Principal Financial Group Inc. boosted its position in shares of Michael Kors Holdings Ltd. (NYSE:KORS) by 4.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 311,956 shares of the lifestyle brand’s stock after buying an additional 14,231 shares during the period. Principal Financial Group Inc. owned 0.18% of Michael Kors Holdings worth $15,435,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new stake in Michael Kors Holdings during the second quarter worth $148,000. Victory Capital Management Inc. increased its stake in Michael Kors Holdings by 8.3% in the second quarter. Victory Capital Management Inc. now owns 3,374 shares of the lifestyle brand’s stock worth $167,000 after buying an additional 258 shares during the last quarter. Global X Management Co. LLC increased its stake in Michael Kors Holdings by 593.4% in the second quarter. Global X Management Co. LLC now owns 3,668 shares of the lifestyle brand’s stock worth $181,000 after buying an additional 3,139 shares during the last quarter. Advisor Partners LLC purchased a new stake in Michael Kors Holdings during the first quarter worth $211,000. Finally, LVW Advisors LLC purchased a new stake in Michael Kors Holdings during the first quarter worth $214,000. Institutional investors and hedge funds own 93.04% of the company’s stock.
Shares of Michael Kors Holdings Ltd. (NYSE:KORS) traded down 0.15% during midday trading on Friday, hitting $47.45. 139,593 shares of the stock were exchanged. The stock has a market cap of $8.01 billion, a price-to-earnings ratio of 10.71 and a beta of 0.89. Michael Kors Holdings Ltd. has a 12 month low of $34.83 and a 12 month high of $59.49. The firm’s 50-day moving average is $48.79 and its 200-day moving average is $49.80.
Michael Kors Holdings (NYSE:KORS) last released its quarterly earnings data on Wednesday, August 10th. The lifestyle brand reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.14. Michael Kors Holdings had a net margin of 17.33% and a return on equity of 43.05%. The firm had revenue of $987.90 million for the quarter, compared to the consensus estimate of $954.13 million. During the same period last year, the firm earned $0.87 earnings per share. The company’s quarterly revenue was up .2% on a year-over-year basis. Equities research analysts predict that Michael Kors Holdings Ltd. will post $4.57 earnings per share for the current year.
A number of equities research analysts have weighed in on KORS shares. Jefferies Group restated a “buy” rating on shares of Michael Kors Holdings in a research report on Sunday, September 4th. Deutsche Bank AG reaffirmed a “buy” rating and set a $56.00 price objective on shares of Michael Kors Holdings in a research note on Wednesday, August 10th. Vetr cut Michael Kors Holdings from a “strong-buy” rating to a “buy” rating and set a $56.16 price objective on the stock. in a research note on Monday, September 26th. Zacks Investment Research raised Michael Kors Holdings from a “sell” rating to a “hold” rating in a research note on Tuesday, August 9th. Finally, BMO Capital Markets set a $46.00 price objective on Michael Kors Holdings and gave the company a “hold” rating in a research note on Thursday, August 11th. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have assigned a buy rating to the company. Michael Kors Holdings has an average rating of “Hold” and an average price target of $53.44.
In related news, SVP Lee S. Sporn sold 4,700 shares of the stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $50.00, for a total transaction of $235,000.00. Following the completion of the sale, the senior vice president now owns 22,653 shares of the company’s stock, valued at $1,132,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Lee S. Sporn sold 26,341 shares of the stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $50.02, for a total transaction of $1,317,576.82. Following the sale, the senior vice president now directly owns 40,707 shares of the company’s stock, valued at approximately $2,036,164.14. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.
Michael Kors Holdings Company Profile
Michael Kors Holdings Limited is a global accessories, footwear and apparel company. The Company operates its business in three segments: retail, wholesale and licensing. It offers two primary collections: the Michael Kors luxury collection and the MICHAEL Michael Kors accessible luxury collection. In the Michael Kors collection, it offers accessories, including handbags and small leather goods, many of which are made from leathers and other exotic skins, footwear and apparel, including ready-to-wear women swear and menswear.
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