Commonwealth Bank of Australia Acquires 55,700 Shares of Michael Kors Holdings Limited (KORS)

Commonwealth Bank of Australia raised its holdings in Michael Kors Holdings Limited (NYSE:KORS) by 127.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 99,527 shares of the lifestyle brand’s stock after purchasing an additional 55,700 shares during the period. Commonwealth Bank of Australia owned approximately 0.06% of Michael Kors Holdings Limited worth $3,606,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Schroder Investment Management Group boosted its holdings in Michael Kors Holdings Limited by 17.4% in the 2nd quarter. Schroder Investment Management Group now owns 2,410,156 shares of the lifestyle brand’s stock valued at $86,042,000 after purchasing an additional 357,661 shares during the period. LSV Asset Management boosted its holdings in Michael Kors Holdings Limited by 6.9% in the 2nd quarter. LSV Asset Management now owns 325,000 shares of the lifestyle brand’s stock valued at $11,781,000 after purchasing an additional 20,900 shares during the period. Quinn Opportunity Partners LLC boosted its holdings in Michael Kors Holdings Limited by 17.6% in the 2nd quarter. Quinn Opportunity Partners LLC now owns 20,000 shares of the lifestyle brand’s stock valued at $725,000 after purchasing an additional 3,000 shares during the period. Thompson Siegel & Walmsley LLC boosted its holdings in Michael Kors Holdings Limited by 24.5% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 2,572,603 shares of the lifestyle brand’s stock valued at $93,256,000 after purchasing an additional 506,071 shares during the period. Finally, Swiss National Bank boosted its holdings in Michael Kors Holdings Limited by 1.9% in the 2nd quarter. Swiss National Bank now owns 592,900 shares of the lifestyle brand’s stock valued at $21,493,000 after purchasing an additional 10,900 shares during the period. 83.39% of the stock is owned by hedge funds and other institutional investors.

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KORS has been the subject of a number of recent research reports. Jefferies Group LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Michael Kors Holdings Limited in a report on Thursday, June 1st. Nomura boosted their price objective on shares of Michael Kors Holdings Limited from $41.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Zacks Investment Research raised shares of Michael Kors Holdings Limited from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a report on Monday, August 14th. Morgan Stanley reissued an “equal weight” rating and issued a $36.00 price objective (down previously from $43.00) on shares of Michael Kors Holdings Limited in a report on Thursday, June 1st. Finally, Deutsche Bank AG downgraded shares of Michael Kors Holdings Limited from a “buy” rating to a “hold” rating and cut their price objective for the company from $47.00 to $40.00 in a report on Monday, May 15th. Three investment analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and four have issued a buy rating to the stock. Michael Kors Holdings Limited currently has an average rating of “Hold” and an average target price of $42.77.

Michael Kors Holdings Limited (KORS) opened at 42.15 on Friday. Michael Kors Holdings Limited has a 12 month low of $32.38 and a 12 month high of $52.67. The firm has a 50-day moving average of $40.67 and a 200 day moving average of $37.46. The firm has a market capitalization of $6.39 billion and a PE ratio of 12.93.

Michael Kors Holdings Limited (NYSE:KORS) last announced its quarterly earnings data on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.18. The firm had revenue of $952.40 million during the quarter, compared to analyst estimates of $919.18 million. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 EPS. Equities research analysts forecast that Michael Kors Holdings Limited will post $3.71 earnings per share for the current year.

Michael Kors Holdings Limited announced that its Board of Directors has authorized a share 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 purchase up to 18.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Michael Kors Holdings Limited 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.

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

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