Michael Kors (KORS) Price Target Cut to $65.00

Michael Kors (NYSE:KORS) had its price objective lowered by equities research analysts at Robert W. Baird from $70.00 to $65.00 in a research report issued to clients and investors on Thursday. The brokerage presently has a “neutral” rating on the lifestyle brand’s stock. Robert W. Baird’s price objective points to a potential upside of 36.04% from the company’s current price.

KORS has been the subject of a number of other research reports. Canaccord Genuity set a $90.00 target price on shares of Michael Kors and gave the company a “buy” rating in a research note on Wednesday, September 26th. Deutsche Bank decreased their target price on shares of Michael Kors from $84.00 to $83.00 and set a “buy” rating for the company in a research note on Thursday, November 1st. Piper Jaffray Companies raised shares of Michael Kors from a “neutral” rating to an “overweight” rating and set a $71.00 target price for the company in a research note on Friday, November 2nd. Zacks Investment Research downgraded shares of Michael Kors from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 26th. Finally, Wells Fargo & Co reaffirmed a “hold” rating on shares of Michael Kors in a research note on Monday, September 24th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $73.52.

KORS stock opened at $47.78 on Thursday. Michael Kors has a 1 year low of $47.47 and a 1 year high of $75.96. The stock has a market capitalization of $7.32 billion, a P/E ratio of 10.57, a P/E/G ratio of 1.55 and a beta of 0.39. The company has a quick ratio of 0.63, a current ratio of 1.48 and a debt-to-equity ratio of 0.23.

Michael Kors (NYSE:KORS) last released 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. 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 the consensus estimate of $1.26 billion. During the same period in the prior year, the firm earned $1.33 earnings per share. Michael Kors’s revenue was up 9.3% on a year-over-year basis. On average, equities analysts anticipate that Michael Kors will post 5.01 earnings per share for the current fiscal year.

In related news, insider Michael David Kors sold 179,920 shares of the firm’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $71.35, for a total value of $12,837,292.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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. In the last quarter, insiders have sold 846,436 shares of company stock worth $60,640,959. Corporate insiders own 6.00% of the company’s stock.

A number of hedge funds have recently modified their holdings of KORS. LPL Financial LLC boosted its holdings in Michael Kors by 65.6% in the first quarter. LPL Financial LLC now owns 8,038 shares of the lifestyle brand’s stock worth $499,000 after purchasing an additional 3,185 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Michael Kors by 25.3% in the first quarter. Principal Financial Group Inc. now owns 611,403 shares of the lifestyle brand’s stock worth $37,956,000 after purchasing an additional 123,429 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in Michael Kors by 1,220.6% in the first quarter. Allianz Asset Management GmbH now owns 75,712 shares of the lifestyle brand’s stock worth $4,700,000 after purchasing an additional 69,979 shares during the last quarter. DnB Asset Management AS boosted its holdings in Michael Kors by 13.4% in the second quarter. DnB Asset Management AS now owns 16,973 shares of the lifestyle brand’s stock worth $1,130,000 after purchasing an additional 2,000 shares during the last quarter. Finally, IFM Investors Pty Ltd boosted its holdings in Michael Kors by 37.2% in the second quarter. IFM Investors Pty Ltd now owns 8,139 shares of the lifestyle brand’s stock worth $542,000 after purchasing an additional 2,208 shares during the last quarter. Institutional investors own 85.53% 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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