Jennison Associates LLC cut its position in Michael Kors Holdings Ltd (NYSE:KORS) by 66.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 9,215 shares of the lifestyle brand’s stock after selling 18,619 shares during the period. Jennison Associates LLC’s holdings in Michael Kors were worth $614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in KORS. Jacobi Capital Management LLC lifted its position in shares of Michael Kors by 66.8% during the 1st quarter. Jacobi Capital Management LLC now owns 2,627 shares of the lifestyle brand’s stock valued at $163,000 after acquiring an additional 1,052 shares during the period. Conning Inc. bought a new stake in shares of Michael Kors during the 2nd quarter valued at $204,000. Lido Advisors LLC bought a new stake in shares of Michael Kors during the 1st quarter valued at $212,000. Zweig DiMenna Associates LLC bought a new stake in shares of Michael Kors during the 1st quarter valued at $255,000. Finally, Park Avenue Securities LLC bought a new stake in shares of Michael Kors during the 2nd quarter valued at $270,000. Institutional investors and hedge funds own 81.26% of the company’s stock.
A number of analysts have recently weighed in on the company. Needham & Company LLC set a $75.00 target price on Michael Kors and gave the company a “buy” rating in a research report on Thursday, May 31st. Deutsche Bank set a $83.00 target price on Michael Kors and gave the company a “buy” rating in a research report on Friday, June 1st. Piper Jaffray Companies set a $71.00 target price on Michael Kors and gave the company a “hold” rating in a research report on Friday. Telsey Advisory Group upped their price objective on Michael Kors from $67.00 to $75.00 and gave the stock a “market perform” rating in a research report on Thursday, August 9th. Finally, Zacks Investment Research upgraded Michael Kors from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research report on Friday, August 10th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and seventeen have given a buy rating to the company. Michael Kors presently has an average rating of “Hold” and a consensus target price of $73.33.
Shares of KORS opened at $72.98 on Friday. Michael Kors Holdings Ltd has a 12-month low of $41.47 and a 12-month high of $74.07. 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 stock has a market capitalization of $10.85 billion, a price-to-earnings ratio of 16.15, a PEG ratio of 2.12 and a beta of -0.01.
Michael Kors (NYSE:KORS) last issued its earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.37. Michael Kors had a return on equity of 39.01% and a net margin of 13.14%. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the firm earned $0.80 EPS. The business’s revenue for the quarter was up 26.3% compared to the same quarter last year. research analysts forecast that Michael Kors Holdings Ltd will post 5.02 earnings per share for the current fiscal year.
In other news, SVP Cathy Marie Robinson sold 6,097 shares of the stock in a transaction dated Wednesday, June 6th. The stock was sold at an average price of $63.58, for a total value of $387,647.26. Following the completion of the sale, the senior vice president now owns 24,936 shares of the company’s stock, valued at $1,585,430.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael David Kors sold 179,920 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $71.35, for a total value of $12,837,292.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 798,117 shares of company stock valued at $55,683,546. 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.
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