Piper Jaffray Companies Reiterates “$68.00” Price Target for Michael Kors (KORS)

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Michael Kors (NYSE:KORS) has been given a $68.00 target price by equities researchers at Piper Jaffray Companies in a report issued on Thursday. The firm presently has a “buy” rating on the lifestyle brand’s stock. Piper Jaffray Companies’ price objective points to a potential upside of 42.32% from the stock’s previous close. Piper Jaffray Companies also issued estimates for Michael Kors’ Q4 2019 earnings at $0.88 EPS, FY2019 earnings at $5.04 EPS, Q1 2020 earnings at $1.11 EPS, Q2 2020 earnings at $1.32 EPS, Q2 2020 earnings at $1.20 EPS, Q3 2020 earnings at $1.98 EPS, Q4 2020 earnings at $0.86 EPS, FY2020 earnings at $4.87 EPS and FY2021 earnings at $5.32 EPS.

A number of other equities analysts also recently commented on the stock. Citigroup upgraded shares of Michael Kors from a “neutral” rating to a “buy” rating and set a $79.00 target price for the company in a report on Wednesday, October 3rd. ValuEngine downgraded shares of Michael Kors from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Wells Fargo & Co restated a “hold” rating on shares of Michael Kors in a research note on Monday, September 24th. Buckingham Research dropped their price target on Michael Kors from $85.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, October 17th. Finally, Barclays boosted their price target on Michael Kors from $73.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 9th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fifteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $73.52.

Shares of Michael Kors stock opened at $47.78 on Thursday. The stock has a market capitalization of $7.32 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 1.55 and a beta of 0.39. The company has a quick ratio of 0.63, a current ratio of 1.48 and a debt-to-equity ratio of 0.23. Michael Kors has a one year low of $47.47 and a one year high of $75.96.

Michael Kors (NYSE:KORS) last announced its earnings results on Wednesday, November 7th. The lifestyle brand reported $1.27 EPS for the quarter, topping the Zacks’ consensus estimate of $1.09 by $0.18. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.26 billion. Michael Kors had a net margin of 11.57% and a return on equity of 36.66%. The firm’s revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.33 earnings per share. On average, sell-side analysts anticipate that Michael Kors will post 5.01 EPS for the current year.

In related news, CEO John D. Idol sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $73.24, for a total value of $10,986,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael David Kors sold 179,920 shares of the company’s stock in a transaction that occurred 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 quarter, insiders sold 846,436 shares of company stock worth $60,640,959. 6.00% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. AMP Capital Investors Ltd boosted its position in Michael Kors by 8.5% in the 2nd quarter. AMP Capital Investors Ltd now owns 273,946 shares of the lifestyle brand’s stock worth $18,246,000 after purchasing an additional 21,554 shares in the last quarter. Voya Investment Management LLC boosted its position in Michael Kors by 42.5% in the 2nd quarter. Voya Investment Management LLC now owns 108,969 shares of the lifestyle brand’s stock worth $7,258,000 after purchasing an additional 32,494 shares in the last quarter. Swiss National Bank boosted its position in Michael Kors by 3.1% in the 2nd quarter. Swiss National Bank now owns 503,100 shares of the lifestyle brand’s stock worth $33,506,000 after purchasing an additional 15,100 shares in the last quarter. Fulton Bank N.A. boosted its position in Michael Kors by 7.9% in the 3rd quarter. Fulton Bank N.A. now owns 12,588 shares of the lifestyle brand’s stock worth $863,000 after purchasing an additional 918 shares in the last quarter. Finally, Bank of Nova Scotia boosted its position in Michael Kors by 537.5% in the 2nd quarter. Bank of Nova Scotia now owns 123,756 shares of the lifestyle brand’s stock worth $8,241,000 after purchasing an additional 104,344 shares in the last quarter. Hedge funds and other institutional investors own 85.53% 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.

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Analyst Recommendations for Michael Kors (NYSE:KORS)

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