Cullinan Associates Inc. Sells 1,890 Shares of NIKE, Inc. (NYSE:NKE)

Cullinan Associates Inc. trimmed its position in shares of NIKE, Inc. (NYSE:NKE) by 5.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 33,597 shares of the footwear maker’s stock after selling 1,890 shares during the quarter. Cullinan Associates Inc.’s holdings in NIKE were worth $3,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. FARMERS & MERCHANTS TRUST Co OF LONG BEACH grew its stake in shares of NIKE by 3.2% during the 1st quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 24,820 shares of the footwear maker’s stock valued at $2,333,000 after purchasing an additional 767 shares during the period. Stewart & Patten Co. LLC increased its holdings in NIKE by 6.4% during the first quarter. Stewart & Patten Co. LLC now owns 3,890 shares of the footwear maker’s stock valued at $366,000 after buying an additional 235 shares during the last quarter. Congress Wealth Management LLC DE raised its position in NIKE by 0.9% in the first quarter. Congress Wealth Management LLC DE now owns 102,988 shares of the footwear maker’s stock worth $9,679,000 after acquiring an additional 966 shares during the period. Claro Advisors LLC grew its position in shares of NIKE by 17.7% during the 1st quarter. Claro Advisors LLC now owns 14,389 shares of the footwear maker’s stock valued at $1,352,000 after acquiring an additional 2,162 shares during the period. Finally, Miracle Mile Advisors LLC increased its stake in shares of NIKE by 423.4% in the 1st quarter. Miracle Mile Advisors LLC now owns 56,290 shares of the footwear maker’s stock worth $5,290,000 after purchasing an additional 45,535 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at NIKE

In other NIKE news, EVP Monique S. Matheson sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total value of $4,237,200.00. Following the completion of the transaction, the executive vice president now owns 44,997 shares in the company, valued at $4,236,917.52. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Monique S. Matheson sold 45,000 shares of NIKE stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the completion of the transaction, the executive vice president now owns 44,997 shares in the company, valued at approximately $4,236,917.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Johanna Nielsen sold 282 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the transaction, the vice president now directly owns 730 shares of the company’s stock, valued at $68,357.20. The disclosure for this sale can be found here. Insiders sold a total of 213,660 shares of company stock worth $19,946,333 in the last three months. Company insiders own 0.50% of the company’s stock.

NIKE Stock Down 1.7 %

NKE traded down $1.30 on Tuesday, hitting $75.53. The company had a trading volume of 12,746,310 shares, compared to its average volume of 10,592,553. The stock has a market capitalization of $114.00 billion, a price-to-earnings ratio of 20.25, a P/E/G ratio of 1.43 and a beta of 1.01. The stock has a fifty day moving average price of $93.28 and a 200-day moving average price of $98.85. NIKE, Inc. has a 12-month low of $74.29 and a 12-month high of $123.39. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40.

NIKE (NYSE:NKE) last issued its quarterly earnings data 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. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The firm had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.86 billion. During the same quarter in the previous year, the firm earned $0.66 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. Analysts predict that NIKE, Inc. will post 3.9 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were given a $0.37 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.96%. NIKE’s dividend payout ratio is currently 39.68%.

Analysts Set New Price Targets

Several analysts have issued reports on NKE shares. Wedbush cut their price target on NIKE from $115.00 to $97.00 and set an “outperform” rating for the company in a report on Friday. Jefferies Financial Group dropped their price objective on NIKE from $110.00 to $100.00 and set a “hold” rating for the company in a research note on Friday, March 22nd. Raymond James reissued a “market perform” rating on shares of NIKE in a report on Friday. BMO Capital Markets dropped their price objective on shares of NIKE from $118.00 to $100.00 and set an “outperform” rating for the company in a report on Friday. Finally, Sanford C. Bernstein dropped their price target on NIKE from $134.00 to $120.00 and set an “outperform” rating for the company in a research note on Friday, March 22nd. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $98.04.

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.