Michael Kors Holdings Ltd (NYSE:KORS) – Investment analysts at Piper Jaffray Companies lowered their FY2019 earnings per share (EPS) estimates for shares of Michael Kors in a research report issued to clients and investors on Wednesday, November 7th. Piper Jaffray Companies analyst E. Murphy now anticipates that the lifestyle brand will post earnings per share of $5.04 for the year, down from their previous estimate of $5.05. Piper Jaffray Companies currently has a “Buy” rating and a $68.00 price target on the stock. Piper Jaffray Companies also issued estimates for Michael Kors’ Q4 2019 earnings at $0.88 EPS, Q2 2020 earnings at $1.20 EPS, FY2020 earnings at $4.87 EPS and FY2021 earnings at $5.32 EPS.
Other equities research analysts also recently issued reports about the company. ValuEngine downgraded Michael Kors from a “hold” rating to a “sell” rating in a report on Wednesday. Credit Suisse Group reaffirmed a “neutral” rating on shares of Michael Kors in a report on Friday. Canaccord Genuity set a $80.00 price objective on Michael Kors and gave the stock a “buy” rating in a research report on Thursday. Telsey Advisory Group increased their price objective on Michael Kors from $67.00 to $75.00 and gave the stock a “market perform” rating in a research report on Thursday, August 9th. Finally, Zacks Investment Research upgraded Michael Kors from a “sell” rating to a “hold” rating in a research report on Friday, October 26th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fifteen have issued a buy rating to the company. Michael Kors currently has an average rating of “Hold” and a consensus price target of $74.37.
Michael Kors (NYSE:KORS) last announced its quarterly earnings results on Wednesday, November 7th. The lifestyle brand reported $1.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.09 by $0.18. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.26 billion. Michael Kors had a return on equity of 39.01% and a net margin of 13.14%. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.33 earnings per share.
In related news, CEO John D. Idol sold 150,000 shares of the stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $73.24, for a total transaction of $10,986,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael David Kors sold 179,920 shares of the stock in a transaction on Tuesday, September 18th. The shares were sold at an average price of $73.62, for a total value of $13,245,710.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 846,436 shares of company stock valued at $60,640,959. Company insiders own 6.00% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of KORS. LPL Financial LLC boosted its stake in shares of Michael Kors by 65.6% during the first quarter. LPL Financial LLC now owns 8,038 shares of the lifestyle brand’s stock valued at $499,000 after acquiring an additional 3,185 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Michael Kors by 25.3% during the first quarter. Principal Financial Group Inc. now owns 611,403 shares of the lifestyle brand’s stock valued at $37,956,000 after acquiring an additional 123,429 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Michael Kors by 1,220.6% during the first quarter. Allianz Asset Management GmbH now owns 75,712 shares of the lifestyle brand’s stock valued at $4,700,000 after acquiring an additional 69,979 shares during the last quarter. DnB Asset Management AS boosted its stake in shares of Michael Kors by 13.4% during the second quarter. DnB Asset Management AS now owns 16,973 shares of the lifestyle brand’s stock valued at $1,130,000 after acquiring an additional 2,000 shares during the last quarter. Finally, IFM Investors Pty Ltd boosted its stake in shares of Michael Kors by 37.2% during the second quarter. IFM Investors Pty Ltd now owns 8,139 shares of the lifestyle brand’s stock valued at $542,000 after acquiring an additional 2,208 shares during the last quarter. 85.53% 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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