Barings LLC lessened its position in shares of Michael Kors Holdings Ltd (NYSE:KORS) by 26.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,400 shares of the lifestyle brand’s stock after selling 10,500 shares during the period. Barings LLC’s holdings in Michael Kors were worth $2,016,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in KORS. Signet Financial Management LLC acquired a new stake in Michael Kors in the second quarter worth $140,000. Cerebellum GP LLC acquired a new stake in Michael Kors in the third quarter worth $169,000. Dynamic Technology Lab Private Ltd acquired a new stake in Michael Kors in the second quarter worth $200,000. Conning Inc. acquired a new stake in Michael Kors in the second quarter worth $204,000. Finally, Zweig DiMenna Associates LLC acquired a new stake in Michael Kors in the third quarter worth $233,000. 86.41% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have commented on the stock. Zacks Investment Research upgraded shares of Michael Kors from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a report on Friday, August 10th. Credit Suisse Group lifted their price objective on shares of Michael Kors from $72.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, August 9th. Robert W. Baird lifted their price objective on shares of Michael Kors from $72.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, August 9th. Citigroup lifted their price objective on shares of Michael Kors from $69.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, August 9th. Finally, Barclays lifted their price objective on shares of Michael Kors from $73.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, August 9th. Eighteen research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $75.52.
Michael Kors (NYSE:KORS) last released its quarterly earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.37. Michael Kors had a net margin of 13.14% and a return on equity of 39.01%. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the company earned $0.80 earnings per share. The firm’s revenue for the quarter was up 26.3% compared to the same quarter last year. As a group, research analysts anticipate that Michael Kors Holdings Ltd will post 5.02 earnings per share for the current year.
In related news, CEO John D. Idol sold 6,676 shares of the business’s stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $65.26, for a total transaction of $435,675.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael David Kors sold 179,920 shares of Michael Kors stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $73.62, for a total transaction of $13,245,710.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 846,436 shares of company stock worth $60,640,959. 6.00% of the stock is owned by corporate insiders.
Michael Kors Profile
Michael Kors Holdings Limited design, markets, distributes, and retails branded women's and men's apparel and accessories. It operates in four segments: MK Retail, MK Wholesale, MK Licensing, and Jimmy Choo. The MK Retail segment sells women's apparel; handbags and small leather goods; men's apparel; footwear; and licensed products comprising watches, jewelry, fragrances, and beauty and eyewear.
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