Michael Kors Holdings Limited (KORS) Stake Maintained by DnB Asset Management AS

DnB Asset Management AS maintained its position in Michael Kors Holdings Limited (NYSE:KORS) during the second quarter, according to its most recent filing with the SEC. The firm owned 14,973 shares of the lifestyle brand’s stock at the end of the second quarter. DnB Asset Management AS’s holdings in Michael Kors Holdings Limited were worth $543,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of KORS. NINE MASTS CAPITAL Ltd bought a new stake in shares of Michael Kors Holdings Limited during the first quarter valued at $149,000. Ameritas Investment Partners Inc. acquired a new position in shares of Michael Kors Holdings Limited during the first quarter worth approximately $154,000. Sandy Spring Bank boosted its position 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 worth $164,000 after buying an additional 820 shares during the last quarter. Globeflex Capital L P acquired a new position in shares of Michael Kors Holdings Limited during the first quarter worth approximately $198,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Michael Kors Holdings Limited during the fourth quarter worth approximately $229,000. 84.89% of the stock is owned by institutional investors and hedge funds.

Shares of Michael Kors Holdings Limited (KORS) traded down 0.95% during mid-day trading on Friday, reaching $44.73. 2,060,817 shares of the company’s stock traded hands. Michael Kors Holdings Limited has a 1-year low of $32.38 and a 1-year high of $52.67. The firm has a 50-day moving average price of $36.33 and a 200-day moving average price of $37.10. The company has a market capitalization of $6.91 billion, a P/E ratio of 13.72 and a beta of 0.10.

Michael Kors Holdings Limited (NYSE:KORS) last announced its quarterly earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share (EPS) 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 company 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 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, equities research analysts forecast 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 has authorized a stock repurchase program on Wednesday, May 31st that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the lifestyle brand to repurchase up to 18.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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Several brokerages have issued reports on KORS. Piper Jaffray Companies reissued a “hold” rating and issued a $34.00 price objective on shares of Michael Kors Holdings Limited in a research note on Friday, June 9th. BMO Capital Markets set a $35.00 price objective on shares of Michael Kors Holdings Limited and gave the company a “hold” rating in a research note on Thursday, July 6th. Nomura boosted their target price 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. Cowen and Company reiterated a “market perform” rating and issued a $45.00 price objective (up from $35.00) on shares of Michael Kors Holdings Limited in a research report on Thursday. Finally, Credit Suisse Group reiterated a “hold” rating and issued a $43.00 price objective on shares of Michael Kors Holdings Limited in a research report on Thursday. Four analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and four have assigned a buy rating to the company’s stock. Michael Kors Holdings Limited currently has an average rating of “Hold” and a consensus price target of $42.94.

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.

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

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