Heavy Insider Selling Activity Detected At These Two Blockbuster Companies

Lastly, Nike Inc. (NYSE:NKE)’s Chief Operating Officer, Eric D. Sprunk, offloaded 6,297 shares last week at prices in the range of $122.00-to-$124.50. Following last week’s transactions, the executive owns 126,966 shares. There have been other insiders of Nike who have sold shares over the past month, though all those transactions occurred after the Directors and Executives in question exercised stock options. The shares of the sportswear giant have had a great run this year despite facing a broader market pullback, delivering a year-to-date return of more than 29%. This great performance was supported by the company’s strong financial performance for the first quarter that ended August 31, 2015. Nike’s revenues increased by 5% year-over-year to $8.4 billion, while its diluted earnings per share increased by 23% to $1.34 (read more details here). At the same time, Citigroup Inc. (NYSE:C)’s analyst, Kate McShane, reiterated the firm’s ‘Buy’ rating on the stock and established a price target of $142, which hints to yet more upside for the stock. Thus, it is hard to link the executive’s sale to any firm-specific issues, though it may be the case that the stock’s rally will not hold for long. Stephen Mandel’s Lone Pine Capital reported owning 7.16 million shares of Nike Inc. (NYSE:NKE) through the latest round of 13F filings.

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