Michael Kors Holdings Limited (KORS) Shares Sold by World Asset Management Inc

World Asset Management Inc reduced its position in Michael Kors Holdings Limited (NYSE:KORS) by 19.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,583 shares of the lifestyle brand’s stock after selling 3,572 shares during the period. World Asset Management Inc’s holdings in Michael Kors Holdings Limited were worth $529,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Michael Kors Holdings Limited by 1.7% in the first quarter. Vanguard Group Inc. now owns 16,619,469 shares of the lifestyle brand’s stock worth $633,368,000 after buying an additional 284,826 shares during the period. BlackRock Inc. increased its stake in shares of Michael Kors Holdings Limited by 3,587.4% in the first quarter. BlackRock Inc. now owns 13,985,812 shares of the lifestyle brand’s stock worth $532,997,000 after buying an additional 13,606,521 shares during the period. Flossbach Von Storch AG increased its stake in shares of Michael Kors Holdings Limited by 12.9% in the second quarter. Flossbach Von Storch AG now owns 11,972,527 shares of the lifestyle brand’s stock worth $434,004,000 after buying an additional 1,366,038 shares during the period. State Street Corp increased its stake in shares of Michael Kors Holdings Limited by 3.9% in the first quarter. State Street Corp now owns 8,681,138 shares of the lifestyle brand’s stock worth $330,838,000 after buying an additional 325,525 shares during the period. Finally, APG Asset Management N.V. increased its stake in shares of Michael Kors Holdings Limited by 14.9% in the first quarter. APG Asset Management N.V. now owns 4,430,974 shares of the lifestyle brand’s stock worth $168,864,000 after buying an additional 573,062 shares during the period. Institutional investors own 84.89% of the company’s stock.

Shares of Michael Kors Holdings Limited (NYSE:KORS) opened at 45.78 on Thursday. The firm’s 50-day moving average price is $36.03 and its 200 day moving average price is $37.04. The company has a market cap of $7.13 billion, a PE ratio of 13.91 and a beta of 0.10. Michael Kors Holdings Limited has a 12 month low of $32.38 and a 12 month high of $52.67.

Michael Kors Holdings Limited (NYSE:KORS) last posted its quarterly earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.18. The business had revenue of $952.40 million during the quarter, compared to the consensus estimate of $919.18 million. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Equities research analysts anticipate that Michael Kors Holdings Limited will post $3.64 earnings per share for the current fiscal year.

Michael Kors Holdings Limited declared that its board has approved a stock buyback 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

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A number of brokerages have issued reports on KORS. Piper Jaffray Companies restated a “hold” rating and set a $34.00 price objective on shares of Michael Kors Holdings Limited in a research report on Friday, June 9th. BMO Capital Markets set a $35.00 price objective on Michael Kors Holdings Limited and gave the company a “hold” rating in a research report on Thursday, July 6th. Canaccord Genuity upped their price objective on Michael Kors Holdings Limited from $33.00 to $43.00 and gave the company a “hold” rating in a research report on Wednesday. Buckingham Research upped their price objective on Michael Kors Holdings Limited from $34.00 to $46.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Telsey Advisory Group upped their price objective on Michael Kors Holdings Limited from $38.00 to $49.00 and gave the company a “market perform” rating in a research report on Wednesday. Four research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $42.26.

Michael Kors Holdings Limited Company Profile

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

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