Candriam Luxembourg S.C.A. lowered its stake in Michael Kors Holdings Ltd (NYSE:KORS) by 31.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 127,760 shares of the lifestyle brand’s stock after selling 57,511 shares during the period. Candriam Luxembourg S.C.A. owned approximately 0.08% of Michael Kors Holdings worth $4,632,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Michael Kors Holdings 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 worth $998,000 after buying an additional 125 shares during the last quarter. First Heartland Consultants Inc. increased its position in Michael Kors Holdings 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 during the last quarter. Thrivent Financial for Lutherans increased its position in Michael Kors Holdings 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 during the last quarter. Twin Capital Management Inc. increased its position in Michael Kors Holdings 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 during the last quarter. Finally, Thrivent Financial For Lutherans increased its position in Michael Kors Holdings 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 during the last quarter. Institutional investors and hedge funds own 84.40% of the company’s stock.
Michael Kors Holdings Ltd (KORS) traded down 1.54% during trading on Thursday, hitting $43.35. 2,123,230 shares of the company traded hands. The firm has a market capitalization of $6.57 billion, a P/E ratio of 13.30 and a beta of 0.10. Michael Kors Holdings Ltd has a 12-month low of $32.38 and a 12-month high of $52.67. The stock has a 50-day moving average price of $37.58 and a 200-day moving average price of $37.16.
Michael Kors Holdings (NYSE:KORS) last announced its quarterly earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.18. Michael Kors Holdings had a return on equity of 31.72% and a net margin of 13.18%. The business had revenue of $952.40 million during the quarter, compared to the consensus estimate of $919.18 million. During the same quarter in the prior year, the company posted $0.88 earnings per share. Michael Kors Holdings’s revenue was down 3.6% compared to the same quarter last year. Equities analysts expect that Michael Kors Holdings Ltd will post $3.71 EPS for the current fiscal year.
Michael Kors Holdings announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 31st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the lifestyle brand to reacquire up to 18.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
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A number of brokerages recently weighed in on KORS. Deutsche Bank AG downgraded shares of Michael Kors Holdings from a “buy” rating to a “hold” rating and cut their price target for the company from $47.00 to $40.00 in a research report on Monday, May 15th. Jefferies Group LLC set a $65.00 price target on shares of Michael Kors Holdings and gave the company a “buy” rating in a research report on Friday, May 19th. Canaccord Genuity reiterated a “hold” rating and issued a $33.00 price target (down from $38.00) on shares of Michael Kors Holdings in a research report on Thursday, June 1st. Credit Suisse Group reiterated a “neutral” rating and issued a $39.00 price target (down from $42.00) on shares of Michael Kors Holdings in a research report on Wednesday, May 24th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $34.00 price target on shares of Michael Kors Holdings in a research report on Friday, June 9th. Three research analysts have rated the stock with a sell rating, twenty have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $42.77.
About Michael Kors Holdings
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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