BT Investment Management Ltd Acquires Shares of 263,650 Michael Kors Holdings Limited (KORS)

BT Investment Management Ltd acquired a new position in shares of Michael Kors Holdings Limited (NYSE:KORS) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 263,650 shares of the lifestyle brand’s stock, valued at approximately $9,557,000. BT Investment Management Ltd owned 0.17% of Michael Kors Holdings Limited at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in KORS. Janney Montgomery Scott LLC boosted its position in Michael Kors Holdings Limited by 39.0% during the first quarter. Janney Montgomery Scott LLC now owns 9,470 shares of the lifestyle brand’s stock worth $361,000 after purchasing an additional 2,657 shares during the period. American Century Companies Inc. bought a new position in Michael Kors Holdings Limited during the first quarter worth $8,348,000. Comerica Bank boosted its position in Michael Kors Holdings Limited by 8.0% during the first quarter. Comerica Bank now owns 56,946 shares of the lifestyle brand’s stock worth $2,164,000 after purchasing an additional 4,224 shares during the period. Pictet Asset Management Ltd. boosted its position in Michael Kors Holdings Limited by 7.8% during the first quarter. Pictet Asset Management Ltd. now owns 92,202 shares of the lifestyle brand’s stock worth $3,514,000 after purchasing an additional 6,700 shares during the period. Finally, Swiss National Bank boosted its position in Michael Kors Holdings Limited by 22.7% during the first quarter. Swiss National Bank now owns 582,000 shares of the lifestyle brand’s stock worth $22,180,000 after purchasing an additional 107,600 shares during the period. 83.39% of the stock is owned by hedge funds and other institutional investors.

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Michael Kors Holdings Limited (NYSE KORS) opened at 44.92 on Friday. The firm has a 50-day moving average price of $41.84 and a 200 day moving average price of $37.67. Michael Kors Holdings Limited has a 52 week low of $32.38 and a 52 week high of $52.67. The company has a market cap of $6.81 billion and a P/E ratio of 13.78.

Michael Kors Holdings Limited (NYSE:KORS) last released its quarterly earnings data on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.18. The firm had revenue of $952.40 million during 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 business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 earnings per share. Analysts expect that Michael Kors Holdings Limited will post $3.70 EPS for the current fiscal year.

Michael Kors Holdings Limited declared that its board has authorized a share repurchase program on Wednesday, May 31st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the lifestyle brand to reacquire up to 18.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

A number of equities analysts have commented on the stock. Piper Jaffray Companies reaffirmed a “hold” rating and set a $34.00 price objective on shares of Michael Kors Holdings Limited in a research report on Friday, June 9th. BMO Capital Markets set a $35.00 price objective on shares of Michael Kors Holdings Limited and gave the stock a “hold” rating in a research report on Thursday, July 6th. Nomura lifted their price objective on shares of Michael Kors Holdings Limited from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Telsey Advisory Group lifted their price objective on shares of Michael Kors Holdings Limited from $38.00 to $49.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 9th. Finally, Buckingham Research lifted their price objective on shares of Michael Kors Holdings Limited from $34.00 to $46.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 9th. Four equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $42.54.

About Michael Kors Holdings Limited

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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