Needham & Company LLC began coverage on shares of Michael Kors (NYSE:KORS) in a report published on Monday, December 18th, MarketBeat.com reports. The firm issued a buy rating and a $69.00 price objective on the lifestyle brand’s stock.
KORS has been the subject of a number of other reports. MKM Partners upgraded Michael Kors from a sell rating to a neutral rating and set a $26.00 price target for the company in a research report on Tuesday, November 7th. ValuEngine upgraded Michael Kors from a hold rating to a buy rating in a research report on Tuesday, November 14th. Cowen reiterated a hold rating on shares of Michael Kors in a research report on Friday, November 10th. Zacks Investment Research upgraded Michael Kors from a hold rating to a strong-buy rating and set a $63.00 price target for the company in a research report on Wednesday, November 8th. Finally, Susquehanna Bancshares assumed coverage on Michael Kors in a research report on Thursday, November 2nd. They set a positive rating and a $62.00 price target for the company. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $52.81.
Shares of Michael Kors (KORS) traded up $0.80 during mid-day trading on Monday, hitting $65.24. The stock had a trading volume of 1,203,042 shares, compared to its average volume of 2,080,000. The firm has a market cap of $9,920.00, a PE ratio of 18.17, a PEG ratio of 2.17 and a beta of 0.12. Michael Kors has a fifty-two week low of $32.38 and a fifty-two week high of $65.25.
Michael Kors (NYSE:KORS) last released its quarterly earnings results on Monday, November 6th. The lifestyle brand reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.50. Michael Kors had a return on equity of 42.09% and a net margin of 12.68%. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter in the prior year, the firm posted $0.95 EPS. Michael Kors’s quarterly revenue was up 5.4% compared to the same quarter last year. research analysts forecast that Michael Kors will post 3.96 earnings per share for the current fiscal year.
In related news, CEO John D. Idol sold 500 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $55.12, for a total transaction of $27,560.00. Following the transaction, the chief executive officer now owns 1,688,046 shares of the company’s stock, valued at $93,045,095.52. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Krista A. Mcdonough sold 7,500 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $55.93, for a total value of $419,475.00. Following the transaction, the senior vice president now directly owns 10,647 shares in the company, valued at approximately $595,486.71. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,835 shares of company stock worth $964,403. Corporate insiders own 6.00% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Pacer Advisors Inc. purchased a new stake in Michael Kors in the 2nd quarter valued at approximately $114,000. Sandy Spring Bank boosted its holdings in Michael Kors by 0.9% in the 2nd quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock valued at $158,000 after purchasing an additional 40 shares in the last quarter. TrimTabs Asset Management LLC boosted its holdings in Michael Kors by 105.1% in the 2nd quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock valued at $164,000 after purchasing an additional 2,325 shares in the last quarter. Penserra Capital Management LLC purchased a new stake in Michael Kors in the 2nd quarter valued at approximately $188,000. Finally, Hikari Power Ltd purchased a new stake in Michael Kors in the 3rd quarter valued at approximately $252,000. 86.32% of the stock is currently owned by institutional investors.
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About Michael Kors
Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos. The Company operates through three segments: retail, wholesale and licensing.
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