Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

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)

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...