Michael Kors (KORS) Price Target Cut to $83.00 by Analysts at Deutsche Bank

Michael Kors (NYSE:KORS) had its price target lowered by Deutsche Bank from $84.00 to $83.00 in a research report sent to investors on Thursday. The brokerage currently has a buy rating on the lifestyle brand’s stock.

Several other research firms have also issued reports on KORS. Zacks Investment Research raised shares of Michael Kors from a hold rating to a buy rating and set a $81.00 target price for the company in a report on Friday, August 10th. Credit Suisse Group increased their target price on shares of Michael Kors from $72.00 to $75.00 and gave the stock an outperform rating in a report on Thursday, August 9th. Robert W. Baird increased their target price on shares of Michael Kors from $72.00 to $75.00 and gave the stock a neutral rating in a report on Thursday, August 9th. Citigroup increased their target price on shares of Michael Kors from $69.00 to $79.00 and gave the stock a neutral rating in a report on Thursday, August 9th. Finally, Barclays increased their target price on shares of Michael Kors from $73.00 to $76.00 and gave the stock an equal weight rating in a report on Thursday, August 9th. Sixteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $75.52.

Michael Kors stock traded up $0.91 during midday trading on Thursday, hitting $58.29. The stock had a trading volume of 4,051,169 shares, compared to its average volume of 2,380,218. The firm has a market capitalization of $8.16 billion, a price-to-earnings ratio of 12.90, a P/E/G ratio of 1.72 and a beta of 0.12. Michael Kors has a 52-week low of $47.49 and a 52-week high of $75.96. 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 (NYSE:KORS) last released its earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.37. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.14 billion. Michael Kors had a net margin of 13.14% and a return on equity of 39.01%. The firm’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.80 EPS. On average, analysts predict that Michael Kors will post 5.02 EPS for the current year.

In other news, insider Michael David Kors sold 179,920 shares of the stock in a transaction that occurred on Tuesday, September 18th. The stock was sold at an average price of $73.62, for a total transaction of $13,245,710.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John D. Idol sold 6,676 shares of the stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $65.26, for a total value of $435,675.76. The disclosure for this sale can be found here. Insiders sold a total of 846,436 shares of company stock valued at $60,640,959 over the last 90 days. 6.00% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN boosted its position in shares of Michael Kors by 6.4% during the 3rd quarter. Wells Fargo & Company MN now owns 757,582 shares of the lifestyle brand’s stock valued at $51,941,000 after acquiring an additional 45,592 shares during the last quarter. Signition LP bought a new position in shares of Michael Kors during the 3rd quarter valued at approximately $1,517,000. Financial Gravity Wealth Inc. bought a new position in shares of Michael Kors during the 3rd quarter valued at approximately $203,000. Harvest Fund Management Co. Ltd boosted its position in shares of Michael Kors by 260.9% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 10,781 shares of the lifestyle brand’s stock valued at $739,000 after acquiring an additional 7,794 shares during the last quarter. Finally, Portland Hill Asset Management Ltd boosted its position in shares of Michael Kors by 1.3% during the 3rd quarter. Portland Hill Asset Management Ltd now owns 265,981 shares of the lifestyle brand’s stock valued at $18,475,000 after acquiring an additional 3,460 shares during the last quarter. Hedge funds and other institutional investors own 86.41% of the company’s stock.

Michael Kors Company Profile

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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