Michael Kors Holdings Ltd (KORS) to Post Q3 2019 Earnings of $1.57 Per Share, Jefferies Financial Group Forecasts

Michael Kors Holdings Ltd (NYSE:KORS) – Equities researchers at Jefferies Financial Group lowered their Q3 2019 EPS estimates for Michael Kors in a research note issued to investors on Wednesday, November 7th. Jefferies Financial Group analyst R. Konik now expects that the lifestyle brand will earn $1.57 per share for the quarter, down from their previous estimate of $1.82. Jefferies Financial Group has a “Buy” rating and a $93.00 price objective on the stock.

A number of other research analysts have also commented on the stock. Credit Suisse Group restated a “neutral” rating on shares of Michael Kors in a research note on Friday. Robert W. Baird dropped their price objective on shares of Michael Kors from $70.00 to $65.00 and set a “neutral” rating on the stock in a research note on Thursday. Needham & Company LLC dropped their price objective on shares of Michael Kors from $75.00 to $67.00 and set a “buy” rating on the stock in a research note on Thursday. They noted that the move was a valuation call. Piper Jaffray Companies set a $68.00 price objective on shares of Michael Kors and gave the company a “buy” rating in a research note on Thursday. Finally, Canaccord Genuity set a $80.00 price objective on shares of Michael Kors and gave the company a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $74.37.

NYSE:KORS traded down $1.54 during midday trading on Friday, hitting $48.55. 1,129,872 shares of the company were exchanged, compared to its average volume of 2,846,655. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 0.63. The firm has a market capitalization of $8.58 billion, a P/E ratio of 10.74, a P/E/G ratio of 1.81 and a beta of 0.39. Michael Kors has a fifty-two week low of $47.47 and a fifty-two week high of $75.96.

Michael Kors (NYSE:KORS) last announced its quarterly earnings results on Wednesday, November 7th. The lifestyle brand reported $1.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.18. Michael Kors had a net margin of 13.14% and a return on equity of 39.01%. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the business earned $1.33 EPS. Michael Kors’s revenue for the quarter was up 9.3% compared to the same quarter last year.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Michael Kors by 4.4% during the second quarter. BlackRock Inc. now owns 11,127,939 shares of the lifestyle brand’s stock worth $741,120,000 after buying an additional 465,815 shares in the last quarter. FMR LLC increased its stake in Michael Kors by 0.5% in the second quarter. FMR LLC now owns 4,538,841 shares of the lifestyle brand’s stock valued at $302,286,000 after purchasing an additional 22,707 shares during the period. Millennium Management LLC increased its stake in Michael Kors by 308.8% in the second quarter. Millennium Management LLC now owns 2,651,631 shares of the lifestyle brand’s stock valued at $176,599,000 after purchasing an additional 2,003,044 shares during the period. Bank of New York Mellon Corp increased its stake in Michael Kors by 12.2% in the third quarter. Bank of New York Mellon Corp now owns 2,525,276 shares of the lifestyle brand’s stock valued at $173,132,000 after purchasing an additional 274,379 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Michael Kors by 20.0% in the third quarter. Janus Henderson Group PLC now owns 2,117,010 shares of the lifestyle brand’s stock valued at $145,142,000 after purchasing an additional 353,389 shares during the period. 85.53% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CEO John D. Idol sold 150,000 shares of the business’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $73.24, for a total transaction of $10,986,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael David Kors sold 179,920 shares of the business’s stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $73.62, for a total transaction of $13,245,710.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 846,436 shares of company stock worth $60,640,959. Insiders own 6.00% of the company’s stock.

Michael Kors Company Profile

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.

Further Reading: Outstanding Shares and The Effect on Share Price

Earnings History and Estimates for Michael Kors (NYSE:KORS)

Receive News & Ratings for Michael Kors Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michael Kors and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply