Michael Kors Holdings Limited (KORS) Receives Hold Rating from Cowen and Company

Cowen and Company restated their hold rating on shares of Michael Kors Holdings Limited (NYSE:KORS) in a research report report published on Friday morning.

KORS has been the subject of several other research reports. Citigroup Inc. initiated coverage on Michael Kors Holdings Limited in a research note on Thursday, November 2nd. They set a positive rating and a $62.00 price target for the company. Susquehanna Bancshares Inc initiated coverage on Michael Kors Holdings Limited in a research note on Thursday, November 2nd. They set a positive rating and a $62.00 price target for the company. CIBC upgraded Michael Kors Holdings Limited from a market perform rating to an outperform rating and upped their price target for the stock from $44.00 to $55.00 in a research note on Tuesday, September 19th. Jefferies Group LLC reiterated a buy rating and set a $60.00 price target on shares of Michael Kors Holdings Limited in a research note on Thursday, September 14th. Finally, ValuEngine downgraded Michael Kors Holdings Limited from a buy rating to a hold rating in a research note on Friday, September 1st. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Hold and an average target price of $49.63.

Shares of Michael Kors Holdings Limited (NYSE:KORS) traded up $0.18 during mid-day trading on Friday, reaching $54.71. The company’s stock had a trading volume of 2,617,800 shares, compared to its average volume of 2,532,267. Michael Kors Holdings Limited has a 12 month low of $32.38 and a 12 month high of $55.25. The firm has a market cap of $8,292.20, a price-to-earnings ratio of 12.12, a P/E/G ratio of 1.84 and a beta of 0.05.

Michael Kors Holdings Limited (NYSE:KORS) last issued its earnings results on Monday, November 6th. The lifestyle brand reported $1.33 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.50. Michael Kors Holdings Limited had a return on equity of 42.09% and a net margin of 12.68%. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same period in the prior year, the firm posted $0.95 EPS. The business’s revenue was up 5.4% compared to the same quarter last year. sell-side analysts forecast that Michael Kors Holdings Limited will post 3.95 earnings per share for the current year.

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In other news, CEO John D. Idol sold 500 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $55.12, for a total value of $27,560.00. Following the completion of the transaction, the chief executive officer now directly owns 1,688,046 shares of the company’s stock, valued at approximately $93,045,095.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 6.00% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in KORS. Flossbach Von Storch AG increased its holdings in Michael Kors Holdings Limited by 12.9% during the 2nd quarter. Flossbach Von Storch AG now owns 11,972,527 shares of the lifestyle brand’s stock valued at $434,004,000 after purchasing an additional 1,366,038 shares in the last quarter. BlackRock Inc. increased its holdings in Michael Kors Holdings Limited by 9.3% during the 2nd quarter. BlackRock Inc. now owns 15,287,608 shares of the lifestyle brand’s stock valued at $554,176,000 after purchasing an additional 1,301,796 shares in the last quarter. FMR LLC increased its holdings in Michael Kors Holdings Limited by 33.9% during the 2nd quarter. FMR LLC now owns 4,378,144 shares of the lifestyle brand’s stock valued at $158,708,000 after purchasing an additional 1,107,385 shares in the last quarter. Ardevora Asset Management LLP acquired a new stake in Michael Kors Holdings Limited during the 3rd quarter valued at $37,089,000. Finally, PDT Partners LLC increased its holdings in Michael Kors Holdings Limited by 590.2% during the 2nd quarter. PDT Partners LLC now owns 639,200 shares of the lifestyle brand’s stock valued at $23,171,000 after purchasing an additional 546,588 shares in the last quarter. 84.25% of the stock is owned by hedge funds and other institutional investors.

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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