Michael Kors Holdings Ltd. (KORS) Rating Increased to Strong-Buy at Vetr Inc.
Michael Kors Holdings Ltd. (NYSE:KORS) was upgraded by Vetr from a “buy” rating to a “strong-buy” rating in a note issued to investors on Monday. The brokerage presently has a $52.44 price objective on the lifestyle brand’s stock. Vetr‘s target price indicates a potential upside of 11.67% from the stock’s previous close.
A number of other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Michael Kors Holdings from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. Guggenheim started coverage on shares of Michael Kors Holdings in a report on Friday, September 30th. They set a “neutral” rating on the stock. Credit Agricole SA started coverage on shares of Michael Kors Holdings in a report on Wednesday, September 28th. They set a “sell” rating and a $45.00 target price on the stock. Credit Suisse Group AG reissued a “neutral” rating on shares of Michael Kors Holdings in a report on Thursday, July 28th. Finally, Wedbush decreased their price target on shares of Michael Kors Holdings from $46.00 to $44.00 and set a “neutral” rating on the stock in a report on Thursday, August 11th. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $53.44.
Michael Kors Holdings (NYSE:KORS) traded down 1.18% during midday trading on Monday, hitting $46.96. The company had a trading volume of 2,156,193 shares. Michael Kors Holdings has a 52 week low of $34.83 and a 52 week high of $59.49. The firm’s 50 day moving average is $48.72 and its 200-day moving average is $49.73. The firm has a market capitalization of $7.93 billion, a P/E ratio of 10.60 and a beta of 0.89.
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Michael Kors Holdings (NYSE:KORS) last issued 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. Michael Kors Holdings had a net margin of 17.33% and a return on equity of 43.05%. The business had revenue of $987.90 million for the quarter, compared to analysts’ expectations of $954.13 million. During the same quarter in the previous year, the firm posted $0.87 EPS. The business’s revenue for the quarter was up .2% compared to the same quarter last year. On average, equities research analysts expect that Michael Kors Holdings will post $4.57 EPS for the current fiscal year.
In other Michael Kors Holdings news, SVP Lee S. Sporn sold 4,700 shares of the firm’s stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $50.00, for a total transaction of $235,000.00. Following the completion of the transaction, the senior vice president now owns 22,653 shares of the company’s stock, valued at $1,132,650. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Lee S. Sporn sold 26,341 shares of the firm’s stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 40,707 shares of the company’s stock, valued at approximately $2,036,164.14. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. Mizuho Asset Management Co. Ltd. increased its position in shares of Michael Kors Holdings by 58.5% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,413 shares of the lifestyle brand’s stock worth $119,000 after buying an additional 891 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Michael Kors Holdings by 722.3% in the second quarter. Tower Research Capital LLC TRC now owns 2,878 shares of the lifestyle brand’s stock worth $142,000 after buying an additional 2,528 shares in the last quarter. Toronto Dominion Bank increased its position in shares of Michael Kors Holdings by 114.8% in the second quarter. Toronto Dominion Bank now owns 2,986 shares of the lifestyle brand’s stock worth $148,000 after buying an additional 1,596 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Michael Kors Holdings during the second quarter worth $148,000. Finally, Victory Capital Management Inc. increased its position in shares of Michael Kors Holdings by 8.3% in the second quarter. Victory Capital Management Inc. now owns 3,374 shares of the lifestyle brand’s stock worth $167,000 after buying an additional 258 shares in the last quarter. 93.04% of the stock is owned by institutional investors and hedge funds.
Michael Kors Holdings Company Profile
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.
To view Vetr’s full report, visit Vetr’s official website.
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