Needham & Company LLC Raises Michael Kors (KORS) Price Target to $75.00

Michael Kors (NYSE:KORS) had its target price raised by equities research analysts at Needham & Company LLC from $69.00 to $75.00 in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the lifestyle brand’s stock. Needham & Company LLC’s price objective points to a potential upside of 25.42% from the company’s previous close.

A number of other analysts also recently weighed in on KORS. Robert W. Baird reissued a “hold” rating on shares of Michael Kors in a report on Monday, February 5th. Bank of America reissued a “neutral” rating and issued a $58.00 price target on shares of Michael Kors in a report on Tuesday, November 7th. Piper Jaffray Companies reissued a “hold” rating and issued a $72.00 price target on shares of Michael Kors in a report on Monday, February 5th. TheStreet raised shares of Michael Kors from a “c+” rating to a “b” rating in a report on Monday, November 6th. Finally, Barclays increased their price target on shares of Michael Kors from $44.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Michael Kors has an average rating of “Hold” and an average price target of $62.32.

Michael Kors (KORS) traded down $0.23 during trading hours on Thursday, reaching $59.80. 7,197,961 shares of the company were exchanged, compared to its average volume of 2,303,310. Michael Kors has a 1-year low of $32.38 and a 1-year high of $69.95. The company has a quick ratio of 1.34, a current ratio of 2.00 and a debt-to-equity ratio of 0.48. The firm has a market cap of $9,099.59, a price-to-earnings ratio of 17.74, a PEG ratio of 1.74 and a beta of 0.08.

Michael Kors (NYSE:KORS) last posted its earnings results on Wednesday, February 7th. The lifestyle brand reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.48. Michael Kors had a net margin of 11.32% and a return on equity of 40.86%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period last year, the business posted $1.64 EPS. Michael Kors’s revenue was up 6.4% compared to the same quarter last year. equities analysts anticipate that Michael Kors will post 4.48 EPS for the current fiscal year.

In other news, SVP Pascale Meyran sold 6,835 shares of the firm’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $60.01, for a total transaction of $410,168.35. Following the completion of the transaction, the senior vice president now directly owns 10,081 shares of the company’s stock, valued at approximately $604,960.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Krista A. Mcdonough sold 7,500 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $55.93, for a total transaction of $419,475.00. Following the transaction, the senior vice president now directly owns 10,647 shares of the company’s stock, valued at $595,486.71. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Suntrust Banks Inc. bought a new position in Michael Kors during the 4th quarter valued at about $295,000. American International Group Inc. lifted its holdings in Michael Kors by 9.6% during the 4th quarter. American International Group Inc. now owns 54,224 shares of the lifestyle brand’s stock valued at $3,413,000 after purchasing an additional 4,727 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Michael Kors by 205.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,017,371 shares of the lifestyle brand’s stock valued at $64,044,000 after purchasing an additional 684,310 shares during the last quarter. Employees Retirement System of Texas lifted its holdings in Michael Kors by 11.0% during the 4th quarter. Employees Retirement System of Texas now owns 40,400 shares of the lifestyle brand’s stock valued at $2,543,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in Michael Kors during the 4th quarter valued at about $1,280,000. 86.57% of the stock is owned by institutional investors.

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About Michael Kors

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.

Analyst Recommendations for Michael Kors (NYSE:KORS)

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