Several other institutional investors and hedge funds have also recently bought and sold shares of the company.
They expect $1.29 EPS, down 27.13% or $0.35 from last year's $1.64 per share. IFP Advisors Inc now owns 3,432 shares of the lifestyle brand's stock valued at $216,000 after purchasing an additional 781 shares during the period. Pictet Asset Management Ltd. now owns 86,502 shares of the lifestyle brand's stock valued at $4,139,000 after acquiring an additional 1,800 shares during the last quarter.
However, revenue fell 2 percent, after backing out a $114.7 million contribution from Jimmy Choo, the high-end shoemaker Kors bought previous year. Picton Mahoney Asset Management purchased a new stake in Michael Kors during the 3rd quarter worth about $4,255,000. Ltd acquired a new position in Michael Kors during the 4th quarter valued at about $190,000.
Nationwide Fund Advisors, which manages about $89.45B and $25.44 billion US Long portfolio, upped its stake in Lannett Co Inc Common (NYSE:LCI) by 50,774 shares to 77,123 shares, valued at $1.42 million in 2017Q3, according to the filing. The firm has a market cap of $6.42 billion and a PE ratio of 13.00.
Michael Kors (NYSE:KORS) last issued its quarterly earnings data on Monday, November 6th. The same period of past year reportedly had EPS of $1.64 and $1.35 billion in revenue. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%.
The company raised its full-year revenue forecast to $4.66 billion from $4.59 billion.
Sales at Michael Kors surged during the holidays despite the company cutting back on discounts, pushing third-quarter profits well past most expectations. The stock was sold at an average price of $60.01, for a total transaction of $410,168.35. Following the completion of the sale, the senior vice president now owns 10,081 shares of the company's stock, valued at approximately $604,960.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
In related news, Director M William Benedetto sold 2,000 shares of the stock in a transaction that occurred on Thursday, November 9th. The institutional investor owned 200,279 shares of the lifestyle brand's stock after selling 18,759 shares during the quarter. The disclosure for this sale can be found here. Insiders have sold 16,335 shares of company stock worth $936,843 in the last 90 days. KORS was included in 7 notes of analysts from September 29, 2016.
Adjusted for one-time costs and restructuring expenses, earnings came to $1.77 per share, far beyond projections of $1.29 from industry analysts, according to a poll done by Zacks Investment Research. Piper Jaffray Companies reissued a "hold" rating and set a $72.00 target price on shares of Michael Kors in a research note on Monday. Canaccord Genuity reaffirmed a "buy" rating and set a $67.00 price objective (up previously from $58.00) on shares of Michael Kors in a research report on Friday, November 3rd. Finally, OTR Global upgraded Michael Kors to a "positive" rating in a report on Tuesday, January 30th. Zacks Investment Research lowered Michael Kors from a "buy" rating to a "hold" rating in a research note on Tuesday. The stock of Michael Kors Holdings Limited (NYSE:KORS) earned "Hold" rating by BB&T Capital on Thursday, July 30.
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Michael Kors Holdings Limited (NYSE KORS) opened at 42.37 on Friday.
The retailer's shares were up 3.7 percent at midday on Wednesday, easing after rising as much as 6.6 percent to a three-year high of $69.75.