Aperio Group LLC Raises Position in Michael Kors Holdings Limited (KORS)

Aperio Group LLC raised its position in shares of Michael Kors Holdings Limited (NYSE:KORS) by 169.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 300,773 shares of the lifestyle brand’s stock after buying an additional 189,309 shares during the period. Aperio Group LLC’s holdings in Michael Kors Holdings Limited were worth $10,903,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. NINE MASTS CAPITAL Ltd purchased a new stake in shares of Michael Kors Holdings Limited during the first quarter worth about $149,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Michael Kors Holdings Limited during the first quarter worth about $154,000. Sandy Spring Bank boosted its stake in shares of Michael Kors Holdings Limited by 23.5% in the first quarter. Sandy Spring Bank now owns 4,310 shares of the lifestyle brand’s stock worth $164,000 after buying an additional 820 shares during the period. Creative Planning boosted its stake in shares of Michael Kors Holdings Limited by 30.8% in the second quarter. Creative Planning now owns 5,005 shares of the lifestyle brand’s stock worth $181,000 after buying an additional 1,180 shares during the period. Finally, Globeflex Capital L P purchased a new stake in shares of Michael Kors Holdings Limited during the first quarter worth about $198,000. 84.04% of the stock is owned by institutional investors and hedge funds.

Michael Kors Holdings Limited (KORS) opened at 35.18 on Monday. Michael Kors Holdings Limited has a 1-year low of $32.38 and a 1-year high of $53.29. The company has a 50-day moving average of $34.87 and a 200 day moving average of $37.53. The stock has a market cap of $5.48 billion, a P/E ratio of 10.69 and a beta of 0.10.

Michael Kors Holdings Limited (NYSE:KORS) last posted its earnings results on Wednesday, May 31st. The lifestyle brand reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.03. Michael Kors Holdings Limited had a net margin of 12.38% and a return on equity of 41.00%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter in the prior year, the company posted $0.98 earnings per share. Michael Kors Holdings Limited’s revenue for the quarter was down 11.2% compared to the same quarter last year. Analysts predict that Michael Kors Holdings Limited will post $3.55 EPS for the current year.

Michael Kors Holdings Limited declared that its board has approved a share buyback plan on Wednesday, May 31st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the lifestyle brand to reacquire up to 18.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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A number of analysts have recently issued reports on KORS shares. Jefferies Group LLC set a $65.00 price objective on shares of Michael Kors Holdings Limited and gave the stock a “buy” rating in a research note on Monday, April 10th. BMO Capital Markets set a $38.00 price objective on shares of Michael Kors Holdings Limited and gave the stock a “hold” rating in a research note on Tuesday, April 18th. Goldman Sachs Group, Inc. (The) reissued a “sell” rating and issued a $35.00 price objective (down from $44.00) on shares of Michael Kors Holdings Limited in a research note on Thursday, June 1st. Deutsche Bank AG reissued a “hold” rating and issued a $36.00 price objective (down from $40.00) on shares of Michael Kors Holdings Limited in a research note on Saturday, June 3rd. Finally, Zacks Investment Research cut shares of Michael Kors Holdings Limited from a “hold” rating to a “sell” rating in a research note on Tuesday, April 11th. Five research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and four have assigned a buy rating to the stock. Michael Kors Holdings Limited has a consensus rating of “Hold” and a consensus price target of $39.77.

About Michael Kors Holdings Limited

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

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