Cornerstone Capital Management Holdings LLC. decreased its holdings in Michael Kors Holdings Ltd (NYSE:KORS) by 17.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 674,639 shares of the lifestyle brand’s stock after selling 139,671 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned about 0.44% of Michael Kors worth $42,467,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Picton Mahoney Asset Management purchased a new position in Michael Kors in the third quarter worth $4,255,000. Victory Capital Management Inc. grew its holdings in Michael Kors by 1,510.2% in the third quarter. Victory Capital Management Inc. now owns 43,233 shares of the lifestyle brand’s stock valued at $2,069,000 after purchasing an additional 40,548 shares during the last quarter. California Public Employees Retirement System grew its holdings in Michael Kors by 3.1% in the third quarter. California Public Employees Retirement System now owns 500,027 shares of the lifestyle brand’s stock valued at $23,926,000 after purchasing an additional 14,927 shares during the last quarter. Schroder Investment Management Group grew its holdings in Michael Kors by 0.8% in the third quarter. Schroder Investment Management Group now owns 2,429,162 shares of the lifestyle brand’s stock valued at $115,895,000 after purchasing an additional 19,006 shares during the last quarter. Finally, Dupont Capital Management Corp grew its holdings in Michael Kors by 8.7% in the fourth quarter. Dupont Capital Management Corp now owns 124,314 shares of the lifestyle brand’s stock valued at $7,826,000 after purchasing an additional 9,968 shares during the last quarter. Hedge funds and other institutional investors own 85.48% of the company’s stock.
Several analysts have weighed in on KORS shares. ValuEngine raised Michael Kors from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Goldman Sachs Group started coverage on Michael Kors in a report on Tuesday, December 5th. They issued a “buy” rating and a $70.00 target price on the stock. Wolfe Research raised Michael Kors from a “peer perform” rating to an “outperform” rating and set a $73.00 target price on the stock in a report on Thursday, December 14th. Needham & Company LLC started coverage on Michael Kors in a report on Monday, December 18th. They issued a “buy” rating and a $69.00 target price on the stock. Finally, Robert W. Baird set a $58.00 target price on Michael Kors and gave the company a “hold” rating in a report on Friday, December 22nd. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and thirteen have assigned a buy rating to the company. Michael Kors presently has a consensus rating of “Hold” and a consensus price target of $63.46.
Michael Kors (NYSE:KORS) last released its earnings results on Wednesday, February 7th. The lifestyle brand reported $1.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.48. Michael Kors had a return on equity of 40.86% and a net margin of 11.32%. The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the business posted $1.64 earnings per share. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. analysts predict that Michael Kors Holdings Ltd will post 4.48 EPS for the current fiscal year.
In other news, CEO John D. Idol sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $62.26, for a total value of $9,339,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director M William Benedetto sold 4,000 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $63.94, for a total value of $255,760.00. The disclosure for this sale can be found here. Insiders have sold 407,090 shares of company stock worth $25,116,782 over the last quarter. 6.00% of the stock is currently owned by company insiders.
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Michael Kors 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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