Michael Kors (NYSE:KORS) Receives New Coverage from Analysts at Credit Suisse Group

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Credit Suisse Group assumed coverage on shares of Michael Kors (NYSE:KORS) in a research note released on Monday, March 12th, Marketbeat reports. The firm issued an outperform rating and a $75.00 price target on the lifestyle brand’s stock.

Several other analysts have also issued reports on the company. ValuEngine lowered Michael Kors from a strong-buy rating to a buy rating in a report on Friday, March 2nd. JPMorgan Chase assumed coverage on Michael Kors in a report on Friday, February 9th. They set a neutral rating and a $62.00 target price on the stock. Wolfe Research upped their target price on Michael Kors from $73.00 to $81.00 and gave the stock an outperform rating in a report on Thursday, February 8th. Bank of America boosted their price target on Michael Kors from $58.00 to $69.00 and gave the stock a neutral rating in a research report on Thursday, February 8th. Finally, Nomura boosted their price target on Michael Kors from $69.00 to $80.00 and gave the stock a buy rating in a research report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and thirteen have given a buy rating to the stock. Michael Kors presently has an average rating of Hold and a consensus price target of $64.48.

KORS traded down $1.16 on Monday, hitting $64.86. 2,731,531 shares of the company were exchanged, compared to its average volume of 2,186,876. Michael Kors has a 12 month low of $32.38 and a 12 month high of $69.95. The firm has a market capitalization of $9,785.88, a PE ratio of 15.30, a PEG ratio of 1.95 and a beta of 0.17. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.06 and a current ratio of 2.00.

Michael Kors (NYSE:KORS) last released its earnings results on Wednesday, February 7th. The lifestyle brand reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.48. Michael Kors had a return on equity of 40.86% and a net margin of 11.32%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the company posted $1.64 earnings per share. Michael Kors’s revenue was up 6.4% on a year-over-year basis. research analysts forecast that Michael Kors will post 4.48 earnings per share for the current year.

In related news, CEO John D. Idol sold 150,000 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $62.26, for a total transaction of $9,339,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael David Kors sold 246,590 shares of the stock in a transaction that occurred on Friday, March 2nd. The stock was sold at an average price of $61.30, for a total value of $15,115,967.00. The disclosure for this sale can be found here. Insiders have sold 557,090 shares of company stock worth $34,547,282 in the last three months. 6.00% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the stock. IFP Advisors Inc lifted its stake in Michael Kors by 29.5% during the fourth quarter. IFP Advisors Inc now owns 3,432 shares of the lifestyle brand’s stock worth $216,000 after purchasing an additional 781 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its stake in Michael Kors by 3.0% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 31,313 shares of the lifestyle brand’s stock worth $1,971,000 after purchasing an additional 915 shares during the last quarter. Arizona State Retirement System lifted its stake in Michael Kors by 2.5% during the fourth quarter. Arizona State Retirement System now owns 38,531 shares of the lifestyle brand’s stock worth $2,426,000 after purchasing an additional 931 shares during the last quarter. Global X Management Co. LLC lifted its stake in Michael Kors by 29.5% during the fourth quarter. Global X Management Co. LLC now owns 4,097 shares of the lifestyle brand’s stock worth $258,000 after purchasing an additional 934 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its stake in Michael Kors by 2.1% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 53,165 shares of the lifestyle brand’s stock worth $2,555,000 after purchasing an additional 1,100 shares during the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

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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)

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