TheStreet Downgrades Michael Kors (KORS) to C+

Michael Kors (NYSE:KORS) was downgraded by equities research analysts at TheStreet from a “b-” rating to a “c+” rating in a research report issued to clients and investors on Thursday.

A number of other equities research analysts also recently commented on KORS. Telsey Advisory Group raised their price objective on shares of Michael Kors from $67.00 to $75.00 and gave the company a “market perform” rating in a research report on Thursday, August 9th. Zacks Investment Research upgraded shares of Michael Kors from a “sell” rating to a “hold” rating in a research report on Friday, October 26th. Canaccord Genuity raised their price objective on shares of Michael Kors from $84.00 to $90.00 and gave the company a “positive” rating in a research report on Thursday, August 9th. They noted that the move was a valuation call. Credit Suisse Group raised their price objective on shares of Michael Kors from $72.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, August 9th. Finally, CIBC restated a “market perform” rating on shares of Michael Kors in a research report on Friday, November 16th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $73.04.

Shares of KORS traded down $2.44 during mid-day trading on Thursday, hitting $40.48. 3,599,185 shares of the company’s stock were exchanged, compared to its average volume of 3,080,336. Michael Kors has a fifty-two week low of $40.40 and a fifty-two week high of $75.96. The company has a market capitalization of $6.45 billion, a price-to-earnings ratio of 8.96, a price-to-earnings-growth ratio of 1.38 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.71 and a current ratio of 1.48.

Michael Kors (NYSE:KORS) last announced its quarterly earnings data on Wednesday, November 7th. The lifestyle brand reported $1.27 EPS for the quarter, beating the Zacks’ consensus estimate of $1.09 by $0.18. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.26 billion. Michael Kors had a net margin of 11.57% and a return on equity of 36.66%. The firm’s revenue was up 9.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.33 earnings per share. Equities research analysts forecast that Michael Kors will post 5.02 EPS for the current year.

In other news, CEO John D. Idol sold 6,676 shares of the firm’s stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $65.26, for a total transaction of $435,675.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Krista A. Mcdonough sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 6th. The stock was sold at an average price of $42.62, for a total transaction of $127,860.00. Following the transaction, the senior vice president now directly owns 2,423 shares of the company’s stock, valued at $103,268.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 519,516 shares of company stock valued at $36,945,527. 6.00% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. AMP Capital Investors Ltd increased its stake in shares of 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 in the last quarter. Voya Investment Management LLC increased 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 purchasing an additional 32,494 shares in the last quarter. Fulton Bank N.A. increased 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 purchasing an additional 918 shares in the last quarter. Swiss National Bank increased 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 purchasing an additional 15,100 shares in the last quarter. Finally, Bank of Nova Scotia increased 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 purchasing an additional 104,344 shares in the last quarter. 86.94% of the stock is owned by institutional investors and hedge funds.

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.

Featured Story: What are the Benefits of Index Funds?

Analyst Recommendations for Michael Kors (NYSE:KORS)

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.

Leave a Reply