Michael Kors (KORS) Downgraded to Strong Sell at ValuEngine
ValuEngine downgraded shares of Michael Kors (NYSE:KORS) from a sell rating to a strong sell rating in a report released on Tuesday morning.
KORS has been the topic of a number of other reports. Canaccord Genuity set a $90.00 price target on Michael Kors and gave the stock a buy rating in a research report on Wednesday, September 26th. Deutsche Bank cut their price target on Michael Kors from $84.00 to $83.00 and set a buy rating on the stock in a research note on Thursday, November 1st. Piper Jaffray Companies raised Michael Kors from a neutral rating to an overweight rating and set a $71.00 price target on the stock in a research note on Friday, November 2nd. Zacks Investment Research downgraded Michael Kors from a strong-buy rating to a hold rating in a research note on Wednesday, September 26th. Finally, Sanford C. Bernstein raised Michael Kors from an underperform rating to a market perform rating in a research note on Monday, November 12th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have issued a buy rating to the stock. Michael Kors currently has a consensus rating of Hold and an average target price of $73.36.
KORS stock opened at $44.23 on Tuesday. Michael Kors has a 1-year low of $43.05 and a 1-year high of $75.96. The company has a market capitalization of $6.70 billion, a PE ratio of 8.94, a P/E/G ratio of 1.46 and a beta of 0.39. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.71 and a current ratio of 1.48.
In other Michael Kors news, insider Michael David Kors sold 179,920 shares of the 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John D. Idol sold 6,676 shares of the stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $65.26, for a total value of $435,675.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 516,516 shares of company stock valued at $36,817,667. Corporate insiders own 6.00% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Signet Financial Management LLC bought a new position in shares of Michael Kors in the 2nd quarter valued at about $140,000. First Mercantile Trust Co. grew its holdings in Michael Kors by 114.3% during the third quarter. First Mercantile Trust Co. now owns 2,400 shares of the lifestyle brand’s stock worth $164,000 after purchasing an additional 1,280 shares during the period. Cerebellum GP LLC bought a new position in Michael Kors during the third quarter worth about $169,000. Dynamic Technology Lab Private Ltd bought a new position in Michael Kors during the second quarter worth about $200,000. Finally, Financial Gravity Wealth Inc. bought a new position in Michael Kors during the third quarter worth about $203,000. Institutional investors own 85.81% 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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To view ValuEngine’s full report, visit ValuEngine’s official website.
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