Michael Kors Holdings Limited (KORS) Now Covered by Analysts at Barclays PLC
Equities research analysts at Barclays PLC started coverage on shares of Michael Kors Holdings Limited (NYSE:KORS) in a research note issued on Tuesday, The Fly reports. The firm set an “equal weight” rating on the lifestyle brand’s stock.
Several other brokerages also recently weighed in on KORS. Deutsche Bank AG restated a “hold” rating and set a $36.00 price target (down from $40.00) on shares of Michael Kors Holdings Limited in a report on Saturday, June 3rd. BidaskClub upgraded Michael Kors Holdings Limited from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Credit Suisse Group reiterated a “hold” rating and issued a $43.00 price objective on shares of Michael Kors Holdings Limited in a report on Sunday, September 10th. Telsey Advisory Group lifted their price objective on Michael Kors Holdings Limited from $38.00 to $49.00 and gave the stock a “market perform” rating in a report on Wednesday, August 9th. Finally, BMO Capital Markets set a $35.00 price objective on Michael Kors Holdings Limited and gave the stock a “hold” rating in a report on Wednesday, May 31st. Four equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and six have assigned a buy rating to the stock. Michael Kors Holdings Limited currently has a consensus rating of “Hold” and a consensus target price of $43.94.
Michael Kors Holdings Limited (KORS) traded up 3.43% during mid-day trading on Tuesday, hitting $46.18. 3,869,988 shares of the stock traded hands. The firm has a market cap of $7.00 billion and a P/E ratio of 14.17. Michael Kors Holdings Limited has a 52-week low of $32.38 and a 52-week high of $52.67. The firm’s 50-day moving average is $42.35 and its 200 day moving average is $37.81.
Michael Kors Holdings Limited (NYSE:KORS) last issued its quarterly earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share 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 the consensus estimate of $919.18 million. During the same period last year, the company earned $0.88 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. Equities analysts predict that Michael Kors Holdings Limited will post $3.70 EPS for the current fiscal year.
Michael Kors Holdings Limited declared that its board has approved a share buyback program on Wednesday, May 31st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the lifestyle brand to repurchase up to 18.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Toronto Dominion Bank lifted its holdings in Michael Kors Holdings Limited by 19.7% in the 2nd quarter. Toronto Dominion Bank now owns 54,874 shares of the lifestyle brand’s stock worth $1,989,000 after purchasing an additional 9,019 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in Michael Kors Holdings Limited by 46.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 33,727 shares of the lifestyle brand’s stock worth $1,223,000 after purchasing an additional 10,695 shares in the last quarter. Sciencast Management LP purchased a new position in Michael Kors Holdings Limited in the 2nd quarter worth approximately $264,000. BlueCrest Capital Management Ltd purchased a new position in Michael Kors Holdings Limited in the 2nd quarter worth approximately $306,000. Finally, Maverick Capital Ltd. purchased a new position in Michael Kors Holdings Limited in the 2nd quarter worth approximately $1,111,000. 83.39% of the stock is currently owned by 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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