Denali Advisors LLC cut its stake in shares of Michael Kors Holdings Ltd (NYSE:KORS) by 21.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,400 shares of the lifestyle brand’s stock after selling 2,000 shares during the period. Denali Advisors LLC’s holdings in Michael Kors were worth $507,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of KORS. Millennium Management LLC raised its position in Michael Kors by 308.8% during the second quarter. Millennium Management LLC now owns 2,651,631 shares of the lifestyle brand’s stock valued at $176,599,000 after purchasing an additional 2,003,044 shares during the period. Janus Henderson Group PLC raised its position in Michael Kors by 109.9% during the second quarter. Janus Henderson Group PLC now owns 1,763,621 shares of the lifestyle brand’s stock valued at $117,457,000 after purchasing an additional 923,447 shares during the period. Wells Fargo & Company MN raised its position in Michael Kors by 351.4% during the second quarter. Wells Fargo & Company MN now owns 711,990 shares of the lifestyle brand’s stock valued at $47,417,000 after purchasing an additional 554,253 shares during the period. Unigestion Holding SA purchased a new stake in Michael Kors during the second quarter valued at approximately $31,418,000. Finally, BlackRock Inc. raised its position in Michael Kors by 4.4% during the second quarter. BlackRock Inc. now owns 11,127,939 shares of the lifestyle brand’s stock valued at $741,120,000 after purchasing an additional 465,815 shares during the period. Institutional investors and hedge funds own 86.61% of the company’s stock.

In related news, insider Michael David Kors sold 179,920 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $71.35, for a total value of $12,837,292.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO John D. Idol sold 150,000 shares of the stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $73.24, for a total value of $10,986,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 809,840 shares of company stock worth $58,216,002. 6.00% of the stock is owned by insiders.

A number of brokerages have issued reports on KORS. Zacks Investment Research upgraded Michael Kors from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a research report on Friday, August 10th. Citigroup upped their target price on Michael Kors from $69.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday, August 9th. Robert W. Baird upped their target price on Michael Kors from $72.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, August 9th. Credit Suisse Group upped their target price on Michael Kors from $72.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, August 9th. Finally, Barclays upped their target price on Michael Kors from $73.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, August 9th. Eighteen investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $75.93.

Shares of NYSE:KORS opened at $62.27 on Thursday. Michael Kors Holdings Ltd has a 52-week low of $46.70 and a 52-week high of $75.96. The company has a market capitalization of $10.24 billion, a P/E ratio of 13.78, a PEG ratio of 2.16 and a beta of 0.12. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.27.

Michael Kors (NYSE:KORS) last announced its quarterly earnings data on Wednesday, August 8th. The lifestyle brand reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.37. Michael Kors had a return on equity of 39.01% and a net margin of 13.14%. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the firm earned $0.80 earnings per share. Michael Kors’s revenue was up 26.3% compared to the same quarter last year. As a group, equities research analysts predict that Michael Kors Holdings Ltd will post 5.02 earnings per share for the current fiscal year.

About Michael Kors

Michael Kors Holdings Limited design, markets, distributes, and retails branded women's and men's apparel and accessories. It operates in four segments: MK Retail, MK Wholesale, MK Licensing, and Jimmy Choo. The MK Retail segment sells women's apparel; handbags and small leather goods; men's apparel; footwear; and licensed products comprising watches, jewelry, fragrances, and beauty and eyewear.

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

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