Cornerstone Wealth Management LLC Reduces Stock Position in NIKE, Inc. (NYSE:NKE)

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Cornerstone Wealth Management LLC lessened its stake in shares of NIKE, Inc. (NYSE:NKEGet Rating) by 55.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,614 shares of the footwear maker’s stock after selling 2,035 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in NIKE were worth $217,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. ProShare Advisors LLC increased its position in NIKE by 26.2% during the 4th quarter. ProShare Advisors LLC now owns 494,736 shares of the footwear maker’s stock worth $82,459,000 after purchasing an additional 102,792 shares in the last quarter. Aurora Private Wealth Inc. purchased a new stake in NIKE in the 4th quarter valued at about $266,000. Desjardins Global Asset Management Inc. purchased a new stake in NIKE in the 4th quarter valued at about $1,841,000. Profit Investment Management LLC grew its holdings in NIKE by 5.4% in the 4th quarter. Profit Investment Management LLC now owns 11,129 shares of the footwear maker’s stock valued at $1,855,000 after buying an additional 571 shares during the period. Finally, Executive Wealth Management LLC grew its holdings in NIKE by 4.2% in the 1st quarter. Executive Wealth Management LLC now owns 11,937 shares of the footwear maker’s stock valued at $1,606,000 after buying an additional 476 shares during the period. Hedge funds and other institutional investors own 65.35% of the company’s stock.

Shares of NKE opened at $101.18 on Tuesday. The business’s 50 day moving average is $113.28 and its two-hundred day moving average is $131.58. NIKE, Inc. has a 52-week low of $99.53 and a 52-week high of $179.10. The firm has a market cap of $159.23 billion, a price-to-earnings ratio of 26.91, a PEG ratio of 2.06 and a beta of 1.00. The company has a quick ratio of 1.84, a current ratio of 2.63 and a debt-to-equity ratio of 0.58.

NIKE (NYSE:NKEGet Rating) last issued its quarterly earnings results on Monday, June 27th. The footwear maker reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.09. NIKE had a return on equity of 40.74% and a net margin of 12.94%. The business had revenue of $12.20 billion during the quarter, compared to the consensus estimate of $12.10 billion. During the same period in the previous year, the business earned $0.93 EPS. The business’s quarterly revenue was down .8% on a year-over-year basis. On average, equities analysts expect that NIKE, Inc. will post 3.93 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 1st. Investors of record on Monday, June 6th were paid a dividend of $0.305 per share. The ex-dividend date was Friday, June 3rd. This represents a $1.22 dividend on an annualized basis and a yield of 1.21%. NIKE’s payout ratio is currently 32.45%.

In related news, COO Andrew Campion sold 14,203 shares of the company’s stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $120.61, for a total transaction of $1,713,023.83. Following the completion of the transaction, the chief operating officer now directly owns 73,795 shares in the company, valued at approximately $8,900,414.95. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Matthew Friend sold 9,032 shares of the company’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $110.52, for a total value of $998,216.64. Following the transaction, the chief financial officer now owns 51,581 shares of the company’s stock, valued at $5,700,732.12. The disclosure for this sale can be found here. 3.70% of the stock is owned by corporate insiders.

NKE has been the subject of several recent analyst reports. Sanford C. Bernstein initiated coverage on NIKE in a report on Monday, March 14th. They issued an “outperform” rating and a $160.00 price target for the company. The Goldman Sachs Group reduced their price objective on NIKE from $155.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. BMO Capital Markets reduced their price objective on NIKE from $142.00 to $128.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 28th. Credit Suisse Group set a $130.00 price objective on NIKE in a research note on Wednesday, June 29th. Finally, StockNews.com started coverage on NIKE in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Seven investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and an average target price of $144.96.

About NIKE (Get Rating)

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, including 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, golf, lacrosse, skateboarding, tennis, volleyball, walking, wrestling, and other outdoor activities; and apparel with licensed college and professional team, and league logos, as well as sells sports apparel.

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