Michael Kors Holdings Ltd (NYSE:KORS) – Stock analysts at Jefferies Financial Group decreased their Q3 2019 earnings per share (EPS) estimates for shares of Michael Kors in a report released on Wednesday, November 7th. Jefferies Financial Group analyst R. Konik now anticipates that the lifestyle brand will post earnings of $1.57 per share for the quarter, down from their previous estimate of $1.82. Jefferies Financial Group currently has a “Buy” rating and a $93.00 target price on the stock.
Michael Kors (NYSE:KORS) last announced its quarterly earnings results on Wednesday, November 7th. The lifestyle brand reported $1.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.09 by $0.18. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.26 billion. Michael Kors had a return on equity of 36.66% and a net margin of 11.57%. Michael Kors’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.33 EPS.
KORS has been the subject of several other reports. Canaccord Genuity set a $90.00 target price on Michael Kors and gave the company a “buy” rating in a report on Wednesday, September 26th. Deutsche Bank reduced their target price on Michael Kors from $84.00 to $83.00 and set a “buy” rating for the company in a report on Thursday, November 1st. Piper Jaffray Companies raised Michael Kors from a “neutral” rating to an “overweight” rating and set a $71.00 target price for the company in a report on Friday, November 2nd. Zacks Investment Research downgraded Michael Kors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 26th. Finally, Wells Fargo & Co reissued a “hold” rating on shares of Michael Kors in a report on Monday, September 24th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and fifteen have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $73.52.
Shares of NYSE KORS opened at $47.78 on Friday. Michael Kors has a 1 year low of $47.47 and a 1 year high of $75.96. The company has a quick ratio of 0.63, a current ratio of 1.48 and a debt-to-equity ratio of 0.23. The stock has a market cap of $7.32 billion, a price-to-earnings ratio of 10.57, a price-to-earnings-growth ratio of 1.55 and a beta of 0.39.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AMP Capital Investors Ltd increased its position in Michael Kors by 8.5% during the 2nd quarter. AMP Capital Investors Ltd now owns 273,946 shares of the lifestyle brand’s stock worth $18,246,000 after purchasing an additional 21,554 shares during the period. Voya Investment Management LLC boosted its stake in shares of Michael Kors by 42.5% during the 2nd quarter. Voya Investment Management LLC now owns 108,969 shares of the lifestyle brand’s stock worth $7,258,000 after acquiring an additional 32,494 shares in the last quarter. Swiss National Bank boosted its stake in shares of Michael Kors by 3.1% during the 2nd quarter. Swiss National Bank now owns 503,100 shares of the lifestyle brand’s stock worth $33,506,000 after acquiring an additional 15,100 shares in the last quarter. Fulton Bank N.A. boosted its stake in shares of Michael Kors by 7.9% during the 3rd quarter. Fulton Bank N.A. now owns 12,588 shares of the lifestyle brand’s stock worth $863,000 after acquiring an additional 918 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in shares of Michael Kors by 537.5% during the 2nd quarter. Bank of Nova Scotia now owns 123,756 shares of the lifestyle brand’s stock worth $8,241,000 after acquiring an additional 104,344 shares in the last quarter. Institutional investors own 85.53% of the company’s stock.
In other Michael Kors news, CEO John D. Idol sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $73.24, for a total transaction of $10,986,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael David Kors sold 179,920 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $71.35, for a total value of $12,837,292.00. The disclosure for this sale can be found here. Insiders sold a total of 846,436 shares of company stock worth $60,640,959 in the last 90 days. 6.00% of the stock is currently owned by insiders.
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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