Michael Kors Holdings Ltd. (KORS) Rating Lowered to Buy at Vetr Inc.
Michael Kors Holdings Ltd. (NYSE:KORS) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Monday. They currently have a $56.16 price objective on the lifestyle brand’s stock. Vetr‘s price objective would suggest a potential upside of 16.59% from the stock’s current price.
Several other research firms have also issued reports on KORS. Piper Jaffray Cos. reissued a “buy” rating and set a $67.00 price target on shares of Michael Kors Holdings in a research report on Wednesday, June 1st. Goldman Sachs Group Inc. upped their price target on Michael Kors Holdings from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Thursday, August 11th. Canaccord Genuity reaffirmed a “hold” rating and issued a $45.00 target price on shares of Michael Kors Holdings in a research report on Wednesday, June 1st. Wedbush dropped their target price on Michael Kors Holdings to $43.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 31st. Finally, Buckingham Research reaffirmed a “neutral” rating and issued a $47.00 target price (down from $54.00) on shares of Michael Kors Holdings in a research report on Wednesday, June 1st. Twenty investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $54.14.
Shares of Michael Kors Holdings (NYSE:KORS) opened at 48.17 on Monday. The firm’s 50 day moving average is $49.22 and its 200 day moving average is $50.20. The stock has a market capitalization of $8.13 billion, a price-to-earnings ratio of 10.87 and a beta of 0.88. Michael Kors Holdings has a 12 month low of $34.83 and a 12 month high of $59.49.
Michael Kors Holdings (NYSE:KORS) last announced its earnings results on Wednesday, August 10th. The lifestyle brand reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.14. Michael Kors Holdings had a return on equity of 43.05% and a net margin of 17.33%. The company had revenue of $987.90 million for the quarter, compared to analyst estimates of $954.13 million. During the same period in the prior year, the company posted $0.87 EPS. Michael Kors Holdings’s quarterly revenue was up .2% on a year-over-year basis. On average, equities analysts predict that Michael Kors Holdings will post $4.57 earnings per share for the current fiscal year.
In other news, SVP Lee S. Sporn sold 4,700 shares of the stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $50.00, for a total transaction of $235,000.00. Following the transaction, the senior vice president now owns 22,653 shares of the company’s stock, valued at approximately $1,132,650. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Lee S. Sporn sold 26,341 shares of the stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $50.02, for a total value of $1,317,576.82. Following the transaction, the senior vice president now directly owns 40,707 shares in the company, valued at approximately $2,036,164.14. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Acrospire Investment Management LLC bought a new position in shares of Michael Kors Holdings during the first quarter worth approximately $273,000. Massmutual Trust Co. FSB ADV raised its position in shares of Michael Kors Holdings by 121,755.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 46,305 shares of the lifestyle brand’s stock worth $2,638,000 after buying an additional 46,267 shares in the last quarter. Howard Hughes Medical Institute raised its position in shares of Michael Kors Holdings by 29.8% in the first quarter. Howard Hughes Medical Institute now owns 57,265 shares of the lifestyle brand’s stock worth $3,262,000 after buying an additional 13,147 shares in the last quarter. Dixon Hubard Feinour & Brown Inc. VA bought a new position in shares of Michael Kors Holdings during the first quarter worth approximately $287,000. Finally, Bancorpsouth Inc. bought a new position in shares of Michael Kors Holdings during the first quarter worth approximately $244,000. 93.04% of the stock is currently owned by institutional investors and hedge funds.
About Michael Kors Holdings
Michael Kors Holdings Limited is a global accessories, footwear and apparel company. The Company operates its business in three segments: retail, wholesale and licensing. It offers two primary collections: the Michael Kors luxury collection and the MICHAEL Michael Kors accessible luxury collection. In the Michael Kors collection, it offers accessories, including handbags and small leather goods, many of which are made from leathers and other exotic skins, footwear and apparel, including ready-to-wear women swear and menswear.
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