Sterling Capital Management LLC lessened its stake in shares of Michael Kors Holdings Ltd (NYSE:KORS) by 6.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 59,395 shares of the lifestyle brand’s stock after selling 3,829 shares during the period. Sterling Capital Management LLC’s holdings in Michael Kors were worth $4,072,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in KORS. Signet Financial Management LLC bought a new stake in Michael Kors during the second quarter valued at about $140,000. Cerebellum GP LLC bought a new stake in Michael Kors during the third quarter valued at about $169,000. Dynamic Technology Lab Private Ltd bought a new stake in Michael Kors during the second quarter valued at about $200,000. Financial Gravity Wealth Inc. bought a new stake in Michael Kors during the third quarter valued at about $203,000. Finally, Conning Inc. bought a new stake in Michael Kors during the second quarter valued at about $204,000. 85.53% of the stock is owned by institutional investors and hedge funds.
NYSE:KORS opened at $58.30 on Tuesday. 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 stock has a market capitalization of $8.70 billion, a P/E ratio of 12.90, a PEG ratio of 1.84 and a beta of 0.39. Michael Kors Holdings Ltd has a 12 month low of $51.74 and a 12 month high of $75.96.
Michael Kors (NYSE:KORS) last posted its earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.37. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.14 billion. Michael Kors had a return on equity of 39.01% and a net margin of 13.14%. The firm’s revenue for the quarter was up 26.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.80 earnings per share. On average, equities research analysts anticipate that Michael Kors Holdings Ltd will post 5.02 EPS for the current year.
Several analysts have issued reports on the company. Zacks Investment Research raised 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 boosted their price target on 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 upped their price objective on Michael Kors from $72.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, August 9th. Citigroup upped their price objective on Michael Kors from $69.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, August 9th. Finally, Barclays upped their price objective on Michael Kors from $73.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 9th. Fifteen analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $75.52.
In related news, CEO John D. Idol sold 6,676 shares of the business’s stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $65.26, for a total value of $435,675.76. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael David Kors sold 179,920 shares of the business’s stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $67.74, for a total value of $12,187,780.80. The disclosure for this sale can be found here. Insiders sold 846,436 shares of company stock worth $60,640,959 over the last quarter. 6.00% of the stock is owned by company insiders.
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Michael Kors Company 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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