Michael Kors Holdings Limited (KORS) Position Increased by Martingale Asset Management L P

Martingale Asset Management L P increased its stake in Michael Kors Holdings Limited (NYSE:KORS) by 9.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 93,882 shares of the lifestyle brand’s stock after purchasing an additional 8,255 shares during the period. Martingale Asset Management L P owned 0.06% of Michael Kors Holdings Limited worth $3,404,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pacer Advisors Inc. acquired a new stake in Michael Kors Holdings Limited during the 2nd quarter valued at approximately $114,000. NINE MASTS CAPITAL Ltd acquired a new stake in Michael Kors Holdings Limited during the 1st quarter valued at approximately $149,000. Ameritas Investment Partners Inc. acquired a new stake in Michael Kors Holdings Limited during the 1st quarter valued at approximately $154,000. Sandy Spring Bank lifted its stake in Michael Kors Holdings Limited by 23.5% during the 1st quarter. Sandy Spring Bank now owns 4,310 shares of the lifestyle brand’s stock valued at $164,000 after acquiring an additional 820 shares during the period. Finally, TrimTabs Asset Management LLC lifted its stake in Michael Kors Holdings Limited by 105.1% during the 2nd quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock valued at $164,000 after acquiring an additional 2,325 shares during the period. Institutional investors and hedge funds own 83.39% of the company’s stock.

Several analysts have commented on the stock. ValuEngine cut shares of Michael Kors Holdings Limited from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Canaccord Genuity restated a “hold” rating and set a $33.00 price objective (down from $38.00) on shares of Michael Kors Holdings Limited in a research note on Thursday, June 1st. Jefferies Group LLC set a $60.00 price objective on shares of Michael Kors Holdings Limited and gave the company a “buy” rating in a research note on Tuesday, July 4th. Deutsche Bank AG restated a “hold” rating and set a $36.00 price objective on shares of Michael Kors Holdings Limited in a research note on Friday, June 16th. Finally, Credit Suisse Group restated a “neutral” rating and set a $39.00 price objective (down from $42.00) on shares of Michael Kors Holdings Limited in a research note on Wednesday, May 24th. Four equities research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and four have given a buy rating to the company’s stock. Michael Kors Holdings Limited currently has a consensus rating of “Hold” and a consensus price target of $42.54.

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Shares of Michael Kors Holdings Limited (NYSE:KORS) opened at 44.92 on Friday. The firm’s 50-day moving average is $41.84 and its 200 day moving average is $37.67. Michael Kors Holdings Limited has a 52 week low of $32.38 and a 52 week high of $52.67. The firm has a market cap of $6.81 billion and a PE ratio of 13.78.

Michael Kors Holdings Limited (NYSE:KORS) last announced its quarterly earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.18. Michael Kors Holdings Limited had a return on equity of 40.26% and a net margin of 11.91%. The business had revenue of $952.40 million during the quarter, compared to analysts’ expectations of $919.18 million. During the same quarter last year, the business posted $0.88 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. Equities research analysts forecast that Michael Kors Holdings Limited will post $3.70 EPS for the current year.

Michael Kors Holdings Limited declared that its Board of Directors has authorized a share repurchase plan on Wednesday, May 31st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the lifestyle brand to reacquire up to 18.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.

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

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