Michael Kors (KORS) Upgraded to Buy by UBS Group

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UBS Group upgraded shares of Michael Kors (NYSE:KORS) from a neutral rating to a buy rating in a report published on Friday morning, 99wallstreet.com reports.

A number of other equities analysts have also recently weighed in on KORS. Telsey Advisory Group upped their price target on shares of Michael Kors from $67.00 to $75.00 and gave the stock a market perform rating in a research note on Thursday, August 9th. Zacks Investment Research raised shares of Michael Kors from a sell rating to a hold rating in a research note on Friday, October 26th. Piper Jaffray Companies raised shares of Michael Kors from a neutral rating to an overweight rating and set a $71.00 price target on the stock in a research note on Friday. Credit Suisse Group upped their price target on shares of Michael Kors from $72.00 to $75.00 and gave the stock an outperform rating in a research note on Thursday, August 9th. Finally, Canaccord Genuity upped their price target on shares of Michael Kors from $84.00 to $90.00 and gave the stock a positive rating in a research note on Thursday, August 9th. They noted that the move was a valuation call. Fifteen research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Michael Kors currently has an average rating of Buy and a consensus price target of $75.52.

Shares of NYSE:KORS traded down $0.27 on Friday, reaching $58.02. 45,572 shares of the company were exchanged, compared to its average volume of 2,701,830. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.27. Michael Kors has a 1-year low of $47.49 and a 1-year high of $75.96. The stock has a market cap of $8.70 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 1.84 and a beta of 0.39.

Michael Kors (NYSE:KORS) last posted its quarterly earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.37. Michael Kors had a net margin of 13.14% and a return on equity of 39.01%. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the company posted $0.80 EPS. The business’s revenue for the quarter was up 26.3% on a year-over-year basis. Equities analysts anticipate that Michael Kors will post 5.02 earnings per share for the current year.

In other Michael Kors news, CEO John D. Idol sold 6,676 shares of the company’s stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $65.26, for a total value of $435,675.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael David Kors sold 179,920 shares of the company’s stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $73.62, for a total transaction of $13,245,710.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 846,436 shares of company stock worth $60,640,959. 6.00% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in the business. Signet Financial Management LLC acquired a new position in shares of Michael Kors during the 2nd quarter valued at about $140,000. Cerebellum GP LLC acquired a new position in shares of Michael Kors during the 3rd quarter valued at about $169,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Michael Kors during the 2nd quarter valued at about $200,000. Financial Gravity Wealth Inc. acquired a new position in shares of Michael Kors during the 3rd quarter valued at about $203,000. Finally, Conning Inc. acquired a new position in shares of Michael Kors during the 2nd quarter valued at about $204,000. Institutional investors own 85.53% of the company’s stock.

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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