Michael Kors (KORS) Rating Increased to Strong-Buy at ValuEngine

Michael Kors (NYSE:KORS) was upgraded by research analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a report issued on Friday.

A number of other research analysts have also recently issued reports on KORS. MKM Partners raised shares of Michael Kors from a “sell” rating to a “neutral” rating and set a $26.00 price objective on the stock in a research note on Tuesday, November 7th. Cowen reissued a “hold” rating on shares of Michael Kors in a research note on Friday, November 10th. Zacks Investment Research raised shares of Michael Kors from a “hold” rating to a “strong-buy” rating and set a $63.00 price objective on the stock in a research note on Wednesday, November 8th. Susquehanna Bancshares assumed coverage on shares of Michael Kors in a research note on Thursday, November 2nd. They issued a “positive” rating and a $62.00 price objective on the stock. Finally, Buckingham Research lifted their price objective on shares of Michael Kors from $52.00 to $57.00 and gave the company a “neutral” rating in a research note on Tuesday, November 7th. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Michael Kors has an average rating of “Hold” and an average price target of $49.84.

Shares of Michael Kors (NYSE KORS) traded down $0.46 on Friday, hitting $57.98. 2,421,167 shares of the stock traded hands, compared to its average volume of 3,045,184. Michael Kors has a 12 month low of $32.38 and a 12 month high of $59.27. The company has a market capitalization of $8,816.84, a PE ratio of 12.88, a PEG ratio of 1.95 and a beta of 0.11.

Michael Kors (NYSE:KORS) last announced its earnings results on Monday, November 6th. The lifestyle brand reported $1.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.50. Michael Kors had a net margin of 12.68% and a return on equity of 42.09%. The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.05 billion. During the same period last year, the firm earned $0.95 earnings per share. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. research analysts predict that Michael Kors will post 3.96 earnings per share for the current fiscal year.

In other news, CEO John D. Idol sold 500 shares of Michael Kors stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $55.12, for a total transaction of $27,560.00. Following the transaction, the chief executive officer now owns 1,688,046 shares in the company, valued at $93,045,095.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Krista A. Mcdonough sold 7,500 shares of Michael Kors 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 transaction, the senior vice president now owns 10,647 shares in the company, valued at approximately $595,486.71. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,000 shares of company stock worth $554,235. 6.00% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in Michael Kors by 9.3% in the second quarter. BlackRock Inc. now owns 15,287,608 shares of the lifestyle brand’s stock valued at $554,176,000 after buying an additional 1,301,796 shares during the period. FMR LLC lifted its holdings in Michael Kors by 33.9% in the second quarter. FMR LLC now owns 4,378,144 shares of the lifestyle brand’s stock valued at $158,708,000 after buying an additional 1,107,385 shares during the period. Ardevora Asset Management LLP acquired a new position in Michael Kors in the third quarter valued at $37,089,000. PDT Partners LLC lifted its holdings in Michael Kors by 590.2% in the second quarter. PDT Partners LLC now owns 639,200 shares of the lifestyle brand’s stock valued at $23,171,000 after buying an additional 546,588 shares during the period. Finally, Thompson Siegel & Walmsley LLC lifted its holdings in Michael Kors by 24.5% in the second quarter. Thompson Siegel & Walmsley LLC now owns 2,572,603 shares of the lifestyle brand’s stock valued at $93,256,000 after buying an additional 506,071 shares during the period. Institutional investors own 86.50% of the company’s stock.

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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.

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