Michael Kors (KORS) Given New $83.00 Price Target at Deutsche Bank

Michael Kors (NYSE:KORS) had its price objective lowered by Deutsche Bank from $84.00 to $83.00 in a research note released on Thursday. Deutsche Bank currently has a buy rating on the lifestyle brand’s stock.

KORS has been the topic of several other reports. HSBC assumed coverage on Michael Kors in a research report on Monday, July 9th. They issued a buy rating and a $88.00 price target on the stock. Canaccord Genuity reaffirmed a buy rating and issued a $84.00 price target on shares of Michael Kors in a research note on Wednesday, August 8th. Jefferies Financial Group boosted their price target on Michael Kors from $90.00 to $93.00 and gave the company a buy rating in a research note on Wednesday, August 8th. They noted that the move was a valuation call. Guggenheim reaffirmed a hold rating on shares of Michael Kors in a research note on Wednesday, August 8th. Finally, Royal Bank of Canada set a $74.00 price target on Michael Kors and gave the company a hold rating in a research note on Wednesday, August 8th. Fifteen analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Michael Kors currently has an average rating of Buy and an average target price of $75.52.

NYSE KORS traded up $0.91 during trading on Thursday, reaching $58.29. 4,051,592 shares of the company’s stock were exchanged, compared to its average volume of 2,586,949. Michael Kors has a fifty-two week low of $47.49 and a fifty-two week high of $75.96. The firm has a market capitalization of $8.70 billion, a PE ratio of 11.54, a PEG ratio of 1.84 and a beta of 0.39. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.27.

Michael Kors (NYSE:KORS) last announced its quarterly earnings data on Wednesday, August 8th. The lifestyle brand reported $1.32 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.37. Michael Kors had a return on equity of 39.01% and a net margin of 13.14%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the company posted $0.80 EPS. The business’s quarterly revenue was up 26.3% compared to the same quarter last year. Research analysts anticipate that Michael Kors will post 5.02 EPS for the current year.

In other news, insider Michael David Kors sold 179,920 shares of the business’s stock in a transaction on Tuesday, October 9th. The stock was sold at an average price of $67.74, for a total transaction of $12,187,780.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John D. Idol sold 150,000 shares of the business’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $72.99, for a total value of $10,948,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 846,436 shares of company stock valued at $60,640,959. 6.00% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KORS. Signet Financial Management LLC bought a new stake in Michael Kors in the second quarter valued at about $140,000. Cerebellum GP LLC acquired a new position in Michael Kors in the third quarter valued at about $169,000. Dynamic Technology Lab Private Ltd acquired a new position in Michael Kors in the second quarter valued at about $200,000. Financial Gravity Wealth Inc. acquired a new position in Michael Kors in the third quarter valued at about $203,000. Finally, Conning Inc. acquired a new position in Michael Kors in the second quarter valued at about $204,000. Institutional investors and hedge funds own 86.41% of the company’s stock.

About Michael Kors

Michael Kors Holdings Limited design, markets, distributes, and retails branded women's and men's apparel and accessories. It operates in four segments: MK Retail, MK Wholesale, MK Licensing, and Jimmy Choo. The MK Retail segment sells women's apparel; handbags and small leather goods; men's apparel; footwear; and licensed products comprising watches, jewelry, fragrances, and beauty and eyewear.

Read More: Marijuana Stocks

Analyst Recommendations for Michael Kors (NYSE:KORS)

Receive News & Ratings for Michael Kors Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michael Kors and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply