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Principale » Michael Kors set to snap up Jimmy Choo in £896m deal

Michael Kors set to snap up Jimmy Choo in £896m deal

27 Juillet 2017

The stock spiked 0.5% last month and is up 67.87 this year. Zacks Investment Research cut Michael Kors Holdings Limited from a "hold" rating to a "sell" rating in a research note on Tuesday, April 11th. Arga Inv Ltd Partnership invested 8.72% in Michael Kors Holdings Ltd (NYSE:KORS). KORS's profit would be $95.03 million giving it 14.63 P/E if the $0.61 EPS is correct. Credit Suisse Group reaffirmed a "neutral" rating and issued a $39.00 price objective (down from $42.00) on shares of Michael Kors Holdings Limited in a report on Wednesday, May 24th. Telsey Advisory Group maintained Michael Kors Holdings Ltd (NYSE:KORS) on Wednesday, February 3 with "Market Perform" rating.

Hortonworks, Inc. (HDP) surprised the stock market in its last reported earnings when it earned -$0.5 a piece versus the consensus-estimated -$0.52. The company had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.05 billion. Michael Kors Holdings Limited had a net margin of 12.38% and a return on equity of 41.00%.

The Michael Kors offer is part of a string of foreign takeovers generating work in the city this year as foreign buyers take advantage of the drop in the value of the pound since Britain voted to leave the EU. They expect $0.30 EPS, up 7.14% or $0.02 from last year's $0.28 per share.

KORS has been the topic of a number of recent research reports.

Among 29 analysts covering Michael Kors Holdings Ltd (NYSE:KORS), 4 have Buy rating, 2 Sell and 23 Hold. BlackRock Inc. boosted its position in Michael Kors Holdings Limited by 3,587.4% in the first quarter. Deutsche Bank AG reissued a "hold" rating and set a $36.00 price target (down from $40.00) on shares of Michael Kors Holdings Limited in a research report on Saturday, June 3rd.

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Michael Kors is buying Jimmy Choo from JAB Holding Company, owned by the billionaire Reimann family. Finally, Piper Jaffray Companies reaffirmed a "hold" rating and issued a $34.00 price objective on shares of Michael Kors Holdings Limited in a report on Friday, June 9th. 1 is equivalent to a buy rating, 3 a hold rating, and 5 a sell rating. Also, the current price highlights a discount of 71.77% to analysts' high consensus price target.

Institutional investors have recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. The New York-based Citigroup Inc has invested 0.01% in Michael Kors Holdings Ltd (NYSE:KORS). The legal version of this article can be viewed at https://www.themarketsdaily.com/2017/07/27/oppenheimer-co-inc-decreases-position-in-michael-kors-holdings-limited-nysekors-updated-updated.html.

Michael Kors closed at $34.93, up 2 cents. Ionic Management Limited Liability Co accumulated 24,000 shares. Ltd. now owns 19,950 shares of the lifestyle brand's stock valued at $760,000 after buying an additional 460 shares during the period. Goldman Sachs maintained Michael Kors Holdings Ltd (NYSE:KORS) rating on Thursday, August 11. The company has a 50 day moving average price of $35.02 and a 200 day moving average price of $37.31. The stock's market capitalization is 5.44B.

Michael Kors Holdings Limited announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 31st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the lifestyle brand to reacquire up to 18.6% of its shares through open market purchases.

Michael Kors' £896 million acquisition is expected to be finalised this autumn, marking a significant mark-up on the £545.6 million the British firm was valued at when it launched on the London Stock Exchange less than three years ago.

Michael Kors set to snap up Jimmy Choo in £896m deal