Wall Street brokerages forecast that Michael Kors Holdings Ltd (NYSE:KORS) will report sales of $1.14 billion for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have made estimates for Michael Kors’ earnings, with estimates ranging from $1.13 billion to $1.15 billion. Michael Kors posted sales of $952.40 million in the same quarter last year, which suggests a positive year over year growth rate of 19.7%. The business is scheduled to announce its next earnings results on Tuesday, August 14th.
According to Zacks, analysts expect that Michael Kors will report full year sales of $5.10 billion for the current fiscal year, with estimates ranging from $5.06 billion to $5.12 billion. For the next year, analysts anticipate that the business will report sales of $5.22 billion per share, with estimates ranging from $5.10 billion to $5.33 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Michael Kors.
Michael Kors (NYSE:KORS) last announced its earnings results on Wednesday, May 30th. The lifestyle brand reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.03. Michael Kors had a net margin of 12.54% and a return on equity of 37.39%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm earned $0.73 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis.
KORS has been the topic of a number of recent analyst reports. Piper Jaffray Companies set a $66.00 price target on shares of Michael Kors and gave the company a “hold” rating in a report on Thursday, May 31st. Buckingham Research initiated coverage on shares of Michael Kors in a report on Monday, April 30th. They set a “buy” rating and a $84.00 price target on the stock. ValuEngine upgraded shares of Michael Kors from a “hold” rating to a “buy” rating in a report on Monday, June 11th. Credit Suisse Group cut their price target on shares of Michael Kors from $75.00 to $72.00 and set an “outperform” rating on the stock in a report on Thursday, May 31st. Finally, UBS Group initiated coverage on shares of Michael Kors in a report on Thursday, June 21st. They set a “neutral” rating and a $70.00 price target on the stock. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $69.00.
NYSE:KORS opened at $66.71 on Tuesday. Michael Kors has a 52 week low of $32.81 and a 52 week high of $70.00. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.63 and a current ratio of 1.31. The company has a market cap of $10.00 billion, a PE ratio of 14.76, a PEG ratio of 2.16 and a beta of 0.08.
In other Michael Kors news, SVP Krista A. Mcdonough sold 12,100 shares of the stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $65.67, for a total value of $794,607.00. Following the transaction, the senior vice president now directly owns 15,164 shares in the company, valued at $995,819.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John D. Idol sold 150,000 shares of the stock in a transaction that occurred on Tuesday, June 12th. The stock was sold at an average price of $68.33, for a total transaction of $10,249,500.00. The disclosure for this sale can be found here. Insiders sold 468,197 shares of company stock worth $31,596,254 over the last quarter. Insiders own 6.00% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System raised its position in Michael Kors by 2.5% in the fourth quarter. Arizona State Retirement System now owns 38,531 shares of the lifestyle brand’s stock worth $2,426,000 after acquiring an additional 931 shares during the period. Global X Management Co. LLC raised its position in shares of Michael Kors by 23.0% during the 1st quarter. Global X Management Co. LLC now owns 5,040 shares of the lifestyle brand’s stock valued at $313,000 after purchasing an additional 943 shares during the period. Hourglass Capital LLC raised its position in shares of Michael Kors by 25.0% during the 1st quarter. Hourglass Capital LLC now owns 5,000 shares of the lifestyle brand’s stock valued at $310,000 after purchasing an additional 1,000 shares during the period. Jacobi Capital Management LLC raised its position in shares of Michael Kors by 66.8% during the 1st quarter. Jacobi Capital Management LLC now owns 2,627 shares of the lifestyle brand’s stock valued at $163,000 after purchasing an additional 1,052 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Michael Kors by 2.6% during the 1st quarter. Victory Capital Management Inc. now owns 43,036 shares of the lifestyle brand’s stock valued at $2,672,000 after purchasing an additional 1,073 shares during the period. Institutional investors and hedge funds own 80.97% of the company’s stock.
Michael Kors Company Profile
Michael Kors Holdings Limited design, markets, distributes, and retails branded women's apparel and accessories, and men's apparel. The company operates in three segments: Retail, Wholesale, and Licensing. The Retail segment is involved in the sale of women's apparel; men's apparel; accessories, which include handbags and small leather goods, such as wallets; footwear; and licensed products comprising watches, jewelry, fragrances, beauty products, and eyewear.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.