Flossbach Von Storch AG Raises Stake in Michael Kors Holdings Ltd. (KORS)
Flossbach Von Storch AG boosted its stake in shares of Michael Kors Holdings Ltd. (NYSE:KORS) by 16.6% during the second quarter, Holdings Channel reports. The institutional investor owned 9,155,014 shares of the lifestyle brand’s stock after buying an additional 1,303,589 shares during the period. Michael Kors Holdings makes up about 7.8% of Flossbach Von Storch AG’s holdings, making the stock its 4th largest position. Flossbach Von Storch AG owned about 0.05% of Michael Kors Holdings worth $452,990,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Nisa Investment Advisors L.L.C. bought a new position in shares of Michael Kors Holdings during the first quarter worth about $609,000. TIAA CREF Investment Management LLC boosted its position in shares of Michael Kors Holdings by 65.1% in the first quarter. TIAA CREF Investment Management LLC now owns 1,511,967 shares of the lifestyle brand’s stock worth $86,122,000 after buying an additional 596,090 shares during the last quarter. Teachers Advisors Inc. boosted its position in shares of Michael Kors Holdings by 23.9% in the first quarter. Teachers Advisors Inc. now owns 315,659 shares of the lifestyle brand’s stock worth $17,980,000 after buying an additional 60,885 shares during the last quarter. Bancorpsouth Inc. bought a new position in shares of Michael Kors Holdings during the first quarter worth about $244,000. Finally, Dixon Hubard Feinour & Brown Inc. VA bought a new position in shares of Michael Kors Holdings during the first quarter worth about $287,000. Institutional investors own 93.04% of the company’s stock.
Shares of Michael Kors Holdings Ltd. (NYSE:KORS) traded up 1.96% on Tuesday, reaching $47.35. The company had a trading volume of 2,397,593 shares. Michael Kors Holdings Ltd. has a 1-year low of $34.83 and a 1-year high of $59.49. The company’s 50 day moving average price is $48.98 and its 200-day moving average price is $49.91. The stock has a market capitalization of $7.99 billion, a P/E ratio of 10.68 and a beta of 0.89.
Michael Kors Holdings (NYSE:KORS) last posted its quarterly earnings data on Wednesday, August 10th. The lifestyle brand reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.14. Michael Kors Holdings had a return on equity of 43.05% and a net margin of 17.33%. The company had revenue of $987.90 million for the quarter, compared to analysts’ expectations of $954.13 million. During the same period in the previous year, the firm posted $0.87 EPS. Michael Kors Holdings’s revenue was up .2% compared to the same quarter last year. Equities analysts predict that Michael Kors Holdings Ltd. will post $4.57 EPS for the current year.
KORS has been the subject of several recent analyst reports. Credit Suisse Group AG restated a “neutral” rating on shares of Michael Kors Holdings in a research note on Thursday, July 28th. Vetr cut Michael Kors Holdings from a “strong-buy” rating to a “buy” rating and set a $56.16 price target for the company. in a research note on Monday, September 26th. Piper Jaffray Cos. restated an “overweight” rating and issued a $69.00 price target on shares of Michael Kors Holdings in a research note on Monday, August 8th. Zacks Investment Research lowered Michael Kors Holdings from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Michael Kors Holdings in a report on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Michael Kors Holdings currently has a consensus rating of “Hold” and an average price target of $53.60.
In other news, SVP Lee S. Sporn sold 26,341 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $50.02, for a total transaction of $1,317,576.82. Following the transaction, the senior vice president now directly owns 40,707 shares in the company, valued at approximately $2,036,164.14. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Lee S. Sporn sold 4,700 shares of the business’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $50.00, for a total value of $235,000.00. Following the transaction, the senior vice president now owns 22,653 shares in the company, valued at $1,132,650. The disclosure for this sale can be found here. 5.00% of the stock is owned by corporate insiders.
About Michael Kors Holdings
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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