ICICI Prudential Asset Management Co Ltd Buys 16,000 Shares of NIKE, Inc. $NKE

ICICI Prudential Asset Management Co Ltd boosted its stake in shares of NIKE, Inc. (NYSE:NKE) by 12.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 145,580 shares of the footwear maker’s stock after buying an additional 16,000 shares during the quarter. NIKE makes up approximately 1.1% of ICICI Prudential Asset Management Co Ltd’s portfolio, making the stock its 21st largest holding. ICICI Prudential Asset Management Co Ltd’s holdings in NIKE were worth $9,275,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in NKE. Norges Bank bought a new position in NIKE during the fourth quarter valued at about $829,956,000. Harris Associates L P bought a new position in NIKE during the second quarter worth about $621,525,000. Capital World Investors boosted its position in NIKE by 16.2% during the fourth quarter. Capital World Investors now owns 49,069,951 shares of the footwear maker’s stock worth $3,126,246,000 after purchasing an additional 6,830,938 shares during the period. Capital International Investors boosted its position in NIKE by 83.3% during the fourth quarter. Capital International Investors now owns 7,642,382 shares of the footwear maker’s stock worth $486,895,000 after purchasing an additional 3,472,515 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in NIKE by 129.4% during the second quarter. Ameriprise Financial Inc. now owns 5,849,636 shares of the footwear maker’s stock worth $411,951,000 after purchasing an additional 3,299,155 shares during the period. Institutional investors own 64.25% of the company’s stock.

Key Headlines Impacting NIKE

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: NIKE should get an attention boost from the World Cup, which gives the company a high-profile stage to promote its brand and compete more directly with Adidas. Nike’s World Cup play: take on Adidas and revitalize the brand
• Neutral Sentiment: Recent valuation commentary suggests the stock has had mixed performance, with short-term gains offset by weakness over the longer term, keeping investor sentiment cautious. A Look At Nike (NKE) Valuation As Recent Share Performance Remains Mixed
• Negative Sentiment: RBC Capital downgraded NIKE to Sector Perform/Hold and cut its price target, saying the company’s turnaround is taking longer than expected and near-term catalysts look limited. Nike Could Get a World Cup Boost. But Stay Behind the Touchline, Analysts Say.
• Negative Sentiment: Citigroup also lowered its price target on NIKE and kept a neutral view, adding to concerns about margins, brand reset progress, and the credibility of management’s financial targets. Citigroup adjusts Nike’s PT to 47 from 53, maintains Neutral rating
• Negative Sentiment: Commentary from analysts and media outlets echoed the same theme: NIKE’s operational turnaround and brand reset are progressing more slowly than hoped, keeping pressure on the shares. Analyst Downgrade Puts Nike Turnaround Pace And Profit Goals In Focus

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Telsey Advisory Group cut their target price on shares of NIKE from $65.00 to $55.00 and set a “market perform” rating for the company in a research report on Wednesday, April 1st. Stifel Nicolaus cut their target price on shares of NIKE from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Wednesday, April 1st. Berenberg Bank reiterated a “neutral” rating on shares of NIKE in a research report on Wednesday, May 6th. Robert W. Baird cut their target price on shares of NIKE from $85.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. Finally, Guggenheim cut their target price on shares of NIKE from $77.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, April 1st. Fifteen analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $60.89.

NIKE Trading Up 4.4%

Shares of NIKE stock opened at $45.91 on Friday. NIKE, Inc. has a 12-month low of $41.35 and a 12-month high of $80.17. The company has a market cap of $67.99 billion, a price-to-earnings ratio of 30.41, a PEG ratio of 1.90 and a beta of 1.12. The company has a current ratio of 2.14, a quick ratio of 1.45 and a debt-to-equity ratio of 0.50. The company’s 50-day moving average price is $44.26 and its 200-day moving average price is $55.52.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The firm had revenue of $11.28 billion for the quarter, compared to the consensus estimate of $11.23 billion. During the same period in the prior year, the firm posted $0.54 earnings per share. The company’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities analysts expect that NIKE, Inc. will post 1.49 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, June 1st. NIKE’s dividend payout ratio is presently 108.61%.

Insider Activity

In other news, Director Robert Holmes Swan purchased 11,781 shares of the stock in a transaction dated Tuesday, April 7th. The shares were purchased at an average cost of $42.44 per share, with a total value of $499,985.64. Following the completion of the acquisition, the director owned 55,074 shares in the company, valued at $2,337,340.56. This represents a 27.21% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Elliott Hill bought 23,660 shares of the stock in a transaction that occurred on Monday, April 13th. The stock was bought at an average cost of $42.27 per share, for a total transaction of $1,000,108.20. Following the completion of the purchase, the chief executive officer directly owned 265,247 shares of the company’s stock, valued at $11,211,990.69. This represents a 9.79% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders bought 64,441 shares of company stock valued at $2,734,204. Corporate insiders own 0.80% of the company’s stock.

About NIKE

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).