Canaccord Genuity Reaffirms “Buy” Rating for Michael Kors Holdings Limited (KORS)

Canaccord Genuity reissued their buy rating on shares of Michael Kors Holdings Limited (NYSE:KORS) in a research note released on Friday, November 3rd. They currently have a $67.00 target price on the lifestyle brand’s stock, up from their prior target price of $58.00.

A number of other analysts have also recently commented on the stock. Susquehanna Bancshares Inc initiated coverage on shares of Michael Kors Holdings Limited in a research report on Thursday, November 2nd. They issued a positive rating and a $62.00 price objective for the company. Citigroup Inc. began coverage on Michael Kors Holdings Limited in a report on Thursday, November 2nd. They set a positive rating and a $62.00 target price for the company. BidaskClub downgraded shares of Michael Kors Holdings Limited from a buy rating to a hold rating in a research note on Thursday, November 2nd. Jefferies Group LLC set a $60.00 price objective on shares of Michael Kors Holdings Limited and gave the stock a buy rating in a research note on Sunday, October 29th. Finally, William Blair reiterated a buy rating on shares of Michael Kors Holdings Limited in a research note on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Hold and an average target price of $49.84.

Shares of Michael Kors Holdings Limited (KORS) opened at $54.09 on Friday. The firm has a market capitalization of $8,319.57, a P/E ratio of 12.16, a PEG ratio of 1.84 and a beta of 0.05. Michael Kors Holdings Limited has a 12 month low of $32.38 and a 12 month high of $55.25.

Michael Kors Holdings Limited (NYSE:KORS) last posted its quarterly earnings data on Monday, November 6th. The lifestyle brand reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.50. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.05 billion. Michael Kors Holdings Limited had a return on equity of 42.09% and a net margin of 12.68%. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 EPS. equities analysts expect that Michael Kors Holdings Limited will post 3.96 EPS for the current year.

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In other Michael Kors Holdings Limited news, Director M William Benedetto sold 2,000 shares of the stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $53.60, for a total transaction of $107,200.00. Following the completion of the sale, the director now owns 18,662 shares of the company’s stock, valued at approximately $1,000,283.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John D. Idol sold 500 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $55.12, for a total transaction of $27,560.00. Following the completion of the sale, the chief executive officer now directly owns 1,688,046 shares of the company’s stock, valued at $93,045,095.52. The disclosure for this sale can be found here. 6.00% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its position 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 acquiring an additional 1,301,796 shares during the period. Flossbach Von Storch AG lifted its holdings in Michael Kors Holdings Limited by 12.9% during the second 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. APG Asset Management N.V. lifted its holdings in Michael Kors Holdings Limited by 0.5% during the third quarter. APG Asset Management N.V. now owns 4,454,174 shares of the lifestyle brand’s stock valued at $213,132,000 after purchasing an additional 23,200 shares in the last quarter. FMR LLC lifted its holdings in Michael Kors Holdings Limited by 33.9% during the second 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. Finally, Thompson Siegel & Walmsley LLC lifted its holdings in Michael Kors Holdings Limited by 24.5% during the second quarter. Thompson Siegel & Walmsley LLC now owns 2,572,603 shares of the lifestyle brand’s stock valued at $93,256,000 after purchasing an additional 506,071 shares in the last quarter. 85.21% of the stock is 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.

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

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