that occurred on Thursday, July 19th. The shares were sold at an average price of $76.76, for a total value of $317,018.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Johnathan A. Rodgers sold 16,000 shares of the stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $85.05, for a total transaction of $1,360,800.00. Following the completion of the transaction, the director now owns 26,963 shares in the company, valued at approximately $2,293,203.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,778 shares of company stock worth $5,969,246. 3.90% of the stock is owned by corporate insiders.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 25th. The footwear maker reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.04. The firm had revenue of $9.95 billion during the quarter, compared to analyst estimates of $9.92 billion. Nike had a net margin of 5.57% and a return on equity of 40.69%. Nike’s revenue was up 9.7% on a year-over-year basis. During the same period last year, the firm posted $0.57 EPS. Analysts expect that Nike Inc will post 2.63 EPS for the current fiscal year.
Nike declared that its Board of Directors has authorized a stock buyback program on Thursday, June 28th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the footwear maker to buy up to 12.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Tuesday, September 4th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.05%. The ex-dividend date was Friday, August 31st. Nike’s payout ratio is currently 33.06%.
Several analysts have commented on the stock. Wedbush increased their price target on shares of Nike from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, September 10th. Morgan Stanley reissued a “buy” rating and set a $88.00 price target on shares of Nike in a research report on Wednesday, September 12th. UBS Group lowered shares of Nike from a “buy” rating to a “neutral” rating and increased their price target for the company from $76.00 to $78.00 in a research report on Thursday, June 21st. Wells Fargo & Co set a $82.00 price target on shares of Nike and gave the company a “neutral” rating in a research report on Monday, August 6th. Finally, Telsey Advisory Group increased their price target on shares of Nike from $87.00 to $92.00 and gave the company an “outperform” rating in a research report on Tuesday, September 18th. Two analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twenty-three have issued a buy rating to the stock. Nike has an average rating of “Buy” and an average price target of $84.60.
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.
Recommended Story: Understanding the different types of bonds
Want to see what other hedge funds are holding NKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nike Inc (NYSE:NKE).
Receive News & Ratings for Nike Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nike and related companies with MarketBeat.com's FREE daily email newsletter.