Bank of Montreal Can Sells 431,792 Shares of Michael Kors Holdings Ltd (KORS)

Bank of Montreal Can lowered its position in Michael Kors Holdings Ltd (NYSE:KORS) by 53.8% during the third quarter, HoldingsChannel reports. The firm owned 371,120 shares of the lifestyle brand’s stock after selling 431,792 shares during the quarter. Bank of Montreal Can’s holdings in Michael Kors were worth $25,444,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. AMP Capital Investors Ltd boosted its stake in shares of Michael Kors by 8.5% during the 2nd quarter. AMP Capital Investors Ltd now owns 273,946 shares of the lifestyle brand’s stock worth $18,246,000 after acquiring an additional 21,554 shares in the last quarter. Swiss National Bank boosted its stake in shares of Michael Kors by 3.1% during the 2nd quarter. Swiss National Bank now owns 503,100 shares of the lifestyle brand’s stock worth $33,506,000 after acquiring an additional 15,100 shares in the last quarter. Voya Investment Management LLC boosted its stake in shares of Michael Kors by 42.5% during the 2nd quarter. Voya Investment Management LLC now owns 108,969 shares of the lifestyle brand’s stock worth $7,258,000 after acquiring an additional 32,494 shares in the last quarter. Bank of Nova Scotia boosted its stake in shares of Michael Kors by 537.5% during the 2nd quarter. Bank of Nova Scotia now owns 123,756 shares of the lifestyle brand’s stock worth $8,241,000 after acquiring an additional 104,344 shares in the last quarter. Finally, Glenmede Trust Co. NA boosted its stake in shares of Michael Kors by 73.0% during the 2nd quarter. Glenmede Trust Co. NA now owns 110,452 shares of the lifestyle brand’s stock worth $7,357,000 after acquiring an additional 46,613 shares in the last quarter. Hedge funds and other institutional investors own 86.69% of the company’s stock.

Michael Kors stock opened at $58.06 on Friday. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $8.99 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 1.90 and a beta of 0.12. Michael Kors Holdings Ltd has a 12 month low of $47.49 and a 12 month high of $75.96.

Michael Kors (NYSE:KORS) last posted its quarterly earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 EPS for the quarter, beating the consensus estimate of $0.95 by $0.37. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Michael Kors had a return on equity of 39.01% and a net margin of 13.14%. The company’s revenue for the quarter was up 26.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.80 EPS. As a group, analysts expect that Michael Kors Holdings Ltd will post 5.02 earnings per share for the current fiscal year.

Several research firms have recently issued reports on KORS. Zacks Investment Research upgraded Michael Kors from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a research note on Friday, August 10th. Robert W. Baird increased their target price on Michael Kors from $72.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, August 9th. Citigroup increased their target price on Michael Kors from $69.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday, August 9th. Credit Suisse Group increased their target price on Michael Kors from $72.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, August 9th. Finally, Barclays increased their target price on Michael Kors from $73.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, August 9th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $75.52.

In other Michael Kors news, insider Michael David Kors sold 179,920 shares of the company’s stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $67.74, for a total value of $12,187,780.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John D. Idol sold 6,676 shares of the company’s stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $65.26, for a total value of $435,675.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 846,436 shares of company stock valued at $60,640,959. Insiders own 6.00% of the company’s stock.

About Michael Kors

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.

Further Reading: How analysts view the yield curve

Want to see what other hedge funds are holding KORS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Michael Kors Holdings Ltd (NYSE:KORS).

Institutional Ownership by Quarter for Michael Kors (NYSE:KORS)

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