Addenda Capital Inc. Grows Stock Position in NIKE, Inc. (NYSE:NKE)

Addenda Capital Inc. increased its holdings in NIKE, Inc. (NYSE:NKE) by 5.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,495 shares of the footwear maker’s stock after buying an additional 7,385 shares during the period. Addenda Capital Inc.’s holdings in NIKE were worth $10,484,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Annapolis Financial Services LLC lifted its holdings in NIKE by 440.0% in 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 in the last quarter. True Wealth Design LLC lifted its holdings in NIKE by 106.4% in the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after purchasing an additional 150 shares in the last quarter. Core Wealth Advisors Inc. lifted its holdings in NIKE by 408.5% in the 4th quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock valued at $33,000 after purchasing an additional 241 shares in the last quarter. Frank Rimerman Advisors LLC purchased a new position in NIKE in the 4th quarter valued at about $33,000. Finally, Gold Investment Management Ltd. purchased a new position in NIKE in the 4th quarter valued at about $36,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Stifel Nicolaus restated a “hold” rating and issued a $88.00 target price (down from $117.00) on shares of NIKE in a report on Friday, June 28th. Royal Bank of Canada reduced their target price on shares of NIKE from $100.00 to $75.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 2nd. KeyCorp reiterated a “sector weight” rating on shares of NIKE in a report on Friday, June 28th. Evercore ISI cut their price objective on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Friday, June 28th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $79.00 price objective (down from $114.00) on shares of NIKE in a report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $96.30.

NIKE Stock Down 0.0 %

Shares of NKE traded down $0.03 during mid-day trading on Wednesday, reaching $78.47. 13,524,627 shares of the stock traded hands, compared to its average volume of 11,468,959. The firm has a market cap of $118.44 billion, a price-to-earnings ratio of 20.83, a P/E/G ratio of 1.92 and a beta of 1.01. The stock has a fifty day simple moving average of $81.01 and a 200 day simple moving average of $91.23. NIKE, Inc. has a 12-month low of $70.75 and a 12-month 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.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. The business had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share. Sell-side analysts expect that NIKE, Inc. will post 3.12 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently declared 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 dividend yield of 1.89%. NIKE’s dividend payout ratio (DPR) is presently 39.68%.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction on 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 completion of the sale, the chairman now owns 1,102,090 shares in the company, valued at $80,419,507.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other NIKE news, Director Robert Holmes Swan acquired 2,941 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was purchased at an average price of $77.02 per share, with a total value of $226,515.82. Following the completion of the acquisition, the director now directly owns 20,946 shares in the company, valued at approximately $1,613,260.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction on 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 transaction, the chairman now directly 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. Insiders own 0.50% of the company’s stock.

About NIKE

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.