Michael Kors Holdings Limited (KORS) Stake Decreased by Bank of Montreal Can
Bank of Montreal Can decreased its stake in shares of Michael Kors Holdings Limited (NYSE:KORS) by 24.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 283,531 shares of the lifestyle brand’s stock after selling 92,430 shares during the period. Bank of Montreal Can owned approximately 0.18% of Michael Kors Holdings Limited worth $10,278,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of KORS. Fulton Bank N.A. acquired a new stake in Michael Kors Holdings Limited during the second quarter valued at about $242,000. Country Club Trust Company n.a. purchased a new stake in Michael Kors Holdings Limited during the second quarter worth $486,000. Xact Kapitalforvaltning AB raised its stake in Michael Kors Holdings Limited by 1.9% in the second quarter. Xact Kapitalforvaltning AB now owns 36,330 shares of the lifestyle brand’s stock worth $1,317,000 after buying an additional 688 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Michael Kors Holdings Limited by 2.4% in the first quarter. Nomura Asset Management Co. Ltd. now owns 19,950 shares of the lifestyle brand’s stock worth $760,000 after buying an additional 460 shares in the last quarter. Finally, Achmea Investment Management B.V. purchased a new stake in Michael Kors Holdings Limited during the first quarter worth $3,243,000. Institutional investors and hedge funds own 84.40% of the company’s stock.
Shares of Michael Kors Holdings Limited (KORS) traded down 3.21% during midday trading on Friday, hitting $41.96. 2,814,985 shares of the company traded hands. Michael Kors Holdings Limited has a 52 week low of $32.38 and a 52 week high of $52.67. The company has a 50-day moving average price of $37.75 and a 200-day moving average price of $37.16. The stock 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 EPS for the quarter, topping the consensus estimate of $0.62 by $0.18. The firm had revenue of $952.40 million during the quarter, compared to analyst estimates of $919.18 million. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. Michael Kors Holdings Limited’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.88 EPS. Analysts anticipate 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 approved 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 reacquire up to 18.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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A number of analysts have recently weighed in on KORS shares. Deutsche Bank AG dropped their target price on shares of Michael Kors Holdings Limited from $50.00 to $47.00 and set a “buy” rating for the company in a report on Tuesday, April 25th. Jefferies Group LLC set a $65.00 target price on shares of Michael Kors Holdings Limited and gave the stock a “buy” rating in a report on Friday, May 19th. Credit Suisse Group reiterated a “neutral” rating and set a $39.00 target price (down from $42.00) on shares of Michael Kors Holdings Limited in a report on Wednesday, May 24th. Canaccord Genuity set a $38.00 target price on shares of Michael Kors Holdings Limited and gave the stock a “hold” rating in a report on Friday, May 26th. Finally, Telsey Advisory Group dropped their target price on shares of Michael Kors Holdings Limited from $42.00 to $38.00 and set a “market perform” rating for the company in a report on Thursday, June 1st. Three investment 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 company currently has a consensus rating of “Hold” and a consensus price target 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.
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