Suntrust Banks Inc. lifted its position in Nike Inc (NYSE:NKE) by 27.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 255,750 shares of the footwear maker’s stock after acquiring an additional 55,347 shares during the quarter. Suntrust Banks Inc.’s holdings in Nike were worth $16,991,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of NKE. Wagner Wealth Management LLC bought a new stake in shares of Nike in the 4th quarter worth approximately $103,000. G&S Capital LLC bought a new stake in shares of Nike in the 4th quarter worth approximately $112,000. Pinnacle Wealth Planning Services Inc. bought a new stake in shares of Nike in the 4th quarter worth approximately $116,000. First Dallas Securities Inc. bought a new stake in shares of Nike in the 4th quarter worth approximately $128,000. Finally, Bruderman Asset Management LLC bought a new stake in shares of Nike in the 1st quarter worth approximately $129,000. Institutional investors own 64.02% of the company’s stock.
Shares of NYSE NKE opened at $73.43 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.73 and a current ratio of 2.66. The firm has a market capitalization of $120.30 billion, a P/E ratio of 29.25, a P/E/G ratio of 2.67 and a beta of 0.66. Nike Inc has a 52-week low of $50.35 and a 52-week high of $75.91.
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 5th. Investors of record on Monday, June 4th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Friday, June 1st. Nike’s payout ratio is 31.87%.
Several brokerages recently issued reports on NKE. Zacks Investment Research raised Nike from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Tuesday. Wells Fargo & Co reissued a “market perform” rating and issued a $74.00 price target (up previously from $62.00) on shares of Nike in a report on Sunday, June 10th. Macquarie set a $80.00 price target on Nike and gave the stock a “buy” rating in a report on Thursday, June 14th. UBS Group downgraded Nike from a “buy” rating to a “neutral” rating and raised their price target for the stock from $76.00 to $78.00 in a report on Thursday. Finally, Robert W. Baird raised their price target on Nike from $78.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $70.99.
In related news, insider Eric D. Sprunk sold 50,000 shares of Nike stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $70.00, for a total value of $3,500,000.00. Following the transaction, the insider now directly owns 191,959 shares in the company, valued at approximately $13,437,130. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Monique S. Matheson sold 17,000 shares of Nike stock in a transaction on Thursday, June 7th. The stock was sold at an average price of $75.00, for a total value of $1,275,000.00. Following the completion of the transaction, the executive vice president now owns 95,845 shares in the company, valued at $7,188,375. The disclosure for this sale can be found here. Insiders sold a total of 292,000 shares of company stock worth $21,204,500 over the last 90 days. Insiders own 3.90% of the company’s stock.
Nike Company Profile
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. It offers NIKE brand products in nine categories: running, NIKE basketball, the Jordan brand, football, men's training, women's training, action sports, sportswear, and golf.
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