Michael Kors Holdings Limited (KORS) Given a $46.00 Price Target at Piper Jaffray Companies

Michael Kors Holdings Limited (NYSE:KORS) received a $46.00 price objective from equities research analysts at Piper Jaffray Companies in a research report issued on Tuesday, August 8th. The brokerage currently has a “hold” rating on the lifestyle brand’s stock. Piper Jaffray Companies’ price objective indicates a potential upside of 9.63% from the company’s current price.

Other equities analysts have also issued reports about the company. BMO Capital Markets set a $35.00 price target on Michael Kors Holdings Limited and gave the company a “hold” rating in a research note on Thursday, July 6th. Oppenheimer Holdings, Inc. set a $31.00 price target on Michael Kors Holdings Limited and gave the company a “hold” rating in a research note on Wednesday, May 31st. Cowen and Company boosted their price target on Michael Kors Holdings Limited from $33.00 to $35.00 and gave the company a “market perform” rating in a research note on Monday, June 12th. Canaccord Genuity set a $33.00 price target on Michael Kors Holdings Limited and gave the company a “hold” rating in a research note on Monday, June 12th. Finally, Buckingham Research set a $34.00 target price on Michael Kors Holdings Limited and gave the stock a “hold” rating in a research report on Tuesday, August 8th. Three analysts have rated the stock with a sell rating, twenty have issued a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $42.77.

Michael Kors Holdings Limited (NYSE:KORS) traded down 3.21% on Tuesday, reaching $41.96. 2,814,985 shares of the company’s stock were exchanged. Michael Kors Holdings Limited has a 52 week low of $32.38 and a 52 week high of $52.67. The company has a market cap of $6.36 billion, a price-to-earnings ratio of 12.87 and a beta of 0.10. The stock’s 50 day moving average is $37.58 and its 200 day moving average is $37.16.

Michael Kors Holdings Limited (NYSE:KORS) last announced its earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 EPS for the quarter, beating the Thomson Reuters’ 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 business had revenue of $952.40 million for the quarter, compared to analysts’ expectations of $919.18 million. During the same period in the prior year, the business posted $0.88 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. On average, equities analysts anticipate that Michael Kors Holdings Limited will post $3.71 earnings per share for the current year.

Michael Kors Holdings Limited announced that its board has authorized a stock repurchase plan on Wednesday, May 31st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the lifestyle brand to reacquire up to 18.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

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Hedge funds have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans boosted its position in shares of Michael Kors Holdings Limited by 3.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 5,670 shares of the lifestyle brand’s stock worth $244,000 after buying an additional 190 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of Michael Kors Holdings Limited by 62.7% in the fourth quarter. Teachers Advisors LLC now owns 282,380 shares of the lifestyle brand’s stock worth $12,137,000 after buying an additional 108,793 shares in the last quarter. Kentucky Retirement Systems purchased a new position in shares of Michael Kors Holdings Limited during the fourth quarter worth $512,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Michael Kors Holdings Limited during the fourth quarter worth $229,000. Finally, Macquarie Group Ltd. boosted its position in shares of Michael Kors Holdings Limited by 185.0% in the fourth quarter. Macquarie Group Ltd. now owns 11,400 shares of the lifestyle brand’s stock worth $490,000 after buying an additional 7,400 shares in the last quarter. 84.40% 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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