Michael Kors Holdings Ltd. (KORS) Upgraded at Vetr Inc.
Michael Kors Holdings Ltd. (NYSE:KORS) was upgraded by stock analysts at Vetr from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm currently has a $48.57 price objective on the lifestyle brand’s stock. Vetr‘s price objective would indicate a potential upside of 4.12% from the company’s previous close.
Several other equities research analysts have also commented on KORS. Jefferies Group reaffirmed a “buy” rating on shares of Michael Kors Holdings in a research report on Sunday, September 4th. Credit Suisse Group AG reaffirmed a “hold” rating and set a $55.00 price target on shares of Michael Kors Holdings in a research report on Tuesday, September 13th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $69.00 price target on shares of Michael Kors Holdings in a research report on Monday, August 8th. BMO Capital Markets set a $46.00 price target on shares of Michael Kors Holdings and gave the company a “hold” rating in a research report on Thursday, August 11th. Finally, Canaccord Genuity reaffirmed a “hold” rating and set a $45.00 price target on shares of Michael Kors Holdings in a research report on Thursday, August 11th. One equities research 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 company. The company has an average rating of “Hold” and a consensus target price of $53.44.
Shares of Michael Kors Holdings (NYSE:KORS) opened at 46.65 on Monday. The company has a 50-day moving average of $48.17 and a 200-day moving average of $49.44. The stock has a market capitalization of $7.87 billion, a P/E ratio of 10.53 and a beta of 0.89. 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 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 return on equity of 43.05% and a net margin of 17.33%. The business earned $987.90 million during the quarter, compared to analyst estimates of $954.13 million. During the same quarter in the previous year, the firm earned $0.87 EPS. Michael Kors Holdings’s revenue was up .2% on a year-over-year basis. On average, analysts anticipate that Michael Kors Holdings will post $4.57 EPS for the current year.
In other news, SVP Lee S. Sporn sold 26,341 shares of the firm’s stock in a transaction on 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 transaction, the senior vice president now owns 40,707 shares in the company, valued at $2,036,164.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Lee S. Sporn sold 4,700 shares of the firm’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $50.00, for a total value of $235,000.00. Following the transaction, the senior vice president now owns 22,653 shares in the company, valued at approximately $1,132,650. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Mizuho Asset Management Co. Ltd. raised 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 valued at $119,000 after buying an additional 891 shares in the last quarter. Tower Research Capital LLC TRC raised 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 valued at $142,000 after buying an additional 2,528 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Michael Kors Holdings during the second quarter worth $148,000. Toronto Dominion Bank increased its stake 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 during the last quarter. Finally, Victory Capital Management Inc. increased its stake 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 during the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.
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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