Michael Kors (NYSE:KORS) was downgraded by investment analysts at TheStreet from a “b-” rating to a “c+” rating in a report issued on Thursday.
Other research analysts have also recently issued reports about the stock. Needham & Company LLC raised their target price on shares of Michael Kors from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 9th. Nomura increased their price target 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. Jefferies Financial Group increased their price target on shares of Michael Kors from $90.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, August 8th. They noted that the move was a valuation call. Canaccord Genuity reissued a “buy” rating and issued a $84.00 price target on shares of Michael Kors in a research report on Wednesday, August 8th. Finally, Zacks Investment Research raised shares of Michael Kors from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a research report on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $73.04.
Shares of KORS opened at $40.48 on Thursday. Michael Kors has a one year low of $40.40 and a one year high of $75.96. The stock has a market capitalization of $6.45 billion, a price-to-earnings ratio of 8.96, a PEG ratio of 1.38 and a beta of 0.32. The company has a quick ratio of 0.71, a current ratio of 1.48 and a debt-to-equity ratio of 0.23.
Michael Kors (NYSE:KORS) last announced its earnings results on Wednesday, November 7th. The lifestyle brand reported $1.27 EPS for the quarter, topping the consensus estimate of $1.09 by $0.18. Michael Kors had a net margin of 11.57% and a return on equity of 36.66%. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same period last year, the company posted $1.33 earnings per share. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. As a group, analysts anticipate that Michael Kors will post 5.02 earnings per share for the current fiscal year.
In other news, SVP Krista A. Mcdonough sold 3,000 shares of the firm’s stock in a transaction on Thursday, December 6th. The shares were sold at an average price of $42.62, for a total value of $127,860.00. Following the sale, the senior vice president now owns 2,423 shares in the company, valued at $103,268.26. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO John D. Idol sold 150,000 shares of the firm’s stock in a transaction on 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 90 days, insiders sold 519,516 shares of company stock worth $36,945,527. 6.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in KORS. Signet Financial Management LLC acquired a new stake in shares of Michael Kors in the second quarter worth $140,000. First Mercantile Trust Co. grew its stake in shares of Michael Kors by 114.3% in the third quarter. First Mercantile Trust Co. now owns 2,400 shares of the lifestyle brand’s stock worth $164,000 after acquiring an additional 1,280 shares during the last quarter. Cerebellum GP LLC acquired a new stake in shares of Michael Kors in the third quarter worth $169,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Michael Kors in the second quarter worth $200,000. Finally, Financial Gravity Wealth Inc. acquired a new stake in shares of Michael Kors in the third quarter worth $203,000. Institutional investors and hedge funds own 86.94% 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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