Michael Kors Holdings Limited (NYSE:KORS) was upgraded by equities research analysts at CIBC from a “market perform” rating to an “outperform” rating in a research note issued to investors on Tuesday. The brokerage currently has a $55.00 price objective on the lifestyle brand’s stock, up from their previous price objective of $44.00. CIBC’s target price points to a potential upside of 19.28% from the stock’s previous close.
KORS has been the subject of several other research reports. ValuEngine downgraded shares of Michael Kors Holdings Limited from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Canaccord Genuity reissued a “hold” rating and set a $33.00 price objective (down previously from $38.00) on shares of Michael Kors Holdings Limited in a research report on Thursday, June 1st. Jefferies Group LLC set a $60.00 target price on shares of Michael Kors Holdings Limited and gave the stock a “buy” rating in a report on Tuesday, July 4th. Deutsche Bank AG restated a “hold” rating and set a $36.00 target price on shares of Michael Kors Holdings Limited in a report on Friday, June 16th. Finally, Credit Suisse Group restated a “neutral” rating and set a $39.00 target price (down previously from $42.00) on shares of Michael Kors Holdings Limited in a report on Wednesday, May 24th. Four equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $43.94.
Shares of Michael Kors Holdings Limited (NYSE KORS) opened at 46.11 on Tuesday. Michael Kors Holdings Limited has a 52 week low of $32.38 and a 52 week high of $52.67. The firm has a market cap of $6.99 billion and a price-to-earnings ratio of 14.14. The firm’s 50 day moving average is $42.35 and its 200-day moving average is $37.81.
Michael Kors Holdings Limited (NYSE:KORS) last issued its quarterly earnings data on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.18. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. The company had revenue of $952.40 million during the quarter, compared to the consensus estimate of $919.18 million. During the same quarter in the prior year, the firm earned $0.88 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. Equities research analysts predict that Michael Kors Holdings Limited will post $3.70 EPS for the current year.
Michael Kors Holdings Limited declared that its board has approved a share repurchase program on Wednesday, May 31st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the lifestyle brand to repurchase up to 18.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Large investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. bought a new position in Michael Kors Holdings Limited during the second quarter worth about $114,000. NINE MASTS CAPITAL Ltd bought a new position in Michael Kors Holdings Limited during the first quarter worth about $149,000. Ameritas Investment Partners Inc. bought a new position in Michael Kors Holdings Limited during the first quarter worth about $154,000. Sandy Spring Bank increased its position in Michael Kors Holdings Limited by 0.9% during the second quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock worth $158,000 after acquiring an additional 40 shares during the period. Finally, TrimTabs Asset Management LLC increased its position in Michael Kors Holdings Limited by 105.1% during the second quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock worth $164,000 after acquiring an additional 2,325 shares during the period. 83.39% of the stock is currently owned by institutional investors and hedge funds.
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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