Michael Kors Holdings Limited (KORS) Holdings Cut by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp decreased its position in shares of Michael Kors Holdings Limited (NYSE:KORS) by 0.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 341,832 shares of the lifestyle brand’s stock after selling 2,066 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.22% of Michael Kors Holdings Limited worth $12,391,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in KORS. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in Michael Kors Holdings Limited by 0.5% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 26,194 shares of the lifestyle brand’s stock valued at $998,000 after purchasing an additional 125 shares in the last quarter. First Heartland Consultants Inc. raised its holdings in shares of Michael Kors Holdings Limited by 1.9% during the 2nd quarter. First Heartland Consultants Inc. now owns 6,829 shares of the lifestyle brand’s stock worth $248,000 after acquiring an additional 129 shares during the period. Twin Capital Management Inc. raised its holdings in shares of Michael Kors Holdings Limited by 0.8% during the 1st quarter. Twin Capital Management Inc. now owns 42,320 shares of the lifestyle brand’s stock worth $1,613,000 after acquiring an additional 320 shares during the period. Thrivent Financial For Lutherans raised its holdings in shares of Michael Kors Holdings Limited by 5.8% during the 1st quarter. Thrivent Financial For Lutherans now owns 6,000 shares of the lifestyle brand’s stock worth $229,000 after acquiring an additional 330 shares during the period. Finally, Financial Advisors Network Inc. raised its holdings in shares of Michael Kors Holdings Limited by 5.1% during the 2nd quarter. Financial Advisors Network Inc. now owns 7,854 shares of the lifestyle brand’s stock worth $285,000 after acquiring an additional 379 shares during the period. Hedge funds and other institutional investors own 83.39% of the company’s stock.

A number of equities analysts have recently commented on KORS shares. Cowen and Company reissued a “market perform” rating and set a $45.00 price objective (up from $35.00) on shares of Michael Kors Holdings Limited in a research report on Thursday, August 10th. MKM Partners restated a “sell” rating on shares of Michael Kors Holdings Limited in a research note 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 research note on Thursday, August 10th. Deutsche Bank AG set a $46.00 target price on Michael Kors Holdings Limited and gave the stock a “hold” rating in a research note on Thursday, August 10th. Finally, Piper Jaffray Companies set a $46.00 price objective on Michael Kors Holdings Limited and gave the company a “hold” rating in a research note on Tuesday, August 8th. Four 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 company. The company presently has a consensus rating of “Hold” and an average price target of $42.54.

Michael Kors Holdings Limited (NYSE KORS) opened at 44.42 on Friday. The company’s 50-day moving average price is $41.59 and its 200 day moving average price is $37.62. The stock has a market capitalization of $6.73 billion and a P/E ratio of 13.63. Michael Kors Holdings Limited has a 52-week low of $32.38 and a 52-week high of $52.67.

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, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.18. Michael Kors Holdings Limited had a return on equity of 40.26% and a net margin of 11.91%. The company had revenue of $952.40 million during the quarter, compared to analysts’ expectations of $919.18 million. During the same quarter last year, the company earned $0.88 EPS. Michael Kors Holdings Limited’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, equities research analysts anticipate that Michael Kors Holdings Limited will post $3.70 earnings per share for the current year.

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

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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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