Michael Kors Holdings Limited (KORS) Shares Bought by Ally Financial Inc.

Ally Financial Inc. lifted its stake in Michael Kors Holdings Limited (NYSE:KORS) by 90.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 95,000 shares of the lifestyle brand’s stock after purchasing an additional 45,000 shares during the quarter. Ally Financial Inc. owned 0.06% of Michael Kors Holdings Limited worth $3,444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pacer Advisors Inc. bought a new position in Michael Kors Holdings Limited during the second quarter valued at approximately $114,000. NINE MASTS CAPITAL Ltd bought a new position in Michael Kors Holdings Limited during the first quarter valued at approximately $149,000. Ameritas Investment Partners Inc. bought a new position in Michael Kors Holdings Limited during the first quarter valued at approximately $154,000. Sandy Spring Bank raised its position in Michael Kors Holdings Limited by 0.9% during the second quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock valued at $158,000 after acquiring an additional 40 shares in the last quarter. Finally, TrimTabs Asset Management LLC raised its position in Michael Kors Holdings Limited by 105.1% during the second quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock valued at $164,000 after acquiring an additional 2,325 shares in the last quarter. 83.39% of the stock is owned by institutional investors and hedge funds.

KORS has been the topic of several analyst reports. Jefferies Group LLC reiterated a “buy” rating and set a $60.00 price target on shares of Michael Kors Holdings Limited in a report on Thursday, June 1st. Nomura increased 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 upgraded Michael Kors Holdings Limited from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a report on Monday, August 14th. Morgan Stanley reiterated 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. Finally, Barclays PLC initiated coverage on Michael Kors Holdings Limited in a report on Tuesday, September 19th. They set an “equal weight” rating and a $44.00 price target on the stock. Four analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $43.94.

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

Michael Kors Holdings Limited announced that its Board of Directors has authorized a stock repurchase program on Wednesday, May 31st that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the lifestyle brand to purchase up to 18.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Michael Kors Holdings Limited 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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