Michael Kors Holdings Limited (KORS) Position Lowered by Pictet Asset Management Ltd.

Pictet Asset Management Ltd. cut its stake in shares of Michael Kors Holdings Limited (NYSE:KORS) by 8.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 84,702 shares of the lifestyle brand’s stock after selling 7,500 shares during the period. Pictet Asset Management Ltd. owned approximately 0.05% of Michael Kors Holdings Limited worth $2,810,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. NINE MASTS CAPITAL Ltd acquired a new stake in shares of Michael Kors Holdings Limited during the first quarter valued at about $149,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Michael Kors Holdings Limited during the first quarter valued at about $154,000. Sandy Spring Bank increased its stake in shares of Michael Kors Holdings Limited by 23.5% in the first quarter. Sandy Spring Bank now owns 4,310 shares of the lifestyle brand’s stock valued at $164,000 after buying an additional 820 shares in the last quarter. Creative Planning increased its stake in shares of Michael Kors Holdings Limited by 30.8% in the second quarter. Creative Planning now owns 5,005 shares of the lifestyle brand’s stock valued at $181,000 after buying an additional 1,180 shares in the last quarter. Finally, Globeflex Capital L P acquired a new stake in shares of Michael Kors Holdings Limited during the first quarter valued at about $198,000. 84.40% of the stock is owned by institutional investors.

Michael Kors Holdings Limited (NYSE KORS) opened at 41.96 on Monday. The company has a 50 day moving average price of $37.75 and a 200-day moving average price of $37.16. The company has a market cap of $6.36 billion, a PE ratio of 12.87 and a beta of 0.10. Michael Kors Holdings Limited has a 12 month low of $32.38 and a 12 month high of $52.67.

Michael Kors Holdings Limited (NYSE:KORS) last announced its quarterly earnings data on Tuesday, August 8th. The lifestyle brand reported $0.80 EPS for the quarter, beating the consensus estimate of $0.62 by $0.18. The firm had revenue of $952.40 million for the quarter, compared to analyst estimates of $919.18 million. Michael Kors Holdings Limited had a return on equity of 40.26% and a net margin of 11.91%. The company’s revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.88 EPS. Equities analysts predict that Michael Kors Holdings Limited will post $3.71 earnings per share for the current fiscal year.

Michael Kors Holdings Limited declared that its Board of Directors has approved a stock repurchase plan on Wednesday, May 31st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the lifestyle brand to repurchase up to 18.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

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Several equities research analysts have issued reports on KORS shares. Jefferies Group LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Michael Kors Holdings Limited in a report on Thursday, June 1st. Deutsche Bank AG cut their price target on Michael Kors Holdings Limited from $50.00 to $47.00 and set a “buy” rating for the company in a report on Tuesday, April 25th. Nomura raised their price target on Michael Kors Holdings Limited from $41.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Zacks Investment Research raised Michael Kors Holdings Limited from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a report on Monday, August 14th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $36.00 price target (down previously from $43.00) on shares of Michael Kors Holdings Limited in a report on Thursday, June 1st. Three analysts have rated the stock with a sell rating, twenty have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $42.77.

Michael Kors Holdings Limited Company Profile

Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos. The Company operates through three segments: retail, wholesale and licensing.

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

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