Nomura Boosts Michael Kors (KORS) Price Target to $85.00

Michael Kors (NYSE:KORS) had its price objective increased by Nomura from $80.00 to $85.00 in a report issued on Thursday morning, The Fly reports. They currently have a buy rating on the lifestyle brand’s stock.

Several other research analysts have also weighed in on the stock. Canaccord Genuity upped their target price on shares of Michael Kors from $84.00 to $90.00 and gave the stock a positive rating in a research report on Thursday. They noted that the move was a valuation call. Telsey Advisory Group upped their target price on shares of Michael Kors from $67.00 to $75.00 and gave the stock a market perform rating in a research report on Thursday. Royal Bank of Canada set a $74.00 target price on shares of Michael Kors and gave the stock a hold rating in a research report on Wednesday. Guggenheim restated a hold rating on shares of Michael Kors in a research report on Wednesday. Finally, Jefferies Financial Group upped their target price on shares of Michael Kors from $90.00 to $93.00 and gave the stock a buy rating in a research report on Wednesday. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and seventeen have issued a buy rating to the stock. Michael Kors has an average rating of Hold and an average target price of $73.13.

Shares of Michael Kors stock traded up $0.33 on Thursday, reaching $72.67. 3,192,360 shares of the stock were exchanged, compared to its average volume of 2,382,420. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.27. Michael Kors has a 1-year low of $41.47 and a 1-year high of $73.25. The firm has a market cap of $10.80 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 2.15 and a beta of -0.01.

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

In related news, CEO John D. Idol sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, May 24th. The shares were sold at an average price of $68.20, for a total transaction of $10,230,000.00. Following the transaction, the chief executive officer now owns 537,546 shares of the company’s stock, valued at $36,660,637.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Cathy Marie Robinson sold 6,097 shares of the company’s stock in a transaction that occurred on Wednesday, June 6th. The shares were sold at an average price of $63.58, for a total transaction of $387,647.26. Following the transaction, the senior vice president now directly owns 24,936 shares in the company, valued at approximately $1,585,430.88. The disclosure for this sale can be found here. Insiders sold 468,197 shares of company stock worth $31,860,254 in the last ninety days. Insiders own 6.00% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in KORS. Janus Henderson Group PLC lifted its stake in shares of Michael Kors by 109.9% during the second quarter. Janus Henderson Group PLC now owns 1,763,621 shares of the lifestyle brand’s stock valued at $117,457,000 after buying an additional 923,447 shares during the period. Millennium Management LLC lifted its stake in shares of Michael Kors by 652.7% during the first quarter. Millennium Management LLC now owns 648,587 shares of the lifestyle brand’s stock valued at $40,264,000 after buying an additional 562,424 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Michael Kors by 351.4% during the second quarter. Wells Fargo & Company MN now owns 711,990 shares of the lifestyle brand’s stock valued at $47,417,000 after buying an additional 554,253 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in shares of Michael Kors by 72.3% during the first quarter. Robeco Institutional Asset Management B.V. now owns 1,184,392 shares of the lifestyle brand’s stock valued at $73,528,000 after buying an additional 497,056 shares during the period. Finally, Unigestion Holding SA purchased a new position in shares of Michael Kors during the second quarter valued at approximately $31,418,000. 81.03% of the stock is currently owned by institutional investors and hedge funds.

Michael Kors Company Profile

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.

Further Reading: Momentum Indicator: Relative Strength Index

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