In such a scenario, you might miss important updates sent by the meeting organizer. Moving a meeting from one calendar to another might trigger discrepancies between your instance of the meeting and the information that the meeting organizer or other attendees have. This functionality isn't supported by Outlook 2016 for Mac or Outlook for Mac 2011.
Also, there is no Move or Copy option available to move meetings from one calendar to another. You can't use Microsoft Outlook 2016 for Mac or Outlook for Mac 2011 to move a meeting by dragging it from one calendar to another.