Elkfork Partners LLC Takes Position in Michael Kors Holdings Ltd (KORS)

Elkfork Partners LLC bought a new stake in shares of Michael Kors Holdings Ltd (NYSE:KORS) during the fourth quarter, HoldingsChannel.com reports. The fund bought 206,096 shares of the lifestyle brand’s stock, valued at approximately $12,974,000.

Several other large investors have also made changes to their positions in KORS. USA Mutuals Advisors Inc. purchased a new position in Michael Kors in the 4th quarter valued at $100,000. Cerebellum GP LLC purchased a new position in Michael Kors in the 4th quarter valued at $126,000. Harvest Fund Management Co. Ltd purchased a new position in Michael Kors in the 4th quarter valued at $190,000. CAPROCK Group Inc. purchased a new position in Michael Kors in the 4th quarter valued at $219,000. Finally, IFP Advisors Inc lifted its holdings in Michael Kors by 29.5% in the 4th quarter. IFP Advisors Inc now owns 3,432 shares of the lifestyle brand’s stock valued at $216,000 after purchasing an additional 781 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

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KORS has been the topic of a number of research reports. Wolfe Research upgraded Michael Kors from a “peer perform” rating to an “outperform” rating and set a $73.00 price objective on the stock in a report on Thursday, December 14th. Goldman Sachs initiated coverage on Michael Kors in a report on Tuesday, December 5th. They issued a “buy” rating and a $70.00 price objective on the stock. ValuEngine upgraded Michael Kors from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Needham & Company LLC initiated coverage on Michael Kors in a report on Monday, December 18th. They issued a “buy” rating and a $69.00 price objective on the stock. Finally, Oppenheimer raised their price objective on Michael Kors from $62.00 to $74.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $64.48.

Shares of Michael Kors Holdings Ltd (NYSE KORS) opened at $62.10 on Friday. The company has a current ratio of 2.00, a quick ratio of 1.06 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $9,626.11, a PE ratio of 13.66, a P/E/G ratio of 2.02 and a beta of 0.13. Michael Kors Holdings Ltd has a 52-week low of $32.38 and a 52-week high of $69.95.

Michael Kors (NYSE:KORS) last issued its quarterly earnings data on Wednesday, February 7th. The lifestyle brand reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.48. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.38 billion. Michael Kors had a return on equity of 40.86% and a net margin of 11.32%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the company earned $1.64 EPS. analysts predict that Michael Kors Holdings Ltd will post 4.48 earnings per share for the current fiscal year.

In other Michael Kors news, Director M William Benedetto sold 4,000 shares of Michael Kors stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $63.94, for a total value of $255,760.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen F. Reitman sold 6,500 shares of Michael Kors stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $62.47, for a total value of $406,055.00. The disclosure for this sale can be found here. Insiders have sold a total of 557,090 shares of company stock valued at $34,547,282 over the last three months. Corporate insiders own 6.00% of the company’s stock.

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Michael Kors 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.

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

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