Manufacturers Life Insurance Company Sells Stake in Nike

The Manufacturers Life Insurance Company reduced its stake in Nike, Inc. (NKE) by 7.1% during the first quarter, according to a recent disclosure with the Securities and Exchange Commission. The fund owned 629,005 shares of Nike's stock after selling 48,242 shares during the period. This sale was valued at $33,223,000 at the end of the most recent quarter.

Other large investors also modified their holdings in Nike. Meeder Asset Management Inc. boosted its holdings by 108.4% during the first quarter and now owns 548 shares worth $29,000. J.Safra Asset Management Corp acquired a new position in Nike in the fourth quarter valued at approximately $29,000.

Nike's stock opened at $41.86 on Friday. The company has a market capitalization of $62.10 billion and a P/E ratio of 20.03. Analysts have set a consensus price target of $53.74 for Nike's stock.