Michael Kors (KORS) Coverage Initiated at Goldman Sachs Group
Analysts at Goldman Sachs Group began coverage on shares of Michael Kors (NYSE:KORS) in a report released on Tuesday. The brokerage set a “buy” rating and a $70.00 price target on the lifestyle brand’s stock. Goldman Sachs Group’s price target indicates a potential upside of 19.07% from the company’s previous close.
A number of other equities analysts also recently weighed in on KORS. Buckingham Research set a $34.00 target price on Michael Kors and gave the stock a “hold” rating in a research note on Tuesday, August 8th. Piper Jaffray Companies set a $46.00 target price on Michael Kors and gave the stock a “hold” rating in a research note on Tuesday, August 8th. BMO Capital Markets set a $35.00 price target on shares of Michael Kors and gave the stock a “hold” rating in a report on Tuesday, August 8th. Telsey Advisory Group lifted their price target on shares of Michael Kors from $38.00 to $49.00 and gave the stock a “market perform” rating in a report on Wednesday, August 9th. Finally, Canaccord Genuity lifted their price target on shares of Michael Kors from $33.00 to $43.00 and gave the stock a “hold” rating in a report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Michael Kors presently has a consensus rating of “Hold” and a consensus target price of $51.09.
Michael Kors (NYSE KORS) traded up $0.81 during mid-day trading on Tuesday, reaching $58.79. The company’s stock had a trading volume of 2,556,800 shares, compared to its average volume of 2,506,054. The firm has a market cap of $8,816.83, a P/E ratio of 12.88, a P/E/G ratio of 1.95 and a beta of 0.12. Michael Kors has a fifty-two week low of $32.38 and a fifty-two week high of $59.61.
In other news, CEO John D. Idol sold 500 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $55.12, for a total value of $27,560.00. Following the transaction, the chief executive officer now owns 1,688,046 shares of the company’s stock, valued at $93,045,095.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Krista A. Mcdonough sold 7,500 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $55.93, for a total transaction of $419,475.00. Following the completion of the transaction, the senior vice president now directly owns 10,647 shares in the company, valued at approximately $595,486.71. The disclosure for this sale can be found here. Insiders have sold a total of 10,000 shares of company stock worth $554,235 in the last three months. Insiders own 6.00% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Pacer Advisors Inc. purchased a new position in Michael Kors in the second quarter worth $114,000. Sandy Spring Bank grew its position in Michael Kors by 0.9% in the second quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock worth $158,000 after acquiring an additional 40 shares in the last quarter. TrimTabs Asset Management LLC grew its position in Michael Kors by 105.1% in the second quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock worth $164,000 after acquiring an additional 2,325 shares in the last quarter. Creative Planning grew its position in Michael Kors by 30.8% in the second quarter. Creative Planning now owns 5,005 shares of the lifestyle brand’s stock worth $181,000 after acquiring an additional 1,180 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new position in Michael Kors in the second quarter worth $188,000. Institutional investors own 86.59% of the company’s stock.
Michael Kors Company Profile
Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos. The Company operates through three segments: retail, wholesale and licensing.
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