TheStreet Downgrades Michael Kors (KORS) to C+

Michael Kors (NYSE:KORS) was downgraded by investment analysts at TheStreet from a “b-” rating to a “c+” rating in a report issued on Thursday.

Several other research firms have also weighed in on KORS. Zacks Investment Research upgraded shares of Michael Kors from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a report on Friday, August 10th. Credit Suisse Group lifted their target price on shares of Michael Kors from $72.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, August 9th. Robert W. Baird lifted their target price on shares of Michael Kors from $72.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, August 9th. Citigroup lifted their target price on shares of Michael Kors from $69.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, August 9th. Finally, Barclays lifted their target price on shares of Michael Kors from $73.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $73.04.

Shares of NYSE:KORS traded down $2.44 during midday trading on Thursday, hitting $40.48. 3,599,185 shares of the company’s stock traded hands, compared to its average volume of 3,080,336. The company has a current ratio of 1.48, a quick ratio of 0.71 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $6.45 billion, a price-to-earnings ratio of 8.96, a PEG ratio of 1.38 and a beta of 0.32. Michael Kors has a twelve month low of $40.40 and a twelve month high of $75.96.

Michael Kors (NYSE:KORS) last posted its earnings results on Wednesday, November 7th. The lifestyle brand reported $1.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.18. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.26 billion. Michael Kors had a net margin of 11.57% and a return on equity of 36.66%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.33 EPS. On average, analysts predict that Michael Kors will post 5.02 earnings per share for the current year.

In related news, CEO John D. Idol sold 150,000 shares of Michael Kors stock in a transaction on Monday, September 17th. The shares were sold at an average price of $72.99, for a total transaction of $10,948,500.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael David Kors sold 179,920 shares of Michael Kors stock in a transaction on Tuesday, September 18th. The stock was sold at an average price of $73.62, for a total transaction of $13,245,710.40. The disclosure for this sale can be found here. Insiders have sold a total of 519,516 shares of company stock worth $36,945,527 in the last ninety days. 6.00% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace North America L.P. bought a new stake in shares of Michael Kors in the 3rd quarter worth about $2,325,000. Marshall Wace LLP bought a new stake in shares of Michael Kors in the 3rd quarter worth about $791,000. Great Lakes Advisors LLC increased its position in shares of Michael Kors by 4.5% in the 3rd quarter. Great Lakes Advisors LLC now owns 81,435 shares of the lifestyle brand’s stock worth $5,583,000 after purchasing an additional 3,490 shares during the last quarter. Morgan Stanley increased its position in shares of Michael Kors by 143.4% in the 3rd quarter. Morgan Stanley now owns 1,081,216 shares of the lifestyle brand’s stock worth $74,127,000 after purchasing an additional 636,995 shares during the last quarter. Finally, Lombard Odier Asset Management USA Corp bought a new stake in shares of Michael Kors in the 3rd quarter worth about $3,428,000. 86.94% of the stock is owned by institutional investors.

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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Analyst Recommendations for Michael Kors (NYSE:KORS)

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