Michael Kors (KORS) Price Target Cut to $65.00 by Analysts at Robert W. Baird

Michael Kors (NYSE:KORS) had its target price lowered by equities researchers at Robert W. Baird from $70.00 to $65.00 in a research note issued to investors on Thursday. The brokerage currently has a “neutral” rating on the lifestyle brand’s stock. Robert W. Baird’s price target would suggest a potential upside of 36.04% from the company’s current price.

KORS has been the topic of several other reports. Piper Jaffray Companies set a $71.00 price objective on shares of Michael Kors and gave the company a “hold” rating in a research report on Friday, August 17th. Zacks Investment Research downgraded shares of Michael Kors from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 26th. ValuEngine downgraded shares of Michael Kors from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. Deutsche Bank decreased their price objective on shares of Michael Kors from $84.00 to $83.00 and set a “buy” rating on the stock in a research report on Thursday, November 1st. Finally, Telsey Advisory Group raised their price objective on shares of Michael Kors from $67.00 to $75.00 and gave the company a “market perform” rating in a research report on Thursday, August 9th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and fifteen have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $73.52.

KORS opened at $47.78 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.63 and a current ratio of 1.48. Michael Kors has a 1-year low of $47.47 and a 1-year high of $75.96. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 10.57, a price-to-earnings-growth ratio of 1.55 and a beta of 0.39.

Michael Kors (NYSE:KORS) last released its quarterly earnings results on Wednesday, November 7th. The lifestyle brand reported $1.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.18. Michael Kors had a net margin of 11.57% and a return on equity of 36.66%. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the firm earned $1.33 earnings per share. The company’s quarterly revenue was up 9.3% on a year-over-year basis. On average, equities analysts anticipate that Michael Kors will post 5.01 EPS for the current year.

In other Michael Kors news, insider Michael David Kors sold 179,920 shares of Michael Kors stock in a transaction on Tuesday, October 9th. The shares were sold at an average price of $67.74, for a total value of $12,187,780.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO John D. Idol sold 150,000 shares of Michael Kors stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $73.24, for a total transaction of $10,986,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 846,436 shares of company stock worth $60,640,959. 6.00% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in KORS. Millennium Management LLC grew its stake in shares of Michael Kors by 308.8% in the 2nd quarter. Millennium Management LLC now owns 2,651,631 shares of the lifestyle brand’s stock worth $176,599,000 after buying an additional 2,003,044 shares in the last quarter. BlackRock Inc. grew its stake in shares of Michael Kors by 12.9% in the 3rd quarter. BlackRock Inc. now owns 12,564,075 shares of the lifestyle brand’s stock worth $861,392,000 after buying an additional 1,436,136 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Michael Kors by 109.9% in the 2nd quarter. Janus Henderson Group PLC now owns 1,763,621 shares of the lifestyle brand’s stock worth $117,457,000 after buying an additional 923,447 shares in the last quarter. FMR LLC grew its stake in shares of Michael Kors by 18.4% in the 3rd quarter. FMR LLC now owns 5,373,852 shares of the lifestyle brand’s stock worth $368,432,000 after buying an additional 835,011 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of Michael Kors by 351.4% in the 2nd quarter. Wells Fargo & Company MN now owns 711,990 shares of the lifestyle brand’s stock worth $47,417,000 after buying an additional 554,253 shares in the last quarter. Institutional investors own 85.53% of the company’s stock.

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.

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