Lone Pine Capital Surges Position in Michael Kors Holdings Ltd (KORS)

According to a new filing with the Securities and Exchange commission, Stephen Mandel’s Lone Pine Capital has almost doubled its exposure to Michael Kors Holdings Ltd (NYSE:KORS). The fund disclosed holding around 11.29 million shares of Michael Kors, versus 6.11 million owned earlier. The new stake amasses 5.5% of the outstanding stock.

LONE PINE CAPITAL

The stock of Michael Kors Holdings Ltd (NYSE:KORS) has gained over 15% since the beginning of the year. The company recently disclosed its financial results for the third quarter of its fiscal 2014, posting an almost 60% increase on the year in revenues to $1.0 billion. The retail net sales went up by an annual 51% to $503.4 million. On the back of sales and revenues increase, the company’s net profit surged to $229.6 million, or $1.11 per diluted share, from $130 million, or $0.64 per share a year earlier. For the full fiscal 2014, analysts expect the company to report EPS of $3.11 and revenues worth $3.2 billion.

Recently, Michael Kors Holdings Ltd (NYSE:KORS) entered into an agreement with Luxottica Group SpA (ADR) (NYSE:LUX) for the Michael Kors Collection of eyewear. The first collection will be launched at the beginning of next year, and the partnership between the two companies will last 10 years, Michael Kors said in a press release.

In the previous round of 13F filings, Andreas Halvorsen‘s Viking Global disclosed ownership of 8.34 million shares of Michael Kors Holdings Ltd (NYSE:KORS). Donald Chiboucis‘ Columbus Circle Investors and Rob Citrone‘s Discovery Capital Management held around 1.82 million and 1.71 million shares respectively.

At the beginning of March, Lone Pine reported significantly raising its position in SouFun Holdings Limited (NYSE:SFUN) to 3.7 million shares, equal to 6.4% of the outstanding stock, from 45,000 shares held previously. The fund also initiated a stake in LPL Financial Holdings Inc (NASDAQ:LPLA), during the previous quarter, currently holding 6.52 million shares, equal to 6.4% of the stock.

Disclosure: none

Recommended Reading:

Stay Away From Stephen Mandel’s Top Stock Picks

Billionaires Steven Cohen and Stephen Mandel Disclose Huge Stakes in Lumber Liquidators Holdings Inc (LL)

Lone Pine Capital Discloses New 6.4% Stake in SBA Communications Corporation (SBAC)

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Most Expensive Specialty Crops in the World

Movies That Took Ages to Make

The Longest Hollywood Films Ever Made

Most Expensive Concert Stages

The Richest Bands of all Time

10 Most Corrupt Countries 2013 List

10 Countries with the Highest Quality of Life Index

Most Expensive Mattresses in the World

5 Smallest Countries by Land Area

The Ultimate Heartbreak Songs

Richest Teenagers in the World

10 Most Haunted Places in America

10 Best Places to Retire in Florida East Coast

Top 10 Places to See Before You Die

Top 8 Countries in the World Where Justice Prevails

10 Richest States in America

15 Wealthiest Countries in the World

Richest Singers in the World

Most Expensive Tasting Menu in New York City

Most Expensive Baby Items in the World

Most Expensive Hotel Suites in Vegas

Most Expensive Brunch in New York City

Most Expensive Beef Cuts in the World

25 Best Colleges to Get a Job

Top 10 US Supermarkets

The 25 Most Dangerous Cities in the World to Visit

Most Expensive Xbox Games

Top 11 Cities Where Billionaires Live

Top 10 Most Charitable Companies in America

Most Expensive Seafood in the World

The 10 Wildest Conspiracy Theories

The 10 Best Job Markets in the US

Top 10 Accounting Scandals of All Time

The 25 Biggest Cities in the World

Top 10 Best Paying Virtual Jobs

Most Expensive Leather Shoes in the World

Top 6 Things to Buy in March

The 10 Most Stressful Jobs in America – 2014 List

Top 10 Jobs for Introverted People

Top 10 Honeymoon Destinations in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!