Allianz Asset Management GmbH grew its holdings in Michael Kors Holdings Ltd (NYSE:KORS) by 358.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 345,012 shares of the lifestyle brand’s stock after purchasing an additional 269,709 shares during the period. Allianz Asset Management GmbH owned approximately 0.23% of Michael Kors worth $23,654,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. increased its stake in shares of Michael Kors by 12.9% in the 3rd quarter. BlackRock Inc. now owns 12,564,075 shares of the lifestyle brand’s stock valued at $861,392,000 after purchasing an additional 1,436,136 shares during the last quarter. FMR LLC grew its position in Michael Kors by 18.4% during the 3rd quarter. FMR LLC now owns 5,373,852 shares of the lifestyle brand’s stock worth $368,432,000 after acquiring an additional 835,011 shares during the last quarter. Millennium Management LLC grew its position in Michael Kors by 308.8% during the 2nd quarter. Millennium Management LLC now owns 2,651,631 shares of the lifestyle brand’s stock worth $176,599,000 after acquiring an additional 2,003,044 shares during the last quarter. Bank of New York Mellon Corp grew its position in Michael Kors by 12.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,525,276 shares of the lifestyle brand’s stock worth $173,132,000 after acquiring an additional 274,379 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in Michael Kors by 20.0% during the 3rd quarter. Janus Henderson Group PLC now owns 2,117,010 shares of the lifestyle brand’s stock worth $145,142,000 after acquiring an additional 353,389 shares during the last quarter. Institutional investors own 86.94% of the company’s stock.
A number of equities research analysts recently weighed in on KORS shares. Citigroup boosted their price objective on Michael Kors from $69.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, August 9th. Canaccord Genuity set a $80.00 price objective on Michael Kors and gave the stock a “buy” rating in a research report on Thursday, November 8th. Buckingham Research boosted their price objective on Michael Kors from $84.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Nomura boosted their price objective on Michael Kors from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 9th. Finally, MKM Partners set a $74.00 price objective on Michael Kors and gave the stock a “hold” rating in a research report on Thursday, August 9th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating and fourteen have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $73.04.
NYSE KORS opened at $42.43 on Thursday. Michael Kors Holdings Ltd has a 12 month low of $42.04 and a 12 month high of $75.96. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of 9.39, a P/E/G ratio of 1.44 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.71 and a current ratio of 1.48.
Michael Kors (NYSE:KORS) last released its quarterly earnings results on Wednesday, November 7th. The lifestyle brand reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.18. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.26 billion. Michael Kors had a return on equity of 36.66% and a net margin of 11.57%. The business’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.33 EPS. Equities research analysts expect that Michael Kors Holdings Ltd will post 5.02 EPS for the current year.
In other news, 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO John D. Idol sold 150,000 shares of the business’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $72.99, for a total value of $10,948,500.00. The disclosure for this sale can be found here. Insiders sold a total of 516,516 shares of company stock worth $36,817,667 over the last three months. 6.00% of the stock is owned by company insiders.
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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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