Candriam Luxembourg S.C.A. lowered its stake in shares of Michael Kors Holdings Limited (NYSE:KORS) by 31.0% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 127,760 shares of the lifestyle brand’s stock after selling 57,511 shares during the period. Candriam Luxembourg S.C.A. owned 0.08% of Michael Kors Holdings Limited worth $4,632,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the stock. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Michael Kors Holdings Limited by 0.5% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 26,194 shares of the lifestyle brand’s stock valued at $998,000 after buying an additional 125 shares during the period. First Heartland Consultants Inc. increased its position in Michael Kors Holdings Limited by 1.9% in the second quarter. First Heartland Consultants Inc. now owns 6,829 shares of the lifestyle brand’s stock worth $248,000 after buying an additional 129 shares in the last quarter. Thrivent Financial for Lutherans increased its position in Michael Kors Holdings Limited by 3.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 5,670 shares of the lifestyle brand’s stock worth $244,000 after buying an additional 190 shares in the last quarter. Twin Capital Management Inc. increased its position in Michael Kors Holdings Limited by 0.8% in the first quarter. Twin Capital Management Inc. now owns 42,320 shares of the lifestyle brand’s stock worth $1,613,000 after buying an additional 320 shares in the last quarter. Finally, Thrivent Financial For Lutherans increased its position in Michael Kors Holdings Limited by 5.8% in the first quarter. Thrivent Financial For Lutherans now owns 6,000 shares of the lifestyle brand’s stock worth $229,000 after buying an additional 330 shares in the last quarter. 84.89% of the stock is currently owned by institutional investors.
Michael Kors Holdings Limited (NYSE:KORS) last released its quarterly earnings results on Wednesday, May 31st. The lifestyle brand reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Michael Kors Holdings Limited had a return on equity of 41.00% and a net margin of 12.38%. Michael Kors Holdings Limited’s quarterly revenue was down 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.98 EPS.
Michael Kors Holdings Limited declared that its board has authorized a share repurchase program on Wednesday, May 31st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the lifestyle brand to reacquire up to 18.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
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A number of research analysts have weighed in on KORS shares. Zacks Investment Research downgraded Michael Kors Holdings Limited from a “hold” rating to a “sell” rating in a report on Tuesday, April 11th. Jefferies Group LLC set a $65.00 target price on Michael Kors Holdings Limited and gave the company a “buy” rating in a report on Monday, April 10th. BMO Capital Markets set a $38.00 target price on Michael Kors Holdings Limited and gave the company a “hold” rating in a report on Tuesday, April 18th. Deutsche Bank AG lowered their target price on Michael Kors Holdings Limited from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Tuesday, April 25th. Finally, Credit Suisse Group reissued a “neutral” rating and issued a $39.00 target price (down previously from $42.00) on shares of Michael Kors Holdings Limited in a report on Wednesday, May 24th. Four research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $39.64.
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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