Zacks Investment Research lowered shares of Michael Kors Holdings Limited (NYSE:KORS) from a buy rating to a hold rating in a report issued on Thursday.

According to Zacks, “Shares of Michael Kors took a sharp “U–turn” following the company’s positive earnings streak for the ninth straight quarter and upbeat fiscal 2018 guidance. The bullish run in the stock price helped it to outpace the industry in the past three months. Revenues also came ahead of the estimate for the second quarter in row on account of robust retail sales performance. The company now envisions fiscal 2018 total revenue to be nearly $4.275 billion, up from the previous estimate of about $4.25 billion. On the other hand, Michael Kors’ acquisition of Jimmy Choo will help diversify portfolio and tap international markets. The company has been constantly deploying resources to expand product offerings, open new stores, build shop-in-shops and upgrade eCommerce platform. We note that despite the possibility of heavy investments weighing on margins in the short term, management continues to take up strategic endeavors.”

A number of other research analysts also recently weighed in on the company. Deutsche Bank AG set a $46.00 price target on Michael Kors Holdings Limited and gave the company a hold rating in a research note on Thursday, August 10th. Credit Suisse Group restated a hold rating and issued a $43.00 price target on shares of Michael Kors Holdings Limited in a research note on Thursday, August 10th. MKM Partners restated a sell rating on shares of Michael Kors Holdings Limited in a research note on Wednesday, August 9th. Cowen and Company restated a market perform rating and issued a $45.00 price target (up from $35.00) on shares of Michael Kors Holdings Limited in a research note on Thursday, August 10th. Finally, BMO Capital Markets restated a market perform rating and issued a $46.00 price target (up from $35.00) on shares of Michael Kors Holdings Limited in a research note on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $42.77.

Michael Kors Holdings Limited (NYSE KORS) traded up 1.20% on Thursday, reaching $42.29. 1,312,807 shares of the company traded hands. Michael Kors Holdings Limited has a 52-week low of $32.38 and a 52-week high of $52.67. The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of 12.97 and a beta of 0.10. The firm has a 50 day moving average price of $38.51 and a 200 day moving average price of $37.18.

Michael Kors Holdings Limited (NYSE:KORS) last posted its quarterly earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.18. The firm had revenue of $952.40 million during the quarter, compared to the consensus estimate of $919.18 million. Michael Kors Holdings Limited had a return on equity of 40.26% and a net margin of 11.91%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same period last year, the company earned $0.88 earnings per share. Equities research analysts predict that Michael Kors Holdings Limited will post $3.71 EPS for the current year.

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Michael Kors Holdings Limited announced that its board has approved a share repurchase plan on Wednesday, May 31st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the lifestyle brand to buy up to 18.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Several large investors have recently added to or reduced their stakes in KORS. Macquarie Group Ltd. raised its stake in 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 during the period. DnB Asset Management AS increased its position in shares of Michael Kors Holdings Limited by 41.6% in the first quarter. DnB Asset Management AS now owns 14,973 shares of the lifestyle brand’s stock worth $571,000 after buying an additional 4,400 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Michael Kors Holdings Limited by 2,251.7% in the first quarter. Acadian Asset Management LLC now owns 28,291 shares of the lifestyle brand’s stock worth $1,079,000 after buying an additional 27,088 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Michael Kors Holdings Limited by 39.0% in the first quarter. Janney Montgomery Scott LLC now owns 9,470 shares of the lifestyle brand’s stock worth $361,000 after buying an additional 2,657 shares in the last quarter. Finally, DUPONT CAPITAL MANAGEMENT Corp increased its position in shares of Michael Kors Holdings Limited by 0.6% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 100,283 shares of the lifestyle brand’s stock worth $3,822,000 after buying an additional 624 shares in the last quarter. Hedge funds and other institutional investors own 84.40% of the company’s stock.

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.

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