Michael Kors Holdings Limited (KORS) Shares Sold by Korea Investment CORP

Korea Investment CORP cut its stake in shares of Michael Kors Holdings Limited (NYSE:KORS) by 17.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 264,600 shares of the lifestyle brand’s stock after selling 55,000 shares during the period. Korea Investment CORP owned 0.17% of Michael Kors Holdings Limited worth $9,592,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in KORS. Soros Fund Management LLC acquired a new stake in Michael Kors Holdings Limited during the first quarter valued at $389,000. Twin Capital Management Inc. boosted its position in shares of Michael Kors Holdings Limited by 0.8% in the first quarter. Twin Capital Management Inc. now owns 42,320 shares of the lifestyle brand’s stock worth $1,613,000 after buying an additional 320 shares in the last quarter. DnB Asset Management AS boosted its position in shares of Michael Kors Holdings Limited by 41.6% in the first quarter. DnB Asset Management AS now owns 14,973 shares of the lifestyle brand’s stock worth $571,000 after buying an additional 4,400 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Michael Kors Holdings Limited by 3.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 5,670 shares of the lifestyle brand’s stock worth $244,000 after buying an additional 190 shares in the last quarter. Finally, Oxford Asset Management purchased a new position in shares of Michael Kors Holdings Limited during the first quarter worth $2,834,000. 84.40% of the stock is currently owned by hedge funds and other institutional investors.

Michael Kors Holdings Limited (NYSE:KORS) traded down 3.21% during midday trading on Friday, hitting $41.96. The company had a trading volume of 2,814,985 shares. The stock has a 50 day moving average price of $37.75 and a 200 day moving average price of $37.16. 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 capitalization of $6.36 billion, a P/E ratio of 12.87 and a beta of 0.10.

Michael Kors Holdings Limited (NYSE:KORS) last posted its quarterly earnings data on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $919.18 million. During the same period in the previous year, the firm posted $0.88 EPS. Michael Kors Holdings Limited’s revenue was down 3.6% compared to the same quarter last year. Equities analysts forecast that Michael Kors Holdings Limited will post $3.71 earnings per share for the current fiscal year.

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

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A number of equities analysts recently weighed in on the company. Zacks Investment Research raised Michael Kors Holdings Limited from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a report on Monday, August 14th. Deutsche Bank AG set a $46.00 price objective on Michael Kors Holdings Limited and gave the company a “hold” rating in a report on Thursday, August 10th. Credit Suisse Group reissued a “hold” rating and set a $43.00 price objective on shares of Michael Kors Holdings Limited in a report on Thursday, August 10th. MKM Partners reissued a “sell” rating on shares of Michael Kors Holdings Limited in a report on Wednesday, August 9th. Finally, Cowen and Company reissued a “market perform” rating and set a $45.00 price objective (up from $35.00) on shares of Michael Kors Holdings Limited in a report on Thursday, August 10th. Three equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $42.77.

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.

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

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