Fred Alger Management Inc. purchased a new position in Michael Kors Holdings Ltd (NYSE:KORS) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 58,874 shares of the lifestyle brand’s stock, valued at approximately $3,706,000.
Several other large investors have also bought and sold shares of the business. BlueCrest Capital Management Ltd grew its stake in shares of Michael Kors by 223.0% in the fourth quarter. BlueCrest Capital Management Ltd now owns 160,647 shares of the lifestyle brand’s stock worth $10,113,000 after acquiring an additional 110,906 shares in the last quarter. Lodge Hill Capital LLC acquired a new position in shares of Michael Kors in the fourth quarter worth $19,515,000. MANA Advisors LLC acquired a new position in shares of Michael Kors in the fourth quarter worth $308,000. Tocqueville Asset Management L.P. acquired a new position in shares of Michael Kors in the fourth quarter worth $319,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Michael Kors in the fourth quarter worth $21,277,000. Institutional investors and hedge funds own 85.48% of the company’s stock.
In other news, insider Michael David Kors sold 246,590 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $61.30, for a total value of $15,115,967.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John D. Idol sold 150,000 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $62.26, for a total transaction of $9,339,000.00. The disclosure for this sale can be found here. Insiders sold 407,090 shares of company stock valued at $25,116,782 over the last ninety days. Corporate insiders own 6.00% of the company’s stock.
Michael Kors (NYSE:KORS) last announced its earnings results on Wednesday, February 7th. The lifestyle brand reported $1.77 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.48. Michael Kors had a net margin of 11.32% and a return on equity of 40.86%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the prior year, the company earned $1.64 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. sell-side analysts anticipate that Michael Kors Holdings Ltd will post 4.48 EPS for the current fiscal year.
Several equities research analysts have recently issued reports on the stock. Credit Suisse Group assumed coverage on shares of Michael Kors in a research report on Monday. They set an “outperform” rating and a $75.00 price objective for the company. ValuEngine cut shares of Michael Kors from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 2nd. JPMorgan Chase & Co. assumed coverage on shares of Michael Kors in a research report on Friday, February 9th. They set a “neutral” rating and a $62.00 price objective for the company. Wolfe Research lifted their price objective on shares of Michael Kors from $73.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday, February 8th. Finally, Bank of America lifted their price objective on shares of Michael Kors from $58.00 to $69.00 and gave the stock a “neutral” rating in a research report on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $63.46.
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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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