Cambridge Financial Group Inc. Lowers Stock Position in Nike Inc (NYSE:NKE)

Cambridge Financial Group Inc. reduced its stake in Nike Inc (NYSE:NKE) by 2.7% during the first quarter, HoldingsChannel reports. The firm owned 64,746 shares of the footwear maker’s stock after selling 1,795 shares during the period. Nike comprises about 3.6% of Cambridge Financial Group Inc.’s portfolio, making the stock its 11th biggest holding. Cambridge Financial Group Inc.’s holdings in Nike were worth $5,357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. raised its stake in Nike by 1.7% in the first quarter. BlackRock Inc. now owns 90,976,698 shares of the footwear maker’s stock valued at $7,527,412,000 after purchasing an additional 1,489,033 shares in the last quarter. FMR LLC raised its stake in Nike by 4.5% in the fourth quarter. FMR LLC now owns 30,077,288 shares of the footwear maker’s stock valued at $3,047,131,000 after purchasing an additional 1,302,351 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Nike by 2.3% in the first quarter. Bank of New York Mellon Corp now owns 26,547,619 shares of the footwear maker’s stock valued at $2,196,549,000 after purchasing an additional 584,343 shares in the last quarter. Geode Capital Management LLC raised its stake in Nike by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 20,884,664 shares of the footwear maker’s stock valued at $2,112,370,000 after purchasing an additional 775,291 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in Nike by 36.5% in the fourth quarter. Alliancebernstein L.P. now owns 15,559,748 shares of the footwear maker’s stock valued at $1,576,358,000 after purchasing an additional 4,159,675 shares in the last quarter. 65.08% of the stock is currently owned by institutional investors and hedge funds.

Nike stock traded down $0.51 on Friday, hitting $93.75. 4,040,519 shares of the stock traded hands, compared to its average volume of 6,715,255. The company has a current ratio of 1.90, a quick ratio of 1.20 and a debt-to-equity ratio of 0.69. The firm has a market cap of $146.58 billion, a P/E ratio of 34.59, a price-to-earnings-growth ratio of 2.92 and a beta of 0.75. The business’s fifty day simple moving average is $87.02 and its 200 day simple moving average is $92.42. Nike Inc has a 1 year low of $60.00 and a 1 year high of $105.62.

Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, March 24th. The footwear maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.59 by $0.19. The business had revenue of $10.10 billion during the quarter, compared to analyst estimates of $9.56 billion. Nike had a return on equity of 51.49% and a net margin of 10.46%. The company’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.68 earnings per share. As a group, analysts predict that Nike Inc will post 2.64 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be given a dividend of $0.245 per share. This represents a $0.98 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Friday, May 29th. Nike’s dividend payout ratio is currently 39.36%.

A number of research analysts have commented on the stock. Oppenheimer assumed coverage on shares of Nike in a research report on Friday, May 15th. They set a “buy” rating and a $115.00 price target on the stock. BTIG Research assumed coverage on shares of Nike in a research report on Tuesday, April 28th. They set a “buy” rating and a $108.00 price target on the stock. Susquehanna Bancshares reiterated a “buy” rating and set a $115.00 price target on shares of Nike in a research report on Wednesday, February 5th. Credit Suisse Group increased their price target on shares of Nike from $85.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, March 25th. Finally, BMO Capital Markets reduced their price target on shares of Nike from $110.00 to $87.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 25th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-eight have assigned a buy rating to the company. Nike presently has an average rating of “Buy” and a consensus target price of $98.18.

In related news, Director John W. Rogers, Jr. purchased 2,500 shares of the stock in a transaction dated Thursday, March 26th. The stock was purchased at an average price of $84.22 per share, with a total value of $210,550.00. Following the transaction, the director now directly owns 11,851 shares in the company, valued at $998,091.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Hilary K. Krane sold 11,000 shares of Nike stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $90.00, for a total value of $990,000.00. The disclosure for this sale can be found here. Company insiders own 3.80% of the company’s stock.

About Nike

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.

Further Reading: Beta

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Institutional Ownership by Quarter for Nike (NYSE:NKE)

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