Oppenheimer Holdings, Inc. Upgrades Michael Kors Holdings Limited (KORS) to Outperform
Michael Kors Holdings Limited (NYSE:KORS) was upgraded by Oppenheimer Holdings, Inc. from a “market perform” rating to an “outperform” rating in a report released on Tuesday.
Several other equities research analysts have also commented on KORS. Credit Suisse Group restated a “neutral” rating and set a $39.00 target price (down from $42.00) on shares of Michael Kors Holdings Limited in a research report on Wednesday, May 24th. Canaccord Genuity set a $38.00 price target on Michael Kors Holdings Limited and gave the stock a “hold” rating in a research note on Friday, May 26th. Jefferies Group LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Michael Kors Holdings Limited in a research note on Thursday, June 1st. Telsey Advisory Group cut their price target on Michael Kors Holdings Limited from $42.00 to $38.00 and set a “market perform” rating for the company in a research note on Thursday, June 1st. Finally, BMO Capital Markets set a $35.00 price target on Michael Kors Holdings Limited and gave the stock a “hold” rating in a research note on Wednesday, May 31st. Four investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and five have given a buy rating to the stock. Michael Kors Holdings Limited has a consensus rating of “Hold” and a consensus price target of $42.54.
Michael Kors Holdings Limited (NYSE KORS) opened at 44.65 on Tuesday. The firm’s 50-day moving average is $42.07 and its 200-day moving average is $37.74. 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 capitalization of $6.76 billion and a PE ratio of 13.70.
Michael Kors Holdings Limited (NYSE:KORS) last issued its earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 EPS for the quarter, topping the consensus estimate of $0.62 by $0.18. The company had revenue of $952.40 million for the quarter, compared to analyst estimates of $919.18 million. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. The business’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.88 EPS. On average, analysts anticipate that Michael Kors Holdings Limited will post $3.70 earnings per share for the current year.
Michael Kors Holdings Limited announced that its board has initiated a share buyback plan 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in KORS. Pacer Advisors Inc. acquired a new stake in Michael Kors Holdings Limited in the 2nd quarter valued at approximately $114,000. NINE MASTS CAPITAL Ltd acquired a new stake in Michael Kors Holdings Limited in the 1st quarter valued at approximately $149,000. Ameritas Investment Partners Inc. acquired a new stake in Michael Kors Holdings Limited in the 1st quarter valued at approximately $154,000. Sandy Spring Bank grew its holdings in Michael Kors Holdings Limited by 0.9% in the 2nd quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock valued at $158,000 after buying an additional 40 shares during the last quarter. Finally, TrimTabs Asset Management LLC grew its holdings in Michael Kors Holdings Limited by 105.1% in the 2nd quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock valued at $164,000 after buying an additional 2,325 shares during the last quarter. 83.39% of the stock is currently owned by hedge funds and other 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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