Invictus RG bought a new stake in Michael Kors Holdings Ltd (NYSE:KORS) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,564 shares of the lifestyle brand’s stock, valued at approximately $244,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of Michael Kors by 12.9% in the third quarter. BlackRock Inc. now owns 12,564,075 shares of the lifestyle brand’s stock valued at $861,392,000 after buying an additional 1,436,136 shares during the last quarter. FMR LLC raised its position in shares of Michael Kors by 18.4% in the third quarter. FMR LLC now owns 5,373,852 shares of the lifestyle brand’s stock valued at $368,432,000 after buying an additional 835,011 shares during the last quarter. Millennium Management LLC raised its position in shares of Michael Kors by 308.8% in the second quarter. Millennium Management LLC now owns 2,651,631 shares of the lifestyle brand’s stock valued at $176,599,000 after buying an additional 2,003,044 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Michael Kors by 12.2% in the third quarter. Bank of New York Mellon Corp now owns 2,525,276 shares of the lifestyle brand’s stock valued at $173,132,000 after buying an additional 274,379 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Michael Kors by 20.0% in the third quarter. Janus Henderson Group PLC now owns 2,117,010 shares of the lifestyle brand’s stock valued at $145,142,000 after buying an additional 353,389 shares during the last quarter. Institutional investors and hedge funds own 86.94% of the company’s stock.
Shares of KORS stock opened at $40.48 on Friday. The company has a quick ratio of 0.71, a current ratio of 1.48 and a debt-to-equity ratio of 0.23. The stock has a market cap of $6.45 billion, a price-to-earnings ratio of 8.96, a P/E/G ratio of 1.38 and a beta of 0.32. Michael Kors Holdings Ltd has a 1-year low of $40.40 and a 1-year high of $75.96.
A number of brokerages have recently commented on KORS. TheStreet cut shares of Michael Kors from a “b-” rating to a “c+” rating in a research report on Thursday. Nomura set a $76.00 price objective on shares of Michael Kors and gave the company a “buy” rating in a report on Monday, November 26th. ValuEngine lowered shares of Michael Kors from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 20th. CIBC reissued a “market perform” rating on shares of Michael Kors in a report on Friday, November 16th. Finally, Oppenheimer lowered shares of Michael Kors from an “outperform” rating to a “market perform” rating and set a $90.00 price objective for the company. in a report on Friday, November 16th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the company. Michael Kors presently has a consensus rating of “Hold” and a consensus target price of $73.04.
In other Michael Kors news, SVP Krista A. Mcdonough sold 3,000 shares of the stock in a transaction dated Thursday, December 6th. The shares were sold at an average price of $42.62, for a total transaction of $127,860.00. Following the completion of the transaction, the senior vice president now owns 2,423 shares of the company’s stock, valued at $103,268.26. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO John D. Idol sold 150,000 shares of the stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $72.99, for a total transaction of $10,948,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 519,516 shares of company stock valued at $36,945,527. 6.00% of the stock is currently owned by insiders.
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About Michael Kors
Michael Kors Holdings Limited design, markets, distributes, and retails branded women's and men's apparel and accessories. It operates in four segments: MK Retail, MK Wholesale, MK Licensing, and Jimmy Choo. The MK Retail segment sells women's apparel; handbags and small leather goods; men's apparel; footwear; and licensed products comprising watches, jewelry, fragrances, and beauty and eyewear.
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