HM Payson & Co. Reduces Position in NIKE, Inc. (NYSE:NKE)

HM Payson & Co. reduced its stake in NIKE, Inc. (NYSE:NKE) by 6.0% during the third quarter, HoldingsChannel.com reports. The fund owned 63,081 shares of the footwear maker’s stock after selling 4,002 shares during the quarter. HM Payson & Co.’s holdings in NIKE were worth $5,576,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in NIKE by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock valued at $10,342,012,000 after purchasing an additional 501,792 shares in the last quarter. Legal & General Group Plc boosted its holdings in NIKE by 5.5% during the second quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after buying an additional 571,544 shares in the last quarter. Jennison Associates LLC boosted its holdings in NIKE by 45.6% during the first quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock worth $832,623,000 after buying an additional 2,775,510 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in NIKE by 0.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 6,025,616 shares of the footwear maker’s stock worth $454,151,000 after buying an additional 52,500 shares in the last quarter. Finally, Longview Partners Guernsey LTD purchased a new position in NIKE in the 1st quarter valued at about $533,533,000. 64.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NKE shares. UBS Group raised their price objective on NIKE from $78.00 to $82.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Royal Bank of Canada dropped their target price on NIKE from $85.00 to $82.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 2nd. Evercore ISI dropped their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. Barclays decreased their price objective on NIKE from $84.00 to $81.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 2nd. Finally, TD Cowen boosted their target price on NIKE from $71.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, NIKE currently has an average rating of “Moderate Buy” and a consensus price target of $96.56.

NIKE Stock Performance

Shares of NKE stock traded down $0.77 during mid-day trading on Thursday, reaching $75.68. 884,624 shares of the company’s stock traded hands, compared to its average volume of 11,531,505. NIKE, Inc. has a 12 month low of $70.75 and a 12 month high of $123.39. The firm has a 50 day moving average price of $82.37 and a two-hundred day moving average price of $84.67. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. The firm has a market capitalization of $113.47 billion, a PE ratio of 21.90, a price-to-earnings-growth ratio of 1.90 and a beta of 1.02.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $11.64 billion. During the same quarter in the previous year, the company earned $0.94 EPS. NIKE’s revenue for the quarter was down 10.4% on a year-over-year basis. On average, research analysts forecast that NIKE, Inc. will post 2.76 EPS for the current year.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the transaction, the chairman now owns 1,031,226 shares in the company, valued at $80,435,628. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.10% 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.