Cullinan Associates Inc. Has $3.16 Million Position in NIKE, Inc. (NYSE:NKE)

Cullinan Associates Inc. trimmed its stake in shares of NIKE, Inc. (NYSE:NKE) by 5.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,597 shares of the footwear maker’s stock after selling 1,890 shares during the period. Cullinan Associates Inc.’s holdings in NIKE were worth $3,157,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of NKE. Annapolis Financial Services LLC raised its position in shares of NIKE by 440.0% during the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after acquiring an additional 220 shares during the last quarter. Iron Horse Wealth Management LLC raised its position in shares of NIKE by 120.7% in the 4th quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock valued at $28,000 after acquiring an additional 140 shares during the period. Planned Solutions Inc. bought a new position in NIKE during the 4th quarter worth approximately $29,000. True Wealth Design LLC raised its position in shares of NIKE by 106.4% during the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after purchasing an additional 150 shares during the period. Finally, Frank Rimerman Advisors LLC bought a new position in shares of NIKE during the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

Insider Activity at NIKE

In other NIKE news, Director Robert Holmes Swan acquired 2,941 shares of NIKE stock in a transaction dated Friday, June 28th. The stock was purchased at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the completion of the acquisition, the director now directly owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Robert Holmes Swan bought 2,941 shares of NIKE stock in a transaction dated Friday, June 28th. The stock was purchased at an average price of $77.02 per share, for a total transaction of $226,515.82. Following the purchase, the director now directly owns 20,946 shares in the company, valued at approximately $1,613,260.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Monique S. Matheson sold 45,000 shares of NIKE stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total transaction of $4,237,200.00. Following the transaction, the executive vice president now directly owns 44,997 shares in the company, valued at approximately $4,236,917.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 213,660 shares of company stock valued at $19,946,333. 0.50% of the stock is owned by company insiders.

NIKE Stock Down 1.7 %

NYSE:NKE traded down $1.30 during trading hours on Tuesday, reaching $75.53. The company had a trading volume of 12,746,310 shares, compared to its average volume of 10,592,553. NIKE, Inc. has a twelve month low of $74.29 and a twelve 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. The firm has a market cap 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 business’s 50-day simple moving average is $93.28 and its two-hundred day simple moving average is $98.85.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, beating the consensus estimate of $0.85 by $0.16. The company had revenue of $12.60 billion during the quarter, compared to the consensus estimate of $12.86 billion. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the business posted $0.66 EPS. On average, equities analysts expect that NIKE, Inc. will post 3.9 earnings per share for the current year.

NIKE Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NKE. The Goldman Sachs Group cut their price target on shares of NIKE from $118.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday. BMO Capital Markets decreased their target price on shares of NIKE from $118.00 to $100.00 and set an “outperform” rating for the company in a research note on Friday. Stifel Nicolaus reiterated a “hold” rating and issued a $88.00 price target (down previously from $117.00) on shares of NIKE in a research note on Friday. Wedbush lowered their price objective on shares of NIKE from $115.00 to $97.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Telsey Advisory Group cut their target price on shares of NIKE from $115.00 to $100.00 and set an “outperform” rating for the company in a research note on Friday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $98.04.

NIKE Company Profile

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.