Michael Kors (KORS) Price Target Raised to $75.00 at Credit Suisse Group

Michael Kors (NYSE:KORS) had its target price upped by Credit Suisse Group from $72.00 to $75.00 in a research report sent to investors on Thursday morning. The brokerage currently has an outperform rating on the lifestyle brand’s stock.

Other research analysts have also recently issued research reports about the company. Nomura set a $80.00 target price on Michael Kors and gave the company a buy rating in a research note on Thursday, May 31st. ValuEngine raised Michael Kors from a hold rating to a buy rating in a research note on Monday, June 11th. Guggenheim reaffirmed a hold rating on shares of Michael Kors in a research note on Wednesday. MKM Partners set a $74.00 target price on Michael Kors and gave the company a hold rating in a research note on Thursday. Finally, Canaccord Genuity boosted their price target on Michael Kors from $84.00 to $90.00 and gave the company a positive rating in a report on Thursday. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and seventeen have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $73.13.

Shares of Michael Kors traded up $0.33, reaching $72.67, during mid-day trading on Thursday, according to Marketbeat Ratings. 3,192,360 shares of the company’s stock traded hands, compared to its average volume of 2,382,420. The stock has a market cap of $10.80 billion, a price-to-earnings ratio of 14.32, a P/E/G ratio of 2.15 and a beta of -0.01. Michael Kors has a 12 month low of $41.47 and a 12 month high of $73.25. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.63 and a current ratio of 1.37.

Michael Kors (NYSE:KORS) last released its earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.37. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Michael Kors had a return on equity of 39.01% and a net margin of 13.14%. The company’s quarterly revenue was up 26.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.80 earnings per share. analysts predict that Michael Kors will post 5.02 earnings per share for the current fiscal year.

In other Michael Kors news, CEO John D. Idol sold 150,000 shares of the company’s stock in a transaction on Friday, July 20th. The stock was sold at an average price of $67.99, for a total transaction of $10,198,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Krista A. Mcdonough sold 12,100 shares of the company’s stock in a transaction on Monday, June 11th. The stock was sold at an average price of $65.67, for a total value of $794,607.00. Following the sale, the senior vice president now owns 15,164 shares of the company’s stock, valued at approximately $995,819.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 468,197 shares of company stock valued at $31,860,254. 6.00% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Nissay Asset Management Corp Japan ADV lifted its holdings in shares of Michael Kors by 5.1% during the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 16,121 shares of the lifestyle brand’s stock valued at $1,074,000 after purchasing an additional 780 shares during the last quarter. LMR Partners LLP lifted its holdings in shares of Michael Kors by 19.5% during the 2nd quarter. LMR Partners LLP now owns 5,072 shares of the lifestyle brand’s stock valued at $338,000 after purchasing an additional 827 shares during the last quarter. World Asset Management Inc lifted its holdings in shares of Michael Kors by 9.2% during the 2nd quarter. World Asset Management Inc now owns 10,631 shares of the lifestyle brand’s stock valued at $708,000 after purchasing an additional 896 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in shares of Michael Kors by 2.2% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 43,154 shares of the lifestyle brand’s stock valued at $2,874,000 after purchasing an additional 934 shares during the last quarter. Finally, Global X Management Co. LLC lifted its holdings in shares of Michael Kors by 23.0% during the 1st quarter. Global X Management Co. LLC now owns 5,040 shares of the lifestyle brand’s stock valued at $313,000 after purchasing an additional 943 shares during the last quarter. Hedge funds and other institutional investors own 81.03% of the company’s stock.

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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