Michael Kors (KORS) Price Target Raised to $90.00 at Canaccord Genuity

Michael Kors (NYSE:KORS) had its price objective boosted by equities researchers at Canaccord Genuity from $84.00 to $90.00 in a report issued on Thursday, August 9th, The Fly reports. The brokerage presently has a “positive” rating on the lifestyle brand’s stock. Canaccord Genuity’s price objective points to a potential upside of 23.93% from the company’s previous close. The analysts noted that the move was a valuation call.

A number of other analysts have also commented on the company. Telsey Advisory Group lifted their price target on Michael Kors from $67.00 to $75.00 and gave the company a “market perform” rating in a research note on Thursday, August 9th. Royal Bank of Canada set a $74.00 price objective on Michael Kors and gave the stock a “hold” rating in a research report on Wednesday, August 8th. Guggenheim restated a “hold” rating on shares of Michael Kors in a research report on Wednesday, August 8th. Jefferies Financial Group raised their price objective on 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. Finally, HSBC initiated coverage on Michael Kors in a research report on Monday, July 9th. They set a “buy” rating and a $88.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and seventeen have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $73.33.

Shares of KORS stock traded up $0.50 during mid-day trading on Thursday, reaching $72.62. 1,755,000 shares of the stock traded hands, compared to its average volume of 2,374,664. Michael Kors has a 1-year low of $41.77 and a 1-year high of $75.96. The firm has a market capitalization of $11.03 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 2.16 and a beta of -0.01. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.27.

Michael Kors (NYSE:KORS) last announced its quarterly earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.37. Michael Kors had a return on equity of 39.01% and a net margin of 13.14%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the firm posted $0.80 earnings per share. The business’s revenue for the quarter was up 26.3% on a year-over-year basis. sell-side analysts predict that Michael Kors will post 5.01 earnings per share for the current fiscal year.

In other news, SVP Krista A. Mcdonough sold 12,100 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $65.67, for a total transaction of $794,607.00. Following the completion of the sale, the senior vice president now owns 15,164 shares in the company, valued at $995,819.88. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Cathy Marie Robinson sold 6,097 shares of the business’s stock in a transaction that occurred on Wednesday, June 6th. The shares were sold at an average price of $63.58, for a total value of $387,647.26. Following the sale, the senior vice president now owns 24,936 shares of the company’s stock, valued at approximately $1,585,430.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 648,117 shares of company stock valued at $45,453,546. 6.00% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in KORS. Millennium Management LLC boosted its position in shares of Michael Kors by 308.8% during the second quarter. Millennium Management LLC now owns 2,651,631 shares of the lifestyle brand’s stock valued at $176,599,000 after buying an additional 2,003,044 shares during the last quarter. Janus Henderson Group PLC boosted its position in Michael Kors by 109.9% in the second quarter. Janus Henderson Group PLC now owns 1,763,621 shares of the lifestyle brand’s stock worth $117,457,000 after purchasing an additional 923,447 shares during the last quarter. Wells Fargo & Company MN boosted its position in Michael Kors by 351.4% in the second quarter. Wells Fargo & Company MN now owns 711,990 shares of the lifestyle brand’s stock worth $47,417,000 after purchasing an additional 554,253 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Michael Kors by 72.3% in the first quarter. Robeco Institutional Asset Management B.V. now owns 1,184,392 shares of the lifestyle brand’s stock worth $73,528,000 after purchasing an additional 497,056 shares during the last quarter. Finally, Unigestion Holding SA purchased a new position in Michael Kors in the second quarter worth $31,418,000. 86.64% of the stock is currently owned by institutional investors.

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.

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