Systematic Financial Management LP Raises Stake in Michael Kors Holdings Limited (KORS)

Systematic Financial Management LP lifted its stake in shares of Michael Kors Holdings Limited (NYSE:KORS) by 9,030.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 251,090 shares of the lifestyle brand’s stock after acquiring an additional 248,340 shares during the period. Systematic Financial Management LP owned approximately 0.16% of Michael Kors Holdings Limited worth $9,102,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Michael Kors Holdings Limited by 0.5% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 26,194 shares of the lifestyle brand’s stock worth $998,000 after purchasing an additional 125 shares during the last quarter. First Heartland Consultants Inc. boosted its holdings in Michael Kors Holdings Limited by 1.9% during the second quarter. First Heartland Consultants Inc. now owns 6,829 shares of the lifestyle brand’s stock worth $248,000 after purchasing an additional 129 shares during the last quarter. Thrivent Financial For Lutherans boosted its holdings in Michael Kors Holdings Limited by 5.8% during the first quarter. Thrivent Financial For Lutherans now owns 6,000 shares of the lifestyle brand’s stock worth $229,000 after purchasing an additional 330 shares during the last quarter. Financial Advisors Network Inc. boosted its holdings in Michael Kors Holdings Limited by 5.1% during the second quarter. Financial Advisors Network Inc. now owns 7,854 shares of the lifestyle brand’s stock worth $285,000 after purchasing an additional 379 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in Michael Kors Holdings Limited by 2.4% during the first quarter. Nomura Asset Management Co. Ltd. now owns 19,950 shares of the lifestyle brand’s stock worth $760,000 after purchasing an additional 460 shares during the last quarter. 83.39% of the stock is owned by institutional investors.

Shares of Michael Kors Holdings Limited (KORS) opened at 42.15 on Monday. The stock’s 50 day moving average is $40.67 and its 200-day moving average is $37.46. Michael Kors Holdings Limited has a 1-year low of $32.38 and a 1-year high of $52.67. The firm has a market cap of $6.39 billion and a PE ratio of 12.93.

Michael Kors Holdings Limited (NYSE:KORS) last posted its earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.18. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. The firm had revenue of $952.40 million during the quarter, compared to analyst estimates of $919.18 million. During the same quarter in the prior year, the business posted $0.88 EPS. The business’s revenue was down 3.6% compared to the same quarter last year. Analysts expect that Michael Kors Holdings Limited will post $3.71 earnings per share for the current year.

Michael Kors Holdings Limited declared that its Board of Directors has authorized a share buyback program on Wednesday, May 31st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the lifestyle brand to purchase up to 18.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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Several brokerages recently commented on KORS. Cowen and Company restated a “market perform” rating and set a $45.00 target price (up previously from $35.00) on shares of Michael Kors Holdings Limited in a report on Thursday, August 10th. MKM Partners restated a “sell” rating on shares of Michael Kors Holdings Limited in a report on Wednesday, August 9th. Credit Suisse Group restated a “hold” rating and set a $43.00 target price on shares of Michael Kors Holdings Limited in a report on Thursday, August 10th. Deutsche Bank AG set a $46.00 target price on shares of Michael Kors Holdings Limited and gave the stock a “hold” rating in a report on Thursday, August 10th. Finally, Piper Jaffray Companies set a $46.00 target price on shares of Michael Kors Holdings Limited and gave the stock a “hold” rating in a report on Tuesday, August 8th. Three research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $42.77.

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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