Chevy Chase Trust Holdings Inc. Decreases Stake in Michael Kors Holdings Limited (KORS)

Chevy Chase Trust Holdings Inc. decreased its position in Michael Kors Holdings Limited (NYSE:KORS) by 4.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 137,255 shares of the lifestyle brand’s stock after selling 5,784 shares during the period. Chevy Chase Trust Holdings Inc. owned about 0.09% of Michael Kors Holdings Limited worth $4,976,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of KORS. Acadian Asset Management LLC increased its position in shares of Michael Kors Holdings Limited by 2,251.7% in the first quarter. Acadian Asset Management LLC now owns 28,291 shares of the lifestyle brand’s stock worth $1,079,000 after buying an additional 27,088 shares during the period. Candriam Luxembourg S.C.A. increased its position in shares of Michael Kors Holdings Limited by 783.6% in the first quarter. Candriam Luxembourg S.C.A. now owns 185,271 shares of the lifestyle brand’s stock worth $7,061,000 after buying an additional 164,303 shares during the period. DnB Asset Management AS increased its position in shares of Michael Kors Holdings Limited by 41.6% in the first quarter. DnB Asset Management AS now owns 14,973 shares of the lifestyle brand’s stock worth $571,000 after buying an additional 4,400 shares during the period. SFE Investment Counsel increased its position in shares of Michael Kors Holdings Limited by 20.1% in the first quarter. SFE Investment Counsel now owns 23,050 shares of the lifestyle brand’s stock worth $878,000 after buying an additional 3,850 shares during the period. Finally, Gateway Investment Advisers LLC increased its position in shares of Michael Kors Holdings Limited by 17.7% in the first quarter. Gateway Investment Advisers LLC now owns 269,715 shares of the lifestyle brand’s stock worth $10,279,000 after buying an additional 40,611 shares during the period. 84.40% of the stock is currently owned by institutional investors.

Shares of Michael Kors Holdings Limited (NYSE KORS) traded down 3.21% during mid-day trading on Friday, hitting $41.96. 2,814,985 shares of the stock traded hands. Michael Kors Holdings Limited has a one year low of $32.38 and a one year high of $52.67. The stock has a market cap of $6.36 billion, a PE ratio of 12.87 and a beta of 0.10. The stock has a 50-day moving average of $37.58 and a 200 day moving average of $37.16.

Michael Kors Holdings Limited (NYSE:KORS) last released its quarterly earnings data on Tuesday, August 8th. The lifestyle brand reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.18. The firm had revenue of $952.40 million during the quarter, compared to the consensus estimate of $919.18 million. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. The firm’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.88 earnings per share. Equities analysts predict that Michael Kors Holdings Limited will post $3.71 EPS for the current fiscal year.

Michael Kors Holdings Limited declared that its board has approved a share repurchase program on Wednesday, May 31st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the lifestyle brand to reacquire up to 18.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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A number of equities research analysts have recently issued reports on KORS shares. Deutsche Bank AG reduced their price target on shares of Michael Kors Holdings Limited from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Tuesday, April 25th. Jefferies Group LLC set a $65.00 price target on shares of Michael Kors Holdings Limited and gave the company a “buy” rating in a research note on Friday, May 19th. Credit Suisse Group reissued a “neutral” rating and issued a $39.00 price target (down from $42.00) on shares of Michael Kors Holdings Limited in a research note on Wednesday, May 24th. Canaccord Genuity set a $38.00 price target on shares of Michael Kors Holdings Limited and gave the company a “hold” rating in a research note on Friday, May 26th. Finally, Telsey Advisory Group reduced their price target on shares of Michael Kors Holdings Limited from $42.00 to $38.00 and set a “market perform” rating on the stock in a research note on Thursday, June 1st. Three equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and five have assigned a buy rating to the stock. Michael Kors Holdings Limited has an average rating of “Hold” and a consensus target price of $42.77.

Michael Kors Holdings Limited Company 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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