Cowen and Company reissued their market perform rating on shares of Michael Kors Holdings Limited (NYSE:KORS) in a report published on Wednesday. The firm currently has a $35.00 target price on the lifestyle brand’s stock.

KORS has been the topic of several other reports. Deutsche Bank AG cut Michael Kors Holdings Limited from a buy rating to a hold rating and reduced 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 price objective on Michael Kors Holdings Limited and gave the stock a buy rating in a research note on Friday, May 19th. Canaccord Genuity restated a hold rating and set a $33.00 price objective (down from $38.00) on shares of Michael Kors Holdings Limited in a research note on Thursday, June 1st. Credit Suisse Group restated a neutral rating and set a $39.00 price objective (down from $42.00) on shares of Michael Kors Holdings Limited in a research note on Wednesday, May 24th. Finally, BMO Capital Markets set a $38.00 price objective on Michael Kors Holdings Limited and gave the stock a hold rating in a research note on Tuesday, April 18th. Five analysts have rated the stock with a sell rating, nineteen have given a hold rating and four have given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $39.64.

Shares of Michael Kors Holdings Limited (NYSE KORS) opened at 36.55 on Wednesday. The stock has a market cap of $5.69 billion, a P/E ratio of 11.11 and a beta of 0.10. Michael Kors Holdings Limited has a 52-week low of $32.38 and a 52-week high of $53.29. The company has a 50-day moving average of $35.12 and a 200 day moving average of $37.27.

Michael Kors Holdings Limited (NYSE:KORS) last released its quarterly earnings results on Wednesday, May 31st. The lifestyle brand reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. Michael Kors Holdings Limited had a net margin of 12.38% and a return on equity of 41.00%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter last year, the company earned $0.98 earnings per share. The business’s quarterly revenue was down 11.2% compared to the same quarter last year. Equities research analysts forecast that Michael Kors Holdings Limited will post $3.56 EPS for the current fiscal year.

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Michael Kors Holdings Limited declared that its board has initiated a share repurchase 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 repurchase up to 18.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Michael Kors Holdings Limited by 1.7% in the first quarter. Vanguard Group Inc. now owns 16,619,469 shares of the lifestyle brand’s stock worth $633,368,000 after buying an additional 284,826 shares during the last quarter. BlackRock Inc. raised its position in Michael Kors Holdings Limited by 3,587.4% in the first quarter. BlackRock Inc. now owns 13,985,812 shares of the lifestyle brand’s stock worth $532,997,000 after buying an additional 13,606,521 shares during the last quarter. Flossbach Von Storch AG raised its position 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 worth $434,004,000 after buying an additional 1,366,038 shares during the last quarter. State Street Corp raised its position 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 worth $330,838,000 after buying an additional 325,525 shares during the last quarter. Finally, APG Asset Management N.V. raised its position in Michael Kors Holdings Limited by 14.9% in the first quarter. APG Asset Management N.V. now owns 4,430,974 shares of the lifestyle brand’s stock worth $168,864,000 after buying an additional 573,062 shares during the last quarter. 84.04% 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.

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

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