Michael Kors Holdings Ltd (NYSE:KORS) – Piper Jaffray Companies reduced their FY2019 earnings estimates for Michael Kors in a research report issued to clients and investors on Wednesday, November 7th. Piper Jaffray Companies analyst E. Murphy now expects that the lifestyle brand will earn $5.04 per share for the year, down from their previous forecast of $5.05. Piper Jaffray Companies has a “Buy” rating and a $68.00 price target on the stock. Piper Jaffray Companies also issued estimates for Michael Kors’ Q4 2019 earnings at $0.88 EPS, Q2 2020 earnings at $1.20 EPS, FY2020 earnings at $4.87 EPS and FY2021 earnings at $5.32 EPS.
KORS has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Michael Kors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 26th. ValuEngine lowered shares of Michael Kors from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Deutsche Bank cut their price objective on shares of Michael Kors from $84.00 to $83.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. Telsey Advisory Group boosted their price objective on shares of Michael Kors from $67.00 to $75.00 and gave the stock a “market perform” rating in a report on Thursday, August 9th. Finally, Needham & Company LLC cut their price objective on shares of Michael Kors from $79.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, September 26th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fifteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $73.52.
Shares of KORS stock opened at $47.78 on Friday. Michael Kors has a 12 month low of $47.47 and a 12 month high of $75.96. The company has a current ratio of 1.48, a quick ratio of 0.63 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $7.32 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 1.55 and a beta of 0.39.
Michael Kors (NYSE:KORS) last issued its quarterly earnings data on Wednesday, November 7th. The lifestyle brand reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.18. Michael Kors had a net margin of 11.57% and a return on equity of 36.66%. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the business posted $1.33 EPS. The firm’s revenue was up 9.3% compared to the same quarter last year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in KORS. LPL Financial LLC raised its stake in Michael Kors by 65.6% during the first quarter. LPL Financial LLC now owns 8,038 shares of the lifestyle brand’s stock worth $499,000 after acquiring an additional 3,185 shares during the period. Principal Financial Group Inc. raised its stake in Michael Kors by 25.3% during the first quarter. Principal Financial Group Inc. now owns 611,403 shares of the lifestyle brand’s stock worth $37,956,000 after acquiring an additional 123,429 shares during the period. Allianz Asset Management GmbH raised its stake in Michael Kors by 1,220.6% during the first quarter. Allianz Asset Management GmbH now owns 75,712 shares of the lifestyle brand’s stock worth $4,700,000 after acquiring an additional 69,979 shares during the period. DnB Asset Management AS raised its stake in Michael Kors by 13.4% during the second quarter. DnB Asset Management AS now owns 16,973 shares of the lifestyle brand’s stock worth $1,130,000 after acquiring an additional 2,000 shares during the period. Finally, IFM Investors Pty Ltd raised its stake in Michael Kors by 37.2% during the second quarter. IFM Investors Pty Ltd now owns 8,139 shares of the lifestyle brand’s stock worth $542,000 after acquiring an additional 2,208 shares during the period. Hedge funds and other institutional investors own 85.53% of the company’s stock.
In related news, insider Michael David Kors sold 179,920 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $71.35, for a total transaction of $12,837,292.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO John D. Idol sold 150,000 shares of the stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $72.99, for a total transaction of $10,948,500.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 846,436 shares of company stock worth $60,640,959. 6.00% of the stock is owned by company insiders.
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.
Recommended Story: When is a capital gain realized?
Receive News & Ratings for Michael Kors Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michael Kors and related companies with MarketBeat.com's FREE daily email newsletter.