Stifel Financial Corp Buys 7,402 Shares of Michael Kors Holdings Ltd (KORS)
Stifel Financial Corp increased its stake in Michael Kors Holdings Ltd (NYSE:KORS) by 7.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 107,448 shares of the lifestyle brand’s stock after acquiring an additional 7,402 shares during the quarter. Stifel Financial Corp owned approximately 0.07% of Michael Kors worth $5,109,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Pacer Advisors Inc. purchased a new position in shares of Michael Kors during the second quarter valued at $114,000. Sandy Spring Bank grew its holdings in shares of Michael Kors by 0.9% during the second quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock valued at $158,000 after buying an additional 40 shares in the last quarter. TrimTabs Asset Management LLC grew its holdings in shares of Michael Kors by 105.1% during the second quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock valued at $164,000 after buying an additional 2,325 shares in the last quarter. Penserra Capital Management LLC purchased a new position in shares of Michael Kors during the second quarter valued at $188,000. Finally, First Allied Advisory Services Inc. grew its holdings in shares of Michael Kors by 5.3% during the second quarter. First Allied Advisory Services Inc. now owns 6,752 shares of the lifestyle brand’s stock valued at $251,000 after buying an additional 337 shares in the last quarter. Institutional investors and hedge funds own 86.59% of the company’s stock.
In other news, Director M William Benedetto sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $53.60, for a total value of $107,200.00. Following the sale, the director now directly owns 18,662 shares in the company, valued at approximately $1,000,283.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO John D. Idol sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $55.12, for a total value of $27,560.00. Following the completion of the sale, the chief executive officer now owns 1,688,046 shares in the company, valued at $93,045,095.52. The disclosure for this sale can be found here. Insiders have sold 16,835 shares of company stock worth $964,403 over the last 90 days. Corporate insiders own 6.00% of the company’s stock.
A number of research analysts have recently weighed in on KORS shares. Citigroup started coverage on Michael Kors in a report on Thursday, November 2nd. They set a “positive” rating and a $62.00 price target on the stock. Susquehanna Bancshares began coverage on Michael Kors in a research report on Thursday, November 2nd. They set a “positive” rating and a $62.00 price objective for the company. CIBC raised Michael Kors from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $55.00 in a research report on Tuesday, September 19th. Jefferies Group reissued a “buy” rating and set a $60.00 price objective on shares of Michael Kors in a research report on Thursday, September 14th. Finally, ValuEngine cut Michael Kors from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $51.84.
Shares of Michael Kors Holdings Ltd (NYSE KORS) traded up $0.24 on Friday, reaching $61.65. The company had a trading volume of 2,786,560 shares, compared to its average volume of 2,305,740. Michael Kors Holdings Ltd has a 1 year low of $32.38 and a 1 year high of $62.30. The company has a market capitalization of $9,338.42, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 2.07 and a beta of 0.12.
Michael Kors (NYSE:KORS) last issued its quarterly earnings results on Monday, November 6th. The lifestyle brand reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.50. Michael Kors had a return on equity of 42.09% and a net margin of 12.68%. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same period in the previous year, the company posted $0.95 earnings per share. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. equities analysts expect that Michael Kors Holdings Ltd will post 3.96 earnings per share for the current year.
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About Michael Kors
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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