Highstreet Asset Management Inc. Invests $943,000 in Michael Kors Holdings Ltd (KORS)
Highstreet Asset Management Inc. purchased a new position in Michael Kors Holdings Ltd (NYSE:KORS) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 14,988 shares of the lifestyle brand’s stock, valued at approximately $943,000.
Other large investors also recently bought and sold shares of the company. Cerebellum GP LLC bought a new position in Michael Kors during the fourth quarter worth about $126,000. Harvest Fund Management Co. Ltd bought a new position in Michael Kors during the fourth quarter worth about $190,000. IFP Advisors Inc lifted its holdings in Michael Kors by 29.5% during the fourth quarter. IFP Advisors Inc now owns 3,432 shares of the lifestyle brand’s stock worth $216,000 after acquiring an additional 781 shares in the last quarter. CAPROCK Group Inc. bought a new position in Michael Kors during the fourth quarter worth about $219,000. Finally, First Allied Advisory Services Inc. lifted its holdings in Michael Kors by 5.3% during the second quarter. First Allied Advisory Services Inc. now owns 6,752 shares of the lifestyle brand’s stock worth $251,000 after acquiring an additional 337 shares in the last quarter. Institutional investors and hedge funds own 87.32% of the company’s stock.
Shares of Michael Kors Holdings Ltd (NYSE KORS) opened at $65.27 on Friday. The stock has a market capitalization of $9,930.00, a PE ratio of 18.18, a P/E/G ratio of 2.20 and a beta of 0.08. Michael Kors Holdings Ltd has a 12-month low of $32.38 and a 12-month high of $68.35.
Several research firms have weighed in on KORS. MKM Partners upgraded Michael Kors from a “sell” rating to a “neutral” rating and set a $26.00 target price on the stock in a report on Tuesday, November 7th. ValuEngine upgraded Michael Kors from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Robert W. Baird set a $62.00 target price on Michael Kors and gave the stock a “hold” rating in a report on Sunday, January 21st. Cowen reissued a “hold” rating on shares of Michael Kors in a research note on Friday, November 10th. Finally, Zacks Investment Research raised Michael Kors from a “hold” rating to a “strong-buy” rating and set a $63.00 price target on the stock in a research note on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $54.14.
In related news, SVP Pascale Meyran sold 6,835 shares of Michael Kors stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $60.01, for a total value of $410,168.35. Following the sale, the senior vice president now owns 10,081 shares of the company’s stock, valued at $604,960.81. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director M William Benedetto sold 2,000 shares of Michael Kors stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $53.60, for a total value of $107,200.00. Following the completion of the sale, the director now directly owns 18,662 shares in the company, valued at approximately $1,000,283.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,835 shares of company stock worth $964,403. 6.00% of the stock is owned by company insiders.
Michael Kors 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.
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