Rothschild & Co. Asset Management US Inc. cut its position in shares of Michael Kors Holdings Ltd (NYSE:KORS) by 3.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 420,413 shares of the lifestyle brand’s stock after selling 15,601 shares during the period. Rothschild & Co. Asset Management US Inc. owned approximately 0.28% of Michael Kors worth $28,824,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Signet Financial Management LLC bought a new stake in shares of Michael Kors in the 2nd quarter valued at about $140,000. First Mercantile Trust Co. raised its holdings in shares of Michael Kors by 114.3% in the 3rd quarter. First Mercantile Trust Co. now owns 2,400 shares of the lifestyle brand’s stock valued at $164,000 after purchasing an additional 1,280 shares in the last quarter. Cerebellum GP LLC bought a new stake in shares of Michael Kors in the 3rd quarter valued at about $169,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Michael Kors in the 2nd quarter valued at about $200,000. Finally, Conning Inc. bought a new stake in shares of Michael Kors in the 2nd quarter valued at about $204,000. 85.81% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently issued reports on KORS shares. Citigroup lifted their price objective on shares of Michael Kors from $69.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, August 9th. Canaccord Genuity set a $80.00 price objective on shares of Michael Kors and gave the stock a “buy” rating in a research report on Thursday, November 8th. Buckingham Research upped their price objective on shares of Michael Kors from $84.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Nomura upped their price objective on shares of Michael Kors from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 9th. Finally, MKM Partners set a $74.00 price objective on shares of Michael Kors and gave the company a “hold” rating in a report on Thursday, August 9th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $73.36.
In other Michael Kors news, CEO John D. Idol sold 6,676 shares of the stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $65.26, for a total transaction of $435,675.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael David Kors sold 179,920 shares of the stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $67.74, for a total transaction of $12,187,780.80. The disclosure for this sale can be found here. Insiders sold 516,516 shares of company stock valued at $36,817,667 in the last three months. 6.00% of the stock is currently owned by insiders.
Shares of NYSE KORS opened at $44.88 on Monday. The stock has a market capitalization of $6.74 billion, a PE ratio of 9.93, a price-to-earnings-growth ratio of 1.47 and a beta of 0.39. The company has a quick ratio of 0.71, a current ratio of 1.48 and a debt-to-equity ratio of 0.23. Michael Kors Holdings Ltd has a 52 week low of $43.05 and a 52 week high of $75.96.
Michael Kors (NYSE:KORS) last issued its earnings results on Wednesday, November 7th. The lifestyle brand reported $1.27 EPS for the quarter, beating the Zacks’ consensus estimate of $1.09 by $0.18. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Michael Kors had a net margin of 11.57% and a return on equity of 36.66%. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.33 earnings per share. As a group, equities research analysts predict that Michael Kors Holdings Ltd will post 5.02 EPS for the current fiscal year.
Michael Kors Company Profile
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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