Michael Kors Holdings Limited (NYSE:KORS) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.80-0.84 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.79. The company issued revenue guidance of $1.035-1.055 million, compared to the consensus revenue estimate of $1.01 billion.Michael Kors Holdings Limited also updated its FY18 guidance to $3.62-3.72 EPS.

Michael Kors Holdings Limited (NYSE:KORS) opened at 37.23 on Tuesday. Michael Kors Holdings Limited has a one year low of $32.38 and a one year high of $52.67. The stock has a market cap of $5.79 billion, a P/E ratio of 11.32 and a beta of 0.10. The company’s 50-day moving average price is $35.18 and its 200-day moving average price is $37.09.

Michael Kors Holdings Limited (NYSE:KORS) last announced 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. The business had revenue of $952.40 million during the quarter, compared to the consensus estimate of $919.18 million. Michael Kors Holdings Limited had a net margin of 12.38% and a return on equity of 41.00%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.88 earnings per share. Analysts forecast that Michael Kors Holdings Limited will post $3.54 EPS for the current fiscal year.

Michael Kors Holdings Limited announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 31st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the lifestyle brand to reacquire up to 18.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Several brokerages have issued reports on KORS. Deutsche Bank AG downgraded shares of Michael Kors Holdings Limited from a buy rating to a hold rating and decreased their price objective for the stock from $47.00 to $40.00 in a research note on Monday, May 15th. Jefferies Group LLC set a $65.00 target price on shares of Michael Kors Holdings Limited and gave the stock a buy rating in a research report on Friday, May 19th. Canaccord Genuity reaffirmed a hold rating and set a $33.00 target price (down from $38.00) on shares of Michael Kors Holdings Limited in a research report on Thursday, June 1st. Credit Suisse Group reaffirmed 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. Finally, BMO Capital Markets set a $38.00 target price on shares of Michael Kors Holdings Limited and gave the stock a hold rating in a research report on Tuesday, April 18th. Four research analysts have rated the stock with a sell rating, twenty have issued a hold rating and four have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $39.64.

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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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