Vetr Inc. Upgrades Michael Kors Holdings Ltd. (KORS) to Buy
Michael Kors Holdings Ltd. (NYSE:KORS) was upgraded by stock analysts at Vetr from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm presently has a $48.57 price objective on the lifestyle brand’s stock. Vetr‘s price objective would suggest a potential upside of 4.63% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Jefferies Group restated a “buy” rating on shares of Michael Kors Holdings in a research note on Sunday, September 4th. JPMorgan Chase & Co. lifted their price objective on shares of Michael Kors Holdings from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 11th. BMO Capital Markets set a $46.00 price objective on shares of Michael Kors Holdings and gave the company a “hold” rating in a research note on Thursday, August 11th. Zacks Investment Research upgraded shares of Michael Kors Holdings from a “sell” rating to a “hold” rating in a research note on Tuesday, August 9th. Finally, Wedbush cut their price objective on shares of Michael Kors Holdings from $46.00 to $44.00 and set a “neutral” rating on the stock in a research note on Thursday, August 11th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $53.44.
Michael Kors Holdings (NYSE:KORS) traded down 1.15% on Monday, reaching $46.42. 2,205,080 shares of the company’s stock were exchanged. The stock has a market capitalization of $7.83 billion, a P/E ratio of 10.47 and a beta of 0.89. The firm’s 50 day moving average is $48.62 and its 200 day moving average is $49.58. Michael Kors Holdings has a 1-year low of $34.83 and a 1-year high of $59.49.
Michael Kors Holdings (NYSE:KORS) last posted its earnings results on Wednesday, August 10th. The lifestyle brand reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.14. The company had revenue of $987.90 million for the quarter, compared to analysts’ expectations of $954.13 million. Michael Kors Holdings had a return on equity of 43.05% and a net margin of 17.33%. The firm’s quarterly revenue was up .2% compared to the same quarter last year. During the same period last year, the business posted $0.87 earnings per share. Analysts expect that Michael Kors Holdings will post $4.57 EPS for the current year.
In other Michael Kors Holdings news, SVP Lee S. Sporn sold 26,341 shares of the company’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $50.02, for a total transaction of $1,317,576.82. Following the completion of the sale, the senior vice president now directly owns 40,707 shares in the company, valued at $2,036,164.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Lee S. Sporn sold 4,700 shares of the company’s stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $50.00, for a total transaction of $235,000.00. Following the sale, the senior vice president now owns 22,653 shares of the company’s stock, valued at $1,132,650. The disclosure for this sale can be found here. Company insiders own 5.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in KORS. First National Bank of Mount Dora Trust Investment Services bought a new stake in Michael Kors Holdings during the third quarter valued at $1,205,000. Macquarie Group Ltd. boosted its stake in Michael Kors Holdings by 142.2% in the second quarter. Macquarie Group Ltd. now owns 4,360 shares of the lifestyle brand’s stock valued at $216,000 after buying an additional 2,560 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Michael Kors Holdings during the second quarter valued at $353,000. Kentucky Retirement Systems bought a new stake in Michael Kors Holdings during the second quarter valued at $743,000. Finally, Mason Street Advisors LLC bought a new stake in Michael Kors Holdings during the second quarter valued at $1,176,000. Institutional investors and hedge funds own 93.04% of the company’s stock.
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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