South Dakota Investment Council increased its stake in shares of Michael Kors Holdings Limited (NYSE:KORS) by 20.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 94,958 shares of the lifestyle brand’s stock after buying an additional 15,800 shares during the quarter. South Dakota Investment Council owned about 0.06% of Michael Kors Holdings Limited worth $3,442,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new stake in Michael Kors Holdings Limited in the second quarter valued at about $114,000. NINE MASTS CAPITAL Ltd acquired a new stake in Michael Kors Holdings Limited in the first quarter valued at about $149,000. Ameritas Investment Partners Inc. acquired a new stake in Michael Kors Holdings Limited in the first quarter valued at about $154,000. Sandy Spring Bank lifted its position in Michael Kors Holdings Limited by 23.5% in the first quarter. Sandy Spring Bank now owns 4,310 shares of the lifestyle brand’s stock valued at $164,000 after purchasing an additional 820 shares during the period. Finally, TrimTabs Asset Management LLC lifted its position in Michael Kors Holdings Limited by 105.1% in the second quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock valued at $164,000 after purchasing an additional 2,325 shares during the period. 83.39% of the stock is currently owned by hedge funds and other institutional investors.
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KORS has been the subject of a number of recent analyst reports. Deutsche Bank AG restated a “hold” rating and issued a $36.00 price objective (down previously from $40.00) on shares of Michael Kors Holdings Limited in a research report on Saturday, June 3rd. BidaskClub upgraded shares of Michael Kors Holdings Limited from a “sell” rating to a “hold” rating in a research report on Monday, July 31st. Credit Suisse Group reiterated a “hold” rating and set a $43.00 price target on shares of Michael Kors Holdings Limited in a research report on Sunday, September 10th. Telsey Advisory Group lifted their price target on shares of Michael Kors Holdings Limited from $38.00 to $49.00 and gave the company a “market perform” rating in a research report on Wednesday, August 9th. Finally, BMO Capital Markets set a $35.00 price target on shares of Michael Kors Holdings Limited and gave the company a “hold” rating in a research report on Wednesday, May 31st. Four investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $42.54.
Shares of Michael Kors Holdings Limited (NYSE KORS) traded up 1.13% during trading on Friday, reaching $44.92. 4,398,179 shares of the company’s stock were exchanged. The company has a 50 day moving average of $41.84 and a 200 day moving average of $37.67. The firm has a market capitalization of $6.81 billion and a P/E ratio of 13.78. Michael Kors Holdings Limited has a 52-week low of $32.38 and a 52-week high of $52.67.
Michael Kors Holdings Limited (NYSE:KORS) last issued its earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.18. The business had revenue of $952.40 million for the quarter, compared to the consensus estimate of $919.18 million. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 earnings per share. Equities analysts anticipate that Michael Kors Holdings Limited will post $3.70 earnings per share for the current fiscal year.
Michael Kors Holdings Limited declared that its Board of Directors has authorized a share buyback program on Wednesday, May 31st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the lifestyle brand to repurchase up to 18.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
About Michael Kors Holdings Limited
Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos. The Company operates through three segments: retail, wholesale and licensing.
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