Chevy Chase Trust Holdings Inc. lowered its position in shares of Michael Kors Holdings Ltd (NYSE:KORS) by 2.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 125,564 shares of the lifestyle brand’s stock after selling 3,512 shares during the quarter. Chevy Chase Trust Holdings Inc.’s holdings in Michael Kors were worth $8,609,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Signet Financial Management LLC purchased a new position in Michael Kors during the second quarter worth approximately $140,000. Cerebellum GP LLC purchased a new position in Michael Kors during the third quarter worth approximately $169,000. Dynamic Technology Lab Private Ltd purchased a new position in Michael Kors during the second quarter worth approximately $200,000. Conning Inc. purchased a new position in Michael Kors during the second quarter worth approximately $204,000. Finally, Zweig DiMenna Associates LLC purchased a new position in Michael Kors during the third quarter worth approximately $233,000. Hedge funds and other institutional investors own 86.41% of the company’s stock.
In related news, insider Michael David Kors sold 179,920 shares of Michael Kors stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $71.35, for a total transaction of $12,837,292.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO John D. Idol sold 150,000 shares of Michael Kors stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $73.24, for a total transaction of $10,986,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 846,436 shares of company stock worth $60,640,959 in the last ninety days. 6.00% of the stock is currently owned by insiders.
A number of research firms have weighed in on KORS. Telsey Advisory Group increased their price target on shares of Michael Kors from $67.00 to $75.00 and gave the stock a “market perform” rating in a research note on Thursday, August 9th. Zacks Investment Research raised shares of Michael Kors from a “sell” rating to a “hold” rating in a research note on Friday, October 26th. Credit Suisse Group increased their price target on shares of Michael Kors from $72.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday, August 9th. Canaccord Genuity increased their price target on shares of Michael Kors from $84.00 to $90.00 and gave the stock a “positive” rating in a research note on Thursday, August 9th. They noted that the move was a valuation call. Finally, Deutsche Bank cut their price target on shares of Michael Kors from $84.00 to $83.00 and set a “buy” rating on the stock in a research note on Thursday. Eighteen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Michael Kors has a consensus rating of “Hold” and a consensus price target of $75.52.
Shares of KORS stock opened at $57.38 on Friday. Michael Kors Holdings Ltd has a 52 week low of $47.49 and a 52 week high of $75.96. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $8.16 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 1.72 and a beta of 0.12.
Michael Kors (NYSE:KORS) last issued its earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 EPS for the quarter, beating the Zacks’ 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 the consensus estimate of $1.14 billion. During the same quarter last year, the firm posted $0.80 EPS. The business’s revenue for the quarter was up 26.3% compared to the same quarter last year. On average, equities analysts expect that Michael Kors Holdings Ltd will post 5.02 earnings per share for the current year.
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.
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