Michael Kors Holdings Ltd (KORS) Given Hold Rating at Canaccord Genuity

Canaccord Genuity reaffirmed their hold rating on shares of Michael Kors Holdings Ltd (NYSE:KORS) in a report issued on Thursday morning. Canaccord Genuity currently has a $33.00 price objective on the lifestyle brand’s stock, down from their prior price objective of $38.00.

KORS has been the subject of a number of other reports. Jefferies Group LLC set a $65.00 price objective on Michael Kors Holdings and gave the stock a buy rating in a report on Monday, April 10th. William Blair restated a market perform rating on shares of Michael Kors Holdings in a report on Tuesday, February 7th. Royal Bank of Canada set a $42.00 price objective on Michael Kors Holdings and gave the stock a hold rating in a report on Monday, March 20th. BMO Capital Markets set a $38.00 price objective on Michael Kors Holdings and gave the stock a hold rating in a report on Tuesday, April 18th. Finally, Evercore ISI cut shares of Michael Kors Holdings from a buy rating to a hold rating in a research report on Wednesday, February 1st. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and four have issued a buy rating to the company. Michael Kors Holdings currently has an average rating of Hold and an average target price of $40.84.

Michael Kors Holdings (KORS) opened at 34.62 on Thursday. The stock has a market capitalization of $5.62 billion, a price-to-earnings ratio of 7.91 and a beta of 0.70. Michael Kors Holdings has a 52-week low of $32.38 and a 52-week high of $53.29. The stock’s 50 day moving average price is $36.60 and its 200 day moving average price is $39.96.

Michael Kors Holdings (NYSE:KORS) last released its quarterly earnings data on Wednesday, May 31st. The lifestyle brand reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. Michael Kors Holdings had a return on equity of 41.96% and a net margin of 16.59%. The business’s revenue for the quarter was down 11.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 EPS. On average, analysts forecast that Michael Kors Holdings will post $3.57 EPS for the current year.

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Several large investors have recently made changes to their positions in the stock. Comerica Bank raised its stake in shares of Michael Kors Holdings by 25.9% in the fourth quarter. Comerica Bank now owns 52,722 shares of the lifestyle brand’s stock valued at $2,235,000 after buying an additional 10,836 shares during the last quarter. Twin Capital Management Inc. raised its stake in shares of Michael Kors Holdings 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 last quarter. Thrivent Financial for Lutherans raised its stake in shares of Michael Kors Holdings by 3.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 5,670 shares of the lifestyle brand’s stock valued at $244,000 after buying an additional 190 shares during the last quarter. DnB Asset Management AS raised its stake in shares of Michael Kors Holdings by 41.6% in the first quarter. DnB Asset Management AS now owns 14,973 shares of the lifestyle brand’s stock valued at $571,000 after buying an additional 4,400 shares during the last quarter. Finally, Oxford Asset Management purchased a new stake in shares of Michael Kors Holdings during the first quarter valued at approximately $2,834,000. Institutional investors own 88.54% of the company’s stock.

About Michael Kors Holdings

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “KORS”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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