Michael Kors Holdings Limited (KORS) Downgraded by Deutsche Bank AG to Hold

Deutsche Bank AG cut shares of Michael Kors Holdings Limited (NYSE:KORS) from a buy rating to a hold rating in a research report released on Monday, May 15th, MarketBeat Ratings reports. They currently have $40.00 price target on the lifestyle brand’s stock, down from their prior price target of $47.00.

Other analysts also recently issued reports about the company. Piper Jaffray Companies cut their target price on Michael Kors Holdings Limited to $34.00 in a research note on Wednesday, February 8th. Cowen and Company cut their target price on Michael Kors Holdings Limited to $40.00 in a research note on Wednesday, February 8th. Jefferies Group LLC set a $65.00 target price on Michael Kors Holdings Limited and gave the stock a buy rating in a research note on Tuesday, February 7th. Vetr downgraded Michael Kors Holdings Limited from a strong-buy rating to a buy rating and set a $48.40 target price for the company. in a research note on Tuesday, January 24th. Finally, Canaccord Genuity reiterated a buy rating and set a $45.00 price target on shares of Michael Kors Holdings Limited in a report on Tuesday, February 7th. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $40.63.

Michael Kors Holdings Limited (KORS) traded down 0.23% on Monday, reaching $34.60. 3,263,755 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $36.04 and a 200-day moving average price of $39.36. Michael Kors Holdings Limited has a 52 week low of $32.38 and a 52 week high of $53.29. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 10.52 and a beta of 0.15.

Michael Kors Holdings Limited (NYSE:KORS) last issued its earnings results on Wednesday, May 31st. The lifestyle brand reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. Michael Kors Holdings Limited had a return on equity of 41.00% and a net margin of 12.38%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same period last year, the company earned $0.98 EPS. The company’s revenue for the quarter was down 11.2% on a year-over-year basis. On average, analysts predict that Michael Kors Holdings Limited will post $3.56 earnings per share for the current year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comerica Bank raised its position in Michael Kors Holdings Limited by 25.9% in the fourth quarter. Comerica Bank now owns 52,722 shares of the lifestyle brand’s stock valued at $2,235,000 after buying an additional 10,836 shares during the period. 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 valued at $1,613,000 after buying an additional 320 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 valued at $244,000 after buying an additional 190 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 valued at $571,000 after buying an additional 4,400 shares during the period. Finally, Oxford Asset Management bought a new position in shares of Michael Kors Holdings Limited during the first quarter valued at $2,834,000. 85.15% of the stock is currently owned by institutional investors.

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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