Contrarius Investment Management Ltd boosted its stake in Michael Kors Holdings Limited (NYSE:KORS) by 171.8% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 702,327 shares of the lifestyle brand’s stock after buying an additional 443,965 shares during the quarter. Michael Kors Holdings Limited makes up about 2.0% of Contrarius Investment Management Ltd’s holdings, making the stock its 17th biggest position. Contrarius Investment Management Ltd owned about 0.46% of Michael Kors Holdings Limited worth $33,606,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of KORS. Pacer Advisors Inc. purchased a new stake in Michael Kors Holdings Limited in the 2nd quarter valued at approximately $114,000. Sandy Spring Bank lifted its stake in Michael Kors Holdings Limited by 0.9% in the 2nd quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock valued at $158,000 after buying an additional 40 shares in the last quarter. TrimTabs Asset Management LLC lifted its stake in Michael Kors Holdings Limited by 105.1% in the 2nd quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock valued at $164,000 after buying an additional 2,325 shares in the last quarter. Creative Planning lifted its stake in shares of Michael Kors Holdings Limited by 30.8% during the 2nd quarter. Creative Planning now owns 5,005 shares of the lifestyle brand’s stock worth $181,000 after purchasing an additional 1,180 shares during the period. Finally, Penserra Capital Management LLC purchased a new position in shares of Michael Kors Holdings Limited during the 2nd quarter worth $188,000. 85.21% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director M William Benedetto sold 2,000 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $53.60, for a total transaction of $107,200.00. Following the transaction, the director now owns 18,662 shares of the company’s stock, valued at $1,000,283.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John D. Idol sold 500 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $55.12, for a total transaction of $27,560.00. Following the transaction, the chief executive officer now directly owns 1,688,046 shares in the company, valued at approximately $93,045,095.52. The disclosure for this sale can be found here. Company insiders own 6.00% of the company’s stock.
Michael Kors Holdings Limited (NYSE KORS) traded up $0.58 during trading hours on Friday, reaching $55.76. 1,920,700 shares of the company’s stock were exchanged, compared to its average volume of 2,523,704. Michael Kors Holdings Limited has a one year low of $32.38 and a one year high of $56.14. The stock has a market cap of $8,550.00, a PE ratio of 12.26, a P/E/G ratio of 1.86 and a beta of 0.05.
Michael Kors Holdings Limited (NYSE:KORS) last issued its quarterly earnings results on Monday, November 6th. The lifestyle brand reported $1.33 EPS for the quarter, topping the consensus estimate of $0.83 by $0.50. Michael Kors Holdings Limited had a net margin of 12.68% and a return on equity of 42.09%. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter last year, the company posted $0.95 earnings per share. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. analysts forecast that Michael Kors Holdings Limited will post 3.96 EPS for the current year.
KORS has been the topic of a number of recent analyst reports. ValuEngine lowered Michael Kors Holdings Limited from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Credit Suisse Group reissued a “hold” rating and set a $43.00 price target on shares of Michael Kors Holdings Limited in a research note on Sunday, September 10th. Jefferies Group LLC reissued a “buy” rating and set a $60.00 price target on shares of Michael Kors Holdings Limited in a research note on Thursday, September 14th. Zacks Investment Research lowered Michael Kors Holdings Limited from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Finally, Sanford C. Bernstein initiated coverage on Michael Kors Holdings Limited in a research note on Tuesday, September 12th. They set an “underperform” rating and a $37.00 price target on the stock. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $49.84.
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Michael Kors Holdings Limited Company Profile
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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