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.
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.
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