Zacks Investment Research cut shares of Michael Kors Holdings Limited (NYSE:KORS) from a buy rating to a hold rating in a research note released on Tuesday morning.

According to Zacks, “Shares of Michael Kors have outperformed the industry in the past three months owing to positive earnings streak and upbeat fiscal 2018 guidance. After reporting both top and bottom-line beat in first-quarter fiscal 2018, the company now envisions total revenues for fiscal 2018 to be nearly $4.275 billion, up from the previous estimate of about $4.25 billion. Meanwhile, Michael Kors’ acquisition of Jimmy Choo will help diversify portfolio and tap international markets. The company has been constantly deploying resources to expand product offerings, open new stores, build shop-in-shops and upgrade eCommerce platform. We note that despite the possibility of heavy investments weighing on margins in the short term, management continues to take up strategic endeavors. However, stiff competition, falling comps, aggressive promotional environment and waning mall traffic are making things tough for Michael Kors.”

KORS has been the topic of several other reports. CIBC raised shares of Michael Kors Holdings Limited from a market perform rating to an outperform rating and lifted their target price for the stock from $44.00 to $55.00 in a research report on Tuesday, September 19th. Jefferies Group LLC reissued a buy rating and issued a $60.00 target price on shares of Michael Kors Holdings Limited in a research report on Thursday, September 14th. ValuEngine downgraded shares of Michael Kors Holdings Limited from a buy rating to a hold rating in a research report on Friday, September 1st. Credit Suisse Group set a $36.00 target price on shares of Michael Kors Holdings Limited and gave the stock a hold rating in a research report on Tuesday, July 25th. Finally, BidaskClub raised shares of Michael Kors Holdings Limited from a strong sell rating to a sell rating in a research report on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, twenty have issued a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $45.35.

Michael Kors Holdings Limited (KORS) traded up 0.35% during mid-day trading on Tuesday, hitting $49.16. 1,220,480 shares of the stock traded hands. The stock has a 50 day moving average price of $45.32 and a 200 day moving average price of $39.12. The firm has a market cap of $7.45 billion, a PE ratio of 15.08 and a beta of 0.03. 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 released its earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.18. The business had revenue of $952.40 million for the quarter, compared to the consensus estimate of $919.18 million. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm posted $0.88 earnings per share. On average, analysts expect that Michael Kors Holdings Limited will post $3.71 earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. lifted its stake in Michael Kors Holdings Limited by 9.3% in the second quarter. BlackRock Inc. now owns 15,287,608 shares of the lifestyle brand’s stock valued at $554,176,000 after acquiring an additional 1,301,796 shares during the last quarter. Flossbach Von Storch AG lifted its stake in Michael Kors Holdings Limited by 12.9% in the second quarter. Flossbach Von Storch AG now owns 11,972,527 shares of the lifestyle brand’s stock valued at $434,004,000 after acquiring an additional 1,366,038 shares during the last quarter. State Street Corp lifted its stake in Michael Kors Holdings Limited by 3.9% in the first quarter. State Street Corp now owns 8,681,138 shares of the lifestyle brand’s stock valued at $330,838,000 after acquiring an additional 325,525 shares during the last quarter. FMR LLC lifted its stake in Michael Kors Holdings Limited by 33.9% in the second quarter. FMR LLC now owns 4,378,144 shares of the lifestyle brand’s stock valued at $158,708,000 after acquiring an additional 1,107,385 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC lifted its stake in Michael Kors Holdings Limited by 24.5% in the second quarter. Thompson Siegel & Walmsley LLC now owns 2,572,603 shares of the lifestyle brand’s stock valued at $93,256,000 after acquiring an additional 506,071 shares during the last quarter. Hedge funds and other institutional investors own 83.36% 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.

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

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