Michael Kors (KORS) Receives “Neutral” Rating from Credit Suisse Group

Credit Suisse Group reiterated their neutral rating on shares of Michael Kors (NYSE:KORS) in a report released on Friday, MarketBeat.com reports. Credit Suisse Group currently has a $52.00 price objective on the lifestyle brand’s stock, down from their prior price objective of $75.00.

KORS has been the topic of several other reports. Piper Jaffray Companies set a $71.00 price objective on Michael Kors and gave the company a hold rating in a research note on Friday, August 17th. Zacks Investment Research lowered Michael Kors from a strong-buy rating to a hold rating in a research note on Wednesday, September 26th. ValuEngine lowered Michael Kors from a buy rating to a hold rating in a research note on Tuesday, October 2nd. Deutsche Bank cut their price target on Michael Kors from $84.00 to $83.00 and set a buy rating on the stock in a research note on Thursday, November 1st. Finally, 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. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fifteen have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $73.52.

NYSE:KORS traded down $2.31 during trading hours on Friday, hitting $47.78. The company’s stock had a trading volume of 5,413,749 shares, compared to its average volume of 3,435,401. The firm has a market capitalization of $7.32 billion, a PE ratio of 10.57, a price-to-earnings-growth 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 has a twelve month low of $47.47 and a twelve month high of $75.96.

Michael Kors (NYSE:KORS) last released its quarterly earnings data on Wednesday, November 7th. The lifestyle brand reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.18. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.26 billion. Michael Kors had a return on equity of 36.66% and a net margin of 11.57%. Michael Kors’s revenue was up 9.3% compared to the same quarter last year. During the same period last year, the firm posted $1.33 earnings per share. On average, analysts anticipate that Michael Kors will post 5.01 EPS for the current fiscal year.

In other news, CEO John D. Idol sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $73.24, for a total transaction of $10,986,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael David Kors sold 179,920 shares of the firm’s stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $73.62, for a total value of $13,245,710.40. The disclosure for this sale can be found here. Insiders have sold 846,436 shares of company stock valued at $60,640,959 over the last 90 days. 6.00% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC increased its holdings in Michael Kors by 308.8% in the second quarter. Millennium Management LLC now owns 2,651,631 shares of the lifestyle brand’s stock worth $176,599,000 after purchasing an additional 2,003,044 shares in the last quarter. BlackRock Inc. increased its holdings in Michael Kors by 12.9% in the third quarter. BlackRock Inc. now owns 12,564,075 shares of the lifestyle brand’s stock worth $861,392,000 after purchasing an additional 1,436,136 shares in the last quarter. Janus Henderson Group PLC increased its holdings 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 in the last quarter. FMR LLC increased its holdings in Michael Kors by 18.4% in the third quarter. FMR LLC now owns 5,373,852 shares of the lifestyle brand’s stock worth $368,432,000 after purchasing an additional 835,011 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings 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 in 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.

Recommended Story: How dollar cost averaging works

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