Needham & Company LLC Initiates Coverage on Michael Kors (KORS)

Needham & Company LLC initiated coverage on shares of Michael Kors (NYSE:KORS) in a report issued on Monday. The firm set a “buy” rating and a $69.00 price target on the lifestyle brand’s stock. Needham & Company LLC’s target price would indicate a potential upside of 8.90% from the company’s current price.

A number of other research firms have also recently weighed in on KORS. Credit Suisse Group restated a “hold” rating and set a $43.00 target price on shares of Michael Kors in a research note on Sunday, September 10th. Oppenheimer set a $55.00 target price on shares of Michael Kors and gave the company a “buy” rating in a research note on Wednesday, October 11th. Robert W. Baird set a $46.00 target price on shares of Michael Kors and gave the company a “hold” rating in a research note on Sunday, October 1st. Piper Jaffray Companies restated a “hold” rating and set a $57.00 target price on shares of Michael Kors in a research note on Monday, November 6th. Finally, Bank of America restated a “neutral” rating and set a $58.00 target price on shares of Michael Kors in a research note on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $52.41.

Michael Kors (KORS) opened at $63.36 on Monday. Michael Kors has a one year low of $32.38 and a one year high of $63.53. The firm has a market cap of $9,374.91, a price-to-earnings ratio of 13.70, a P/E/G ratio of 2.08 and a beta of 0.12.

Michael Kors (NYSE:KORS) last released its earnings results on Monday, November 6th. The lifestyle brand reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the company earned $0.95 EPS. Michael Kors’s revenue for the quarter was up 5.4% on a year-over-year basis. analysts forecast that Michael Kors will post 3.96 earnings per share for the current year.

In other news, CEO John D. Idol sold 500 shares of the business’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $55.12, for a total value of $27,560.00. Following the sale, the chief executive officer now directly owns 1,688,046 shares in the company, valued at approximately $93,045,095.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Pascale Meyran sold 6,835 shares of the business’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $60.01, for a total transaction of $410,168.35. Following the completion of the sale, the senior vice president now owns 10,081 shares in the company, valued at $604,960.81. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,835 shares of company stock worth $964,403. 6.00% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of the company. Sandy Spring Bank increased its holdings in shares of Michael Kors by 0.9% in the 2nd quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock worth $158,000 after buying an additional 40 shares during the last quarter. First Allied Advisory Services Inc. increased its holdings in shares of Michael Kors by 5.3% in the 2nd quarter. First Allied Advisory Services Inc. now owns 6,752 shares of the lifestyle brand’s stock worth $251,000 after buying an additional 337 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Michael Kors by 2.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 53,165 shares of the lifestyle brand’s stock worth $2,555,000 after buying an additional 1,100 shares during the last quarter. Balasa Dinverno & Foltz LLC increased its holdings in shares of Michael Kors by 19.3% in the 3rd quarter. Balasa Dinverno & Foltz LLC now owns 8,677 shares of the lifestyle brand’s stock worth $415,000 after buying an additional 1,404 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. increased its holdings in shares of Michael Kors by 0.6% in the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 245,300 shares of the lifestyle brand’s stock worth $8,892,000 after buying an additional 1,550 shares during the last quarter. Hedge funds and other institutional investors own 86.32% of the company’s stock.

WARNING: “Needham & Company LLC Initiates Coverage on Michael Kors (KORS)” was originally reported by Sports Perspectives and is the property of of Sports Perspectives. If you are reading this news story on another domain, it was illegally stolen and republished in violation of United States & international copyright and trademark legislation. The original version of this news story can be viewed at https://sportsperspectives.com/2017/12/20/needham-company-llc-initiates-coverage-on-michael-kors-kors.html.

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.

Analyst Recommendations for Michael Kors (NYSE:KORS)

Receive News & Ratings for Michael Kors Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michael Kors and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply