Luxury brand Michael Kors acquiring Jimmy Choo for $1.2 billion

Institutional investors have recently modified their holdings of the company. The business's revenue for the quarter was down 11.2% on a year-over-year basis. 4688441 shares were traded on Michael Kors Holdings Limited's last session. 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 in the last quarter. Apart from Michael Kors, media coverage noted interest from a number of potential bidders from different geographies and backgrounds, which included Chinese buyers such as the private equity firm Hony Capital and the sovereign Qatari investment fund, which owns luxury labels such as Anya Hindmarch, Valentino and Balmain. 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 during the last quarter. Teachers Advisors LLC now owns 282,380 shares of the lifestyle brand's stock valued at $12,137,000 after buying an additional 108,793 shares during the last quarter.

Reportedly, this takeover by Michael Kors is being supported by JAB Holdings.

Michael Kors Holdings Ltd has a 52 week low of $32.38 and a 52 week high of $53.29 with a P/E ratio of 10.62 The company's market cap is now $0. The firm has a market cap of $5.44 billion, a PE ratio of 10.62 and a beta of 0.10. The share price has moved forward from its 20 days moving average, trading at a distance of 6.48% and stays 7.33% away from its 50 days moving average. Telsey Advisory Group maintained Michael Kors Holdings Ltd (NYSE:KORS) on Wednesday, February 3 with "Market Perform" rating. After $0.38 actual EPS reported by Service Corporation International for the previous quarter, Wall Street now forecasts -21.05% negative EPS growth.

06/14/2017 - Michael Kors Holdings Limited had its "hold" rating reiterated by analysts at Deutsche Bank. Under its recent "Runway 2020" restructuring program, which aims to improve the profitability of the firm, Kors has planned to close up to 125 stores in the next two years around the world. Analysts from Jefferies said the deal could help Michael Kors rebuild its brand name, though that would happen in the longer-term and not have an immediate impact on the company's stock.

Michael Kors announced Tuesday that it will purchase the luxury brand for one-point-two billion dollars, in cash. This repurchase authorization allows the lifestyle brand to reacquire up to 18.6% of its stock through open market purchases.

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On average, analysts expect that Michael Kors Holdings Limited will report full-year earnings of $3.55 per share for the current financial year, with EPS estimates ranging from $3.25 to $3.75. Amica Retiree Med Trust holds 0.06% in Michael Kors Holdings Ltd (NYSE:KORS) or 1,721 shares. Morgan Stanley reissued an "equal weight" rating and set a $36.00 target price (down previously from $43.00) on shares of Michael Kors Holdings Limited in a research report on Thursday, June 1st.

Among 28 analysts covering Michael Kors Holdings Ltd (NYSE:KORS), 4 have Buy rating, 2 Sell and 22 Hold. Zacks Investment Research's EPS averages are a mean average based on a survey of sell-side analysts that follow Michael Kors Holdings Limited. Five research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and four have assigned a buy rating to the stock.