Michael Kors (NYSE:KORS) had its target price upped by Barclays from $73.00 to $76.00 in a research note issued to investors on Thursday. Barclays currently has an equal weight rating on the lifestyle brand’s stock.
Several other research firms have also recently commented on KORS. Piper Jaffray Companies set a $66.00 target price on shares of Michael Kors and gave the company a hold rating in a research note on Thursday, May 31st. Citigroup lifted their price objective on shares of Michael Kors from $69.00 to $79.00 and gave the stock a neutral rating in a research note on Thursday. Buckingham Research assumed coverage on shares of Michael Kors in a research note on Monday, April 30th. They issued a buy rating and a $84.00 price objective on the stock. ValuEngine raised shares of Michael Kors from a hold rating to a buy rating in a research note on Monday, June 11th. Finally, Credit Suisse Group lowered their price objective on shares of Michael Kors from $75.00 to $72.00 and set an outperform rating on the stock in a research note on Thursday, May 31st. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and seventeen have given a buy rating to the stock. Michael Kors presently has a consensus rating of Hold and a consensus price target of $73.13.
Michael Kors stock traded up $0.33 during trading hours on Thursday, hitting $72.67. 3,192,360 shares of the company traded hands, compared to its average volume of 2,382,420. The stock has a market cap of $10.80 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 2.15 and a beta of -0.01. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.27. Michael Kors has a 1-year low of $41.47 and a 1-year high of $73.25.
Michael Kors (NYSE:KORS) last released its earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.37. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Michael Kors had a net margin of 13.14% and a return on equity of 39.01%. Michael Kors’s quarterly revenue was up 26.3% on a year-over-year basis. During the same quarter last year, the company earned $0.80 EPS. research analysts expect that Michael Kors will post 5.02 earnings per share for the current fiscal year.
In other news, CEO John D. Idol sold 150,000 shares of Michael Kors stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $68.33, for a total value of $10,249,500.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Cathy Marie Robinson sold 6,097 shares of Michael Kors stock in a transaction that occurred on Wednesday, June 6th. The stock was sold at an average price of $63.58, for a total transaction of $387,647.26. Following the completion of the transaction, the senior vice president now directly owns 24,936 shares in the company, valued at $1,585,430.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 468,197 shares of company stock worth $31,860,254. 6.00% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Signet Financial Management LLC acquired a new stake in shares of Michael Kors during the second quarter worth approximately $140,000. Jacobi Capital Management LLC boosted its holdings in shares of Michael Kors by 66.8% during the first quarter. Jacobi Capital Management LLC now owns 2,627 shares of the lifestyle brand’s stock worth $163,000 after purchasing an additional 1,052 shares during the period. Conning Inc. acquired a new stake in shares of Michael Kors during the second quarter worth approximately $204,000. Lido Advisors LLC acquired a new stake in shares of Michael Kors during the first quarter worth approximately $212,000. Finally, Canandaigua National Bank & Trust Co. acquired a new stake in shares of Michael Kors during the second quarter worth approximately $261,000. 81.03% of the stock is currently owned by institutional investors and hedge funds.
About Michael Kors
Michael Kors Holdings Limited design, markets, distributes, and retails branded women's and men's apparel and accessories. It operates in four segments: MK Retail, MK Wholesale, MK Licensing, and Jimmy Choo. The MK Retail segment sells women's apparel; handbags and small leather goods; men's apparel; footwear; and licensed products comprising watches, jewelry, fragrances, and beauty and eyewear.
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