Oppenheimer Holdings, Inc. upgraded shares of Michael Kors Holdings Limited (NYSE:KORS) from a market perform rating to an outperform rating in a report released on Tuesday, Marketbeat reports. Oppenheimer Holdings, Inc. currently has $55.00 price objective on the lifestyle brand’s stock, up from their prior price objective of $44.00.

KORS has been the subject of several other reports. Jefferies Group LLC reissued a buy rating and set a $60.00 price target on shares of Michael Kors Holdings Limited in a research report on Thursday, September 14th. Goldman Sachs Group, Inc. (The) reissued a sell rating and set a $35.00 price target (down from $44.00) on shares of Michael Kors Holdings Limited in a research report on Thursday, June 1st. ValuEngine cut Michael Kors Holdings Limited from a buy rating to a hold rating in a research report on Friday, September 1st. Deutsche Bank AG reissued a hold rating and set a $36.00 price target (down from $40.00) on shares of Michael Kors Holdings Limited in a research report on Saturday, June 3rd. Finally, Credit Suisse Group set a $36.00 price target on Michael Kors Holdings Limited and gave the company a hold rating in a research report on Tuesday, July 25th. Four research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and six have assigned a buy rating to the company. Michael Kors Holdings Limited has a consensus rating of Hold and a consensus target price of $43.94.

Michael Kors Holdings Limited (NYSE:KORS) opened at 46.16 on Tuesday. The company has a market capitalization of $6.99 billion and a P/E ratio of 14.16. Michael Kors Holdings Limited has a 52 week low of $32.38 and a 52 week high of $52.67. The company has a 50 day moving average price of $42.35 and a 200-day moving average price of $37.81.

Michael Kors Holdings Limited (NYSE:KORS) last issued its quarterly earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 EPS for the quarter, beating the 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 analysts’ expectations of $919.18 million. During the same period in the prior year, the firm posted $0.88 earnings per share. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, equities analysts anticipate that Michael Kors Holdings Limited will post $3.70 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: “Michael Kors Holdings Limited (KORS) Upgraded to Outperform by Oppenheimer Holdings, Inc.” was originally reported by Daily Political and is the sole property of of Daily Political. If you are reading this story on another website, it was stolen and republished in violation of US and international trademark and copyright laws. The correct version of this story can be read at https://www.dailypolitical.com/2017/09/23/michael-kors-holdings-limited-kors-upgraded-to-outperform-by-oppenheimer-holdings-inc.html.

Michael Kors Holdings Limited declared that its board has approved a share buyback program on Wednesday, May 31st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the lifestyle brand to reacquire up to 18.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

A number of institutional investors have recently bought and sold shares of KORS. Soros Fund Management LLC bought a new position in shares of Michael Kors Holdings Limited in the 1st quarter valued at $389,000. Schroder Investment Management Group increased its stake in shares of Michael Kors Holdings Limited by 17.4% in the 2nd quarter. Schroder Investment Management Group now owns 2,410,156 shares of the lifestyle brand’s stock valued at $86,042,000 after purchasing an additional 357,661 shares during the last quarter. Oxford Asset Management bought a new position in shares of Michael Kors Holdings Limited in the 1st quarter valued at $2,834,000. Legal & General Group Plc increased its stake in shares of Michael Kors Holdings Limited by 5.1% in the 2nd quarter. Legal & General Group Plc now owns 818,344 shares of the lifestyle brand’s stock valued at $29,663,000 after purchasing an additional 39,949 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. increased its stake in shares of Michael Kors Holdings Limited by 75.8% in the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 812,941 shares of the lifestyle brand’s stock valued at $30,981,000 after purchasing an additional 350,512 shares during the last quarter. Hedge funds and other institutional investors own 83.39% 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.

Analyst Recommendations for Michael Kors Holdings Limited (NYSE:KORS)

Receive News & Ratings for Michael Kors Holdings Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michael Kors Holdings Limited and related companies with MarketBeat.com's FREE daily email newsletter.