Teacher Retirement System of Texas decreased its stake in shares of Michael Kors Holdings Ltd (NYSE:KORS) by 2.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 761,995 shares of the lifestyle brand’s stock after selling 18,885 shares during the quarter. Teacher Retirement System of Texas owned about 0.51% of Michael Kors worth $50,749,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of KORS. Millennium Management LLC increased its position in shares of Michael Kors by 587.5% during the 4th quarter. Millennium Management LLC now owns 86,163 shares of the lifestyle brand’s stock worth $5,424,000 after purchasing an additional 73,630 shares during the last quarter. LPL Financial LLC acquired a new position in shares of Michael Kors during the 4th quarter worth approximately $305,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Michael Kors during the 4th quarter worth approximately $268,000. Global X Management Co. LLC increased its holdings in shares of Michael Kors by 23.0% during the 1st quarter. Global X Management Co. LLC now owns 5,040 shares of the lifestyle brand’s stock worth $313,000 after acquiring an additional 943 shares during the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its holdings in shares of Michael Kors by 84.2% during the 1st quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 71,315 shares of the lifestyle brand’s stock worth $4,347,000 after acquiring an additional 32,606 shares during the last quarter. 81.03% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on KORS. UBS Group boosted their target price on Michael Kors from $70.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday. Zacks Investment Research raised Michael Kors from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a report on Friday. Barclays boosted their target price on Michael Kors from $73.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday. Robert W. Baird boosted their target price on Michael Kors from $72.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Credit Suisse Group boosted their target price on Michael Kors from $72.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and seventeen have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $73.13.
NYSE:KORS opened at $72.67 on Friday. The firm has a market cap of $10.80 billion, a PE ratio of 14.32, a P/E/G ratio of 2.15 and a beta of -0.01. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.27. Michael Kors Holdings Ltd has a fifty-two week low of $41.47 and a fifty-two week high of $73.25.
Michael Kors (NYSE:KORS) last released its earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.37. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.14 billion. Michael Kors had a return on equity of 39.01% and a net margin of 13.14%. The company’s revenue was up 26.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.80 EPS. research analysts expect that Michael Kors Holdings Ltd will post 5.02 earnings per share for the current year.
In other news, CEO John D. Idol sold 150,000 shares of the company’s stock in a transaction on Friday, July 20th. The stock was sold at an average price of $67.99, for a total transaction of $10,198,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Krista A. Mcdonough sold 12,100 shares of the company’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $65.67, for a total value of $794,607.00. Following the sale, the senior vice president now owns 15,164 shares of the company’s stock, valued at $995,819.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 468,197 shares of company stock valued at $31,860,254. Corporate 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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