Michael Kors Holdings Limited (KORS) Receives Market Perform Rating from BMO Capital Markets
Michael Kors Holdings Limited (NYSE:KORS)‘s stock had its “market perform” rating reiterated by analysts at BMO Capital Markets in a note issued to investors on Wednesday. They currently have a $46.00 price objective on the lifestyle brand’s stock, up from their prior price objective of $35.00. BMO Capital Markets’ target price would indicate a potential upside of 0.48% from the company’s previous close.
KORS has been the subject of several other reports. Deutsche Bank AG lowered Michael Kors Holdings Limited from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $47.00 to $40.00 in a research report on Monday, May 15th. Jefferies Group LLC set a $65.00 price objective on Michael Kors Holdings Limited and gave the stock a “buy” rating in a research report on Friday, May 19th. Canaccord Genuity reissued a “hold” rating and issued a $33.00 price objective (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 issued a $39.00 price objective (down from $42.00) on shares of Michael Kors Holdings Limited in a research report on Wednesday, May 24th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $34.00 price objective on shares of Michael Kors Holdings Limited in a research report on Friday, June 9th. Four research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and four have issued a buy rating to the stock. Michael Kors Holdings Limited presently has a consensus rating of “Hold” and an average price target of $42.26.
Michael Kors Holdings Limited (KORS) traded down 1.911% during midday trading on Wednesday, reaching $44.905. The company had a trading volume of 1,166,844 shares. The stock has a 50-day moving average price of $36.03 and a 200 day moving average price of $37.04. The company has a market capitalization of $6.94 billion, a PE ratio of 13.775 and a beta of 0.10. Michael Kors Holdings Limited has a 12-month low of $32.38 and a 12-month high of $52.67.
Michael Kors Holdings Limited (NYSE:KORS) last posted its quarterly earnings data on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.18. Michael Kors Holdings Limited had a return on equity of 40.26% and a net margin of 11.91%. The firm had revenue of $952.40 million during the quarter, compared to analyst estimates of $919.18 million. During the same period last year, the company posted $0.88 EPS. The business’s quarterly revenue was down 3.6% on a year-over-year basis. Equities analysts forecast that Michael Kors Holdings Limited will post $3.70 EPS for the current year.
Michael Kors Holdings Limited declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 31st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the lifestyle brand to reacquire up to 18.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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Institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. acquired a new position in shares of Michael Kors Holdings Limited during the second quarter worth $114,000. NINE MASTS CAPITAL Ltd acquired a new position in shares of Michael Kors Holdings Limited during the first quarter worth $149,000. Ameritas Investment Partners Inc. acquired a new position in shares of Michael Kors Holdings Limited during the first quarter worth $154,000. Sandy Spring Bank increased its position in shares of Michael Kors Holdings Limited by 23.5% in the first quarter. Sandy Spring Bank now owns 4,310 shares of the lifestyle brand’s stock worth $164,000 after buying an additional 820 shares during the last quarter. Finally, TrimTabs Asset Management LLC increased its position in shares of Michael Kors Holdings Limited by 105.1% in the second quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock worth $164,000 after buying an additional 2,325 shares during the last quarter. Hedge funds and other institutional investors own 84.89% of the company’s stock.
Michael Kors Holdings Limited Company Profile
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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