Michael Kors Holdings Limited (NYSE:KORS) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Friday.

A number of other brokerages have also recently weighed in on KORS. MKM Partners reissued a “sell” rating on shares of Michael Kors Holdings Limited in a research note on Wednesday, August 9th. Deutsche Bank AG set a $46.00 price objective on shares of Michael Kors Holdings Limited and gave the stock a “hold” rating in a research note on Thursday, August 10th. Cowen and Company reissued a “market perform” rating and set a $45.00 price objective (up from $35.00) on shares of Michael Kors Holdings Limited in a research note on Thursday, August 10th. Credit Suisse Group reissued a “hold” rating and set a $43.00 price objective on shares of Michael Kors Holdings Limited in a research note on Thursday, August 10th. Finally, BMO Capital Markets set a $35.00 price objective on shares of Michael Kors Holdings Limited and gave the stock a “hold” rating in a research note on Tuesday, August 8th. Three equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $42.77.

Shares of Michael Kors Holdings Limited (NYSE KORS) traded up 1.40% on Friday, hitting $42.81. The stock had a trading volume of 1,629,011 shares. The company’s 50 day moving average is $39.62 and its 200 day moving average is $37.34. The stock has a market cap of $6.49 billion, a PE ratio of 13.13 and a beta of -0.01. Michael Kors Holdings Limited has a one year low of $32.38 and a one year high of $52.67.

Michael Kors Holdings Limited (NYSE:KORS) last issued its quarterly earnings data on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.18. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. The business had revenue of $952.40 million during the quarter, compared to analysts’ expectations of $919.18 million. During the same period last year, the company posted $0.88 EPS. The company’s revenue was down 3.6% on a year-over-year basis. Equities research analysts predict that Michael Kors Holdings Limited will post $3.71 EPS for the current fiscal year.

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

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A number of large investors have recently added to or reduced their stakes in KORS. Soros Fund Management LLC purchased a new stake in Michael Kors Holdings Limited during the first quarter valued at about $389,000. Twin Capital Management Inc. increased its stake in Michael Kors Holdings Limited by 0.8% in the first quarter. Twin Capital Management Inc. now owns 42,320 shares of the lifestyle brand’s stock valued at $1,613,000 after buying an additional 320 shares during the period. Oxford Asset Management purchased a new stake in Michael Kors Holdings Limited during the first quarter valued at about $2,834,000. Cornerstone Capital Management Holdings LLC. increased its stake in Michael Kors Holdings Limited by 75.8% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 812,941 shares of the lifestyle brand’s stock valued at $30,981,000 after buying an additional 350,512 shares during the period. Finally, HighTower Advisors LLC increased its stake in Michael Kors Holdings Limited by 0.8% in the first quarter. HighTower Advisors LLC now owns 70,593 shares of the lifestyle brand’s stock valued at $2,690,000 after buying an additional 578 shares during the period. 83.38% 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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Analyst Recommendations for Michael Kors Holdings Limited (NYSE:KORS)

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