Michael Kors (KORS) Receives “Buy” Rating from Canaccord Genuity
Canaccord Genuity reaffirmed their buy rating on shares of Michael Kors (NYSE:KORS) in a research note released on Wednesday morning, MarketBeat reports. Canaccord Genuity currently has a $84.00 target price on the lifestyle brand’s stock.
“KORS reported much stronger than expected FQ1 results with adj. EPS of $1.32 trouncing our/consensus 93c/95c estimates. The beat was broad based with revenue (+7c), gross margin (+19c), SG&A (+10c), and tax (+5c) all contributing to the beat. Total comp growth was flat in Q1 (in line with our est. and guidance) but importantly were positive in NA and Asia, offset by expected weakness in Europe, consistent with our expectations.”,” the firm’s analyst wrote.
Several other research firms also recently weighed in on KORS. Buckingham Research assumed coverage on shares of Michael Kors in a research note on Monday, April 30th. They issued a buy rating and a $84.00 price target on the stock. Robert W. Baird set a $74.00 target price on shares of Michael Kors and gave the stock a hold rating in a research note on Tuesday, May 29th. Zacks Investment Research raised shares of Michael Kors from a hold rating to a buy rating and set a $76.00 target price on the stock in a research note on Tuesday, April 24th. UBS Group initiated coverage on shares of Michael Kors in a research note on Thursday, June 21st. They set a neutral rating and a $70.00 target price on the stock. Finally, HSBC initiated coverage on shares of Michael Kors in a research note on Monday, July 9th. They set a buy rating and a $88.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and seventeen have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $73.13.
Michael Kors (NYSE:KORS) last posted its quarterly earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.37. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.14 billion. Michael Kors had a net margin of 13.14% and a return on equity of 39.01%. The company’s revenue for the quarter was up 26.3% on a year-over-year basis. During the same period last year, the firm posted $0.80 earnings per share. analysts expect that Michael Kors will post 5.02 earnings per share for the current year.
In other news, CEO John D. Idol sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $68.33, for a total value of $10,249,500.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Krista A. Mcdonough sold 12,100 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $65.67, for a total transaction of $794,607.00. Following the completion of the sale, the senior vice president now directly owns 15,164 shares in the company, valued at $995,819.88. The disclosure for this sale can be found here. Insiders sold a total of 468,197 shares of company stock worth $31,860,254 over the last three months. Insiders own 6.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in KORS. Janus Henderson Group PLC grew its holdings in shares of Michael Kors by 109.9% in the second quarter. Janus Henderson Group PLC now owns 1,763,621 shares of the lifestyle brand’s stock valued at $117,457,000 after purchasing an additional 923,447 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Michael Kors by 652.7% in the first quarter. Millennium Management LLC now owns 648,587 shares of the lifestyle brand’s stock valued at $40,264,000 after purchasing an additional 562,424 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Michael Kors by 351.4% in the second quarter. Wells Fargo & Company MN now owns 711,990 shares of the lifestyle brand’s stock valued at $47,417,000 after purchasing an additional 554,253 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in shares of Michael Kors by 72.3% in the first quarter. Robeco Institutional Asset Management B.V. now owns 1,184,392 shares of the lifestyle brand’s stock valued at $73,528,000 after purchasing an additional 497,056 shares in the last quarter. Finally, Unigestion Holding SA acquired a new position in shares of Michael Kors in the second quarter valued at approximately $31,418,000. 81.03% of the stock is currently owned by institutional investors and hedge funds.
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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