Michael Kors Holdings Limited (NYSE:KORS) has been assigned a $34.00 price target by investment analysts at Buckingham Research in a report issued on Tuesday. The firm presently has a “hold” rating on the lifestyle brand’s stock. Buckingham Research’s target price suggests a potential downside of 8.68% from the stock’s previous close.
A number of other brokerages also recently weighed in on KORS. Deutsche Bank AG downgraded shares of Michael Kors Holdings Limited from a “buy” rating to a “hold” rating and cut their price target for the company from $47.00 to $40.00 in a research report on Monday, May 15th. Jefferies Group LLC set a $65.00 price target on shares of Michael Kors Holdings Limited and gave the company a “buy” rating in a research report on Friday, May 19th. Canaccord Genuity reiterated a “hold” rating and issued a $33.00 price target (down from $38.00) on shares of Michael Kors Holdings Limited in a research report on Thursday, June 1st. Credit Suisse Group reissued a “neutral” rating and set a $39.00 target price (down from $42.00) on shares of Michael Kors Holdings Limited in a research note on Wednesday, May 24th. Finally, BMO Capital Markets set a $38.00 target price on Michael Kors Holdings Limited and gave the stock a “hold” rating in a research note on Tuesday, April 18th. Four equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and four have given a buy rating to the stock. Michael Kors Holdings Limited currently has a consensus rating of “Hold” and a consensus target price of $39.42.
Shares of Michael Kors Holdings Limited (NYSE KORS) traded up 21.89% during trading on Tuesday, hitting $45.38. 9,923,507 shares of the stock traded hands. Michael Kors Holdings Limited has a 1-year low of $32.38 and a 1-year high of $52.67. The company has a market cap of $7.06 billion, a PE ratio of 13.79 and a beta of 0.10. The company has a 50 day moving average of $35.18 and a 200-day moving average of $37.09.
Michael Kors Holdings Limited (NYSE:KORS) last released its earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.18. Michael Kors Holdings Limited had a net margin of 12.38% and a return on equity of 41.00%. The company had revenue of $952.40 million for the quarter, compared to the consensus estimate of $919.18 million. During the same period in the prior year, the company posted $0.88 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. On average, equities analysts anticipate that Michael Kors Holdings Limited will post $3.54 EPS for the current fiscal year.
Michael Kors Holdings Limited declared that its Board of Directors has initiated a share repurchase plan on Wednesday, May 31st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the lifestyle brand to buy up to 18.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Soros Fund Management LLC acquired a new position in shares of Michael Kors Holdings Limited during the first quarter worth about $389,000. Twin Capital Management Inc. increased its position in shares of Michael Kors Holdings Limited by 0.8% in the first quarter. Twin Capital Management Inc. now owns 42,320 shares of the lifestyle brand’s stock worth $1,613,000 after buying an additional 320 shares during the period. DnB Asset Management AS increased its position in shares of Michael Kors Holdings Limited by 41.6% in the first quarter. DnB Asset Management AS now owns 14,973 shares of the lifestyle brand’s stock worth $571,000 after buying an additional 4,400 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Michael Kors Holdings Limited by 3.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 5,670 shares of the lifestyle brand’s stock worth $244,000 after buying an additional 190 shares during the period. Finally, Oxford Asset Management acquired a new position in shares of Michael Kors Holdings Limited during the first quarter worth about $2,834,000. Hedge funds and other institutional investors own 84.89% of the company’s stock.
About Michael Kors Holdings Limited
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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