Tuttle Tactical Management LLC purchased a new position in Michael Kors Holdings Ltd (NYSE:KORS) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 11,650 shares of the lifestyle brand’s stock, valued at approximately $733,000.
Other institutional investors have also modified their holdings of the company. USA Mutuals Advisors Inc. bought a new stake in Michael Kors in the fourth quarter worth about $100,000. Cerebellum GP LLC bought a new stake in Michael Kors in the fourth quarter worth about $126,000. Harvest Fund Management Co. Ltd bought a new stake in Michael Kors in the fourth quarter worth about $190,000. CAPROCK Group Inc. bought a new stake in Michael Kors in the fourth quarter worth about $219,000. Finally, IFP Advisors Inc raised its position in Michael Kors by 29.5% in the fourth quarter. IFP Advisors Inc now owns 3,432 shares of the lifestyle brand’s stock worth $216,000 after acquiring an additional 781 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.
Several equities research analysts have commented on KORS shares. Goldman Sachs started coverage on shares of Michael Kors in a research report on Tuesday, December 5th. They issued a “buy” rating and a $70.00 price target on the stock. Needham & Company LLC started coverage on shares of Michael Kors in a research report on Monday, December 18th. They issued a “buy” rating and a $69.00 price target on the stock. Jefferies Group reiterated a “buy” rating and issued a $90.00 price target on shares of Michael Kors in a research report on Wednesday, February 7th. Nomura boosted their price target on shares of Michael Kors from $69.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Finally, ValuEngine cut Michael Kors from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 2nd. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $64.48.
Michael Kors stock opened at $63.12 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.06 and a current ratio of 2.00. Michael Kors Holdings Ltd has a 12 month low of $32.38 and a 12 month high of $69.95. The firm has a market capitalization of $9,531.77, a PE ratio of 18.77, a price-to-earnings-growth ratio of 2.00 and a beta of 0.13.
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, beating 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 company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the business posted $1.64 EPS. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. equities research analysts forecast that Michael Kors Holdings Ltd will post 4.48 earnings per share for the current year.
In other news, CEO John D. Idol sold 150,000 shares of Michael Kors stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $62.26, for a total transaction of $9,339,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director M William Benedetto sold 4,000 shares of Michael Kors stock in a transaction dated Friday, February 16th. The shares were 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. Over the last quarter, insiders have sold 407,090 shares of company stock valued at $25,116,782. 6.00% of the stock is owned by corporate insiders.
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Michael Kors 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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