Michael Kors (KORS) Upgraded by UBS Group to “Buy”

Michael Kors (NYSE:KORS) was upgraded by equities researchers at UBS Group from a “neutral” rating to a “buy” rating in a research note issued on Friday, The Fly reports.

A number of other research firms have also weighed in on KORS. Citigroup increased their price objective on shares of Michael Kors from $69.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, August 9th. Buckingham Research increased their price objective on shares of Michael Kors from $84.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Nomura increased their price objective on shares of Michael Kors from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 9th. MKM Partners set a $74.00 price objective on shares of Michael Kors and gave the stock a “hold” rating in a research report on Thursday, August 9th. Finally, Credit Suisse Group increased their price objective on shares of Michael Kors from $72.00 to $75.00 and gave the stock an “outperform” rating in a research 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 company. Michael Kors presently has a consensus rating of “Buy” and an average target price of $75.52.

Shares of NYSE KORS opened at $57.38 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.63 and a current ratio of 1.37. The stock has a market cap of $8.16 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 1.72 and a beta of 0.12. Michael Kors has a 12-month low of $47.49 and a 12-month high of $75.96.

Michael Kors (NYSE:KORS) last announced its earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 earnings per share (EPS) for the quarter, beating the 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%. The business’s revenue was up 26.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 EPS. As a group, sell-side analysts expect 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 firm’s stock in a transaction that occurred on Tuesday, October 9th. The shares were sold at an average price of $67.74, for a total transaction of $12,187,780.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO John D. Idol sold 6,676 shares of the firm’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $65.26, for a total transaction of $435,675.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 846,436 shares of company stock worth $60,640,959. Corporate insiders own 6.00% of the company’s stock.

Large investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Michael Kors by 4.4% during the second quarter. BlackRock Inc. now owns 11,127,939 shares of the lifestyle brand’s stock valued at $741,120,000 after purchasing an additional 465,815 shares in the last quarter. FMR LLC boosted its stake in shares of Michael Kors by 0.5% during the second quarter. FMR LLC now owns 4,538,841 shares of the lifestyle brand’s stock valued at $302,286,000 after purchasing an additional 22,707 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Michael Kors by 308.8% during the second quarter. Millennium Management LLC now owns 2,651,631 shares of the lifestyle brand’s stock valued at $176,599,000 after purchasing an additional 2,003,044 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Michael Kors by 109.9% during the second quarter. Janus Henderson Group PLC now owns 1,763,621 shares of the lifestyle brand’s stock valued at $117,457,000 after purchasing an additional 923,447 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Michael Kors by 11.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,302,951 shares of the lifestyle brand’s stock valued at $86,777,000 after purchasing an additional 132,475 shares in the last quarter. 86.41% 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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