Goldman Sachs Group Begins Coverage on Michael Kors (KORS)

Research analysts at Goldman Sachs Group started coverage on shares of Michael Kors (NYSE:KORS) in a report released on Tuesday. The brokerage set a “buy” rating on the lifestyle brand’s stock.

Several other equities research analysts also recently weighed in on the stock. ValuEngine downgraded shares of Michael Kors from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Credit Suisse Group reissued a “hold” rating and set a $43.00 price target on shares of Michael Kors in a research report on Sunday, September 10th. Canaccord Genuity reissued a “buy” rating and set a $67.00 price target (up previously from $58.00) on shares of Michael Kors in a research report on Friday, November 3rd. Jefferies Group reissued a “buy” rating on shares of Michael Kors in a research report on Friday, November 10th. Finally, Zacks Investment Research downgraded shares of Michael Kors from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. Michael Kors has an average rating of “Hold” and a consensus target price of $49.84.

Shares of Michael Kors (NYSE:KORS) opened at $58.79 on Tuesday. The firm has a market cap of $8,816.83, a P/E ratio of 12.88, a P/E/G ratio of 1.95 and a beta of 0.12. Michael Kors has a 1 year low of $32.38 and a 1 year high of $59.61.

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

In related news, Director M William Benedetto sold 2,000 shares of Michael Kors stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $53.60, for a total transaction of $107,200.00. Following the transaction, the director now owns 18,662 shares in the company, valued at approximately $1,000,283.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 approximately $93,045,095.52. The disclosure for this sale can be found here. Insiders have sold a total of 10,000 shares of company stock worth $554,235 in the last quarter. Corporate insiders own 6.00% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in Michael Kors by 9.3% in the 2nd quarter. BlackRock Inc. now owns 15,287,608 shares of the lifestyle brand’s stock valued at $554,176,000 after acquiring an additional 1,301,796 shares during the last quarter. FMR LLC increased its holdings in Michael Kors by 33.9% in the 2nd quarter. FMR LLC now owns 4,378,144 shares of the lifestyle brand’s stock valued at $158,708,000 after acquiring an additional 1,107,385 shares during the last quarter. Ardevora Asset Management LLP bought a new stake in Michael Kors in the 3rd quarter valued at $37,089,000. PDT Partners LLC increased its holdings in Michael Kors by 590.2% in the 2nd quarter. PDT Partners LLC now owns 639,200 shares of the lifestyle brand’s stock valued at $23,171,000 after acquiring an additional 546,588 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC increased its holdings in Michael Kors by 24.5% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 2,572,603 shares of the lifestyle brand’s stock valued at $93,256,000 after acquiring an additional 506,071 shares during the last quarter. Institutional investors own 86.59% of the company’s stock.

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Michael Kors Company Profile

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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