Cornerstone Capital Management Holdings LLC. reduced its stake in shares of Michael Kors Holdings Ltd (NYSE:KORS) by 17.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 674,639 shares of the lifestyle brand’s stock after selling 139,671 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Michael Kors were worth $42,467,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. USA Mutuals Advisors Inc. acquired a new stake in Michael Kors during the 4th quarter valued at approximately $100,000. Cerebellum GP LLC acquired a new stake in Michael Kors during the 4th quarter valued at approximately $126,000. Harvest Fund Management Co. Ltd acquired a new stake in Michael Kors during the 4th quarter valued at approximately $190,000. CAPROCK Group Inc. acquired a new stake in Michael Kors during the 4th quarter valued at approximately $219,000. Finally, IFP Advisors Inc grew its stake in Michael Kors by 29.5% during the 4th quarter. IFP Advisors Inc now owns 3,432 shares of the lifestyle brand’s stock valued at $216,000 after purchasing an additional 781 shares in the last quarter. Hedge funds and other institutional investors own 85.48% of the company’s stock.
Michael Kors Holdings Ltd (NYSE:KORS) opened at $61.41 on Tuesday. Michael Kors Holdings Ltd has a 12-month low of $32.38 and a 12-month high of $69.95. The stock has a market capitalization of $9,343.08, a P/E ratio of 13.26, a P/E/G ratio of 1.96 and a beta of 0.13. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.06 and a current ratio of 2.00.
A number of equities research analysts have weighed in on KORS shares. ValuEngine upgraded Michael Kors from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. Goldman Sachs Group began coverage on Michael Kors in a research report on Tuesday, December 5th. They issued a “buy” rating and a $70.00 target price for the company. Wolfe Research upgraded Michael Kors from a “peer perform” rating to an “outperform” rating and set a $73.00 target price for the company in a research report on Thursday, December 14th. Needham & Company LLC began coverage on Michael Kors in a research report on Monday, December 18th. They issued a “buy” rating and a $69.00 target price for the company. Finally, Robert W. Baird set a $58.00 target price on Michael Kors and gave the stock a “hold” rating in a research report on Friday, December 22nd. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $63.46.
In other Michael Kors news, CEO John D. Idol sold 150,000 shares of Michael Kors stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $62.26, for a total transaction of $9,339,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director M William Benedetto sold 4,000 shares of Michael Kors stock in a transaction on Friday, February 16th. The shares were sold at an average price of $63.94, for a total value of $255,760.00. The disclosure for this sale can be found here. Insiders have sold a total of 407,090 shares of company stock worth $25,116,782 in the last ninety days. 6.00% of the stock is owned by company insiders.
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Michael Kors 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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