Michael Kors (NYSE:KORS) had its target price boosted by research analysts at Bank of America from $58.00 to $69.00 in a note issued to investors on Thursday. The firm currently has a “neutral” rating on the lifestyle brand’s stock. Bank of America’s target price would indicate a potential upside of 11.92% from the stock’s previous close.
Several other brokerages also recently commented on KORS. Oppenheimer set a $55.00 price target on Michael Kors and gave the company a “buy” rating in a report on Wednesday, October 11th. Robert W. Baird set a $58.00 price target on Michael Kors and gave the company a “hold” rating in a report on Friday, December 22nd. Royal Bank of Canada increased their price target on Michael Kors to $71.00 and gave the company a “sector perform” rating in a report on Thursday. Piper Jaffray Companies reiterated a “hold” rating and set a $72.00 price target on shares of Michael Kors in a report on Monday. Finally, Zacks Investment Research downgraded Michael Kors from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $61.46.
Shares of Michael Kors (NYSE:KORS) traded down $4.46 during mid-day trading on Thursday, reaching $61.65. The company’s stock had a trading volume of 3,579,263 shares, compared to its average volume of 2,017,796. Michael Kors has a one year low of $32.38 and a one year high of $69.95. The firm has a market capitalization of $9,951.25, a P/E ratio of 17.11, a PEG ratio of 2.19 and a beta of 0.08.
In related news, SVP Pascale Meyran sold 6,835 shares of the firm’s stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $60.01, for a total value of $410,168.35. Following the completion of the transaction, the senior vice president now directly owns 10,081 shares of the company’s stock, valued at $604,960.81. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Krista A. Mcdonough sold 7,500 shares of the firm’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $55.93, for a total value of $419,475.00. Following the completion of the transaction, the senior vice president now directly owns 10,647 shares of the company’s stock, valued at $595,486.71. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Hourglass Capital LLC bought a new position in Michael Kors in the fourth quarter worth $252,000. Sei Investments Co. lifted its position in Michael Kors by 1,660.8% in the fourth quarter. Sei Investments Co. now owns 96,246 shares of the lifestyle brand’s stock worth $6,058,000 after purchasing an additional 90,780 shares during the period. Rational Advisors LLC bought a new position in Michael Kors in the fourth quarter worth $733,000. Financial Advisors Network Inc. lifted its position in Michael Kors by 17.3% in the fourth quarter. Financial Advisors Network Inc. now owns 9,651 shares of the lifestyle brand’s stock worth $608,000 after purchasing an additional 1,423 shares during the period. Finally, NuWave Investment Management LLC bought a new position in Michael Kors in the fourth quarter worth $543,000. 86.57% of the stock is owned by hedge funds and other institutional investors.
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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