Insider Selling: Michael Kors Holdings Ltd (NYSE:KORS) SVP Sells 7,500 Shares of Stock

Michael Kors Holdings Ltd (NYSE:KORS) SVP Krista A. Mcdonough sold 7,500 shares of Michael Kors stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $55.93, for a total transaction of $419,475.00. Following the completion of the transaction, the senior vice president now directly owns 10,647 shares of the company’s stock, valued at $595,486.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Michael Kors Holdings Ltd (NYSE:KORS) traded up $0.10 during midday trading on Thursday, hitting $59.95. 2,649,862 shares of the company were exchanged, compared to its average volume of 2,508,512. Michael Kors Holdings Ltd has a twelve month low of $32.38 and a twelve month high of $60.51. The company has a market cap of $9,110.00, a P/E ratio of 13.29, a P/E/G ratio of 2.02 and a beta of 0.13.

Michael Kors (NYSE:KORS) last released its earnings results on Monday, November 6th. The lifestyle brand reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.50. Michael Kors had a net margin of 12.68% and a return on equity of 42.09%. The business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same period in the previous year, the firm earned $0.95 EPS. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. sell-side analysts predict that Michael Kors Holdings Ltd will post 3.96 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Flossbach Von Storch AG raised its holdings in shares of Michael Kors by 12.9% during the second quarter. Flossbach Von Storch AG now owns 11,972,527 shares of the lifestyle brand’s stock valued at $434,004,000 after acquiring an additional 1,366,038 shares during the period. BlackRock Inc. raised its holdings in shares of Michael Kors by 9.3% during the second quarter. BlackRock Inc. now owns 15,287,608 shares of the lifestyle brand’s stock valued at $554,176,000 after acquiring an additional 1,301,796 shares during the period. FMR LLC raised its holdings in shares of Michael Kors by 33.9% during the second quarter. FMR LLC now owns 4,378,144 shares of the lifestyle brand’s stock valued at $158,708,000 after acquiring an additional 1,107,385 shares during the period. Ardevora Asset Management LLP acquired a new stake in shares of Michael Kors during the third quarter valued at approximately $37,089,000. Finally, PDT Partners LLC raised its holdings in shares of Michael Kors by 590.2% during the second quarter. PDT Partners LLC now owns 639,200 shares of the lifestyle brand’s stock valued at $23,171,000 after acquiring an additional 546,588 shares during the period. Institutional investors and hedge funds own 86.59% of the company’s stock.

Several research firms have recently commented on KORS. BMO Capital Markets reaffirmed a “market perform” rating and issued a $46.00 price target (up from $35.00) on shares of Michael Kors in a report on Wednesday, August 9th. Canaccord Genuity lifted their price target on shares of Michael Kors from $33.00 to $43.00 and gave the company a “hold” rating in a report on Wednesday, August 9th. Cowen reissued a “market perform” rating and set a $45.00 target price (up from $35.00) on shares of Michael Kors in a research note on Thursday, August 10th. Telsey Advisory Group boosted their target price on shares of Michael Kors from $38.00 to $49.00 and gave the company a “market perform” rating in a research note on Wednesday, August 9th. Finally, Zacks Investment Research raised shares of Michael Kors from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a research note on Monday, August 14th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $51.09.

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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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