Vetr Inc. Upgrades Michael Kors Holdings Ltd. (KORS) to Buy
Michael Kors Holdings Ltd. (NYSE:KORS) was upgraded by Vetr from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage presently has a $48.57 target price on the lifestyle brand’s stock. Vetr‘s target price would indicate a potential upside of 4.63% from the stock’s previous close.
A number of other analysts also recently weighed in on the stock. Guggenheim assumed coverage on shares of Michael Kors Holdings in a report on Friday, September 30th. They set a “neutral” rating for the company. Credit Agricole SA assumed coverage on shares of Michael Kors Holdings in a report on Wednesday, September 28th. They set a “sell” rating and a $45.00 price target for the company. Credit Suisse Group AG reaffirmed a “hold” rating and set a $55.00 price target on shares of Michael Kors Holdings in a report on Tuesday, September 13th. Jefferies Group reiterated a “buy” rating on shares of Michael Kors Holdings in a research report on Monday, September 12th. Finally, Piper Jaffray Cos. reiterated an “overweight” rating and set a $64.00 price objective on shares of Michael Kors Holdings in a research report on Thursday, September 8th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have assigned a buy rating to the company. Michael Kors Holdings has a consensus rating of “Hold” and a consensus target price of $53.44.
Shares of Michael Kors Holdings (NYSE:KORS) traded down 1.15% during trading on Monday, hitting $46.42. 2,205,080 shares of the stock were exchanged. The stock has a market cap of $7.83 billion, a P/E ratio of 10.47 and a beta of 0.89. The firm’s 50 day moving average price is $48.62 and its 200-day moving average price is $49.58. Michael Kors Holdings has a 52 week low of $34.83 and a 52 week high of $59.49.
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Michael Kors Holdings (NYSE:KORS) last issued its quarterly earnings results on Wednesday, August 10th. The lifestyle brand reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 company earned $987.90 million during the quarter, compared to the consensus estimate of $954.13 million. During the same quarter in the prior year, the firm posted $0.87 EPS. The firm’s quarterly revenue was up .2% on a year-over-year basis. On average, analysts predict that Michael Kors Holdings will post $4.57 EPS for the current year.
In related news, SVP Lee S. Sporn sold 4,700 shares of the firm’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 completion of the sale, the senior vice president now owns 22,653 shares in the company, valued at $1,132,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Lee S. Sporn sold 26,341 shares of the firm’s stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $50.02, for a total transaction of $1,317,576.82. Following the sale, the senior vice president now 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 insiders.
Hedge funds have recently bought and sold shares of the company. British Columbia Investment Management Corp increased its stake in Michael Kors Holdings by 29.1% in the second quarter. British Columbia Investment Management Corp now owns 109,258 shares of the lifestyle brand’s stock worth $5,406,000 after buying an additional 24,611 shares during the period. Geode Capital Management LLC increased its stake in Michael Kors Holdings by 0.3% in the first quarter. Geode Capital Management LLC now owns 1,762,696 shares of the lifestyle brand’s stock worth $100,234,000 after buying an additional 5,972 shares during the period. Exxonmobil Investment Management Inc. TX increased its stake in Michael Kors Holdings by 4.6% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 45,680 shares of the lifestyle brand’s stock worth $2,260,000 after buying an additional 1,993 shares during the period. Retirement Systems of Alabama increased its stake in Michael Kors Holdings by 27.3% in the second quarter. Retirement Systems of Alabama now owns 385,967 shares of the lifestyle brand’s stock worth $19,098,000 after buying an additional 82,857 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in Michael Kors Holdings during the first quarter worth about $67,777,000. 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.
To view Vetr’s full report, visit Vetr’s official website.
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