Wall Street analysts expect Michael Kors Holdings Ltd (NYSE:KORS) to report $1.26 billion in sales for the current quarter, according to Zacks. Seven analysts have made estimates for Michael Kors’ earnings, with the lowest sales estimate coming in at $1.25 billion and the highest estimate coming in at $1.27 billion. Michael Kors posted sales of $1.15 billion in the same quarter last year, which would indicate a positive year over year growth rate of 9.6%. The business is expected to announce its next earnings report on Monday, November 5th.
According to Zacks, analysts expect that Michael Kors will report full year sales of $5.14 billion for the current fiscal year, with estimates ranging from $5.12 billion to $5.18 billion. For the next year, analysts anticipate that the firm will report sales of $5.28 billion per share, with estimates ranging from $5.17 billion to $5.34 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Michael Kors.
Michael Kors (NYSE:KORS) last released its quarterly earnings data on Wednesday, August 8th. The lifestyle brand reported $1.32 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.37. Michael Kors had a net margin of 13.14% and a return on equity of 39.01%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm earned $0.80 EPS. Michael Kors’s quarterly revenue was up 26.3% compared to the same quarter last year.
Several research analysts recently weighed in on the stock. Piper Jaffray Companies set a $71.00 price objective on shares of Michael Kors and gave the stock a “hold” rating in a research note on Friday, August 17th. Buckingham Research lifted their price objective on shares of Michael Kors from $84.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. UBS Group lifted their price objective on shares of Michael Kors from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, August 10th. Zacks Investment Research raised shares of Michael Kors from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a research note on Friday, August 10th. Finally, Barclays lifted their price objective on shares of Michael Kors from $73.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 9th. Seventeen equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Michael Kors currently has a consensus rating of “Hold” and a consensus target price of $75.29.
Michael Kors stock opened at $72.72 on Friday. Michael Kors has a fifty-two week low of $45.46 and a fifty-two week high of $75.96. The company has a market cap of $10.92 billion, a P/E ratio of 16.15, a PEG ratio of 2.13 and a beta of 0.11. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.63 and a current ratio of 1.37.
In other news, insider Michael David Kors sold 179,920 shares of Michael Kors stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $71.35, for a total value of $12,837,292.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John D. Idol sold 150,000 shares of Michael Kors stock in a transaction that occurred on Friday, July 20th. The shares were sold at an average price of $67.99, for a total transaction of $10,198,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 809,840 shares of company stock worth $58,216,002 over the last 90 days. Corporate insiders own 6.00% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Michael Kors by 4.4% in the second quarter. BlackRock Inc. now owns 11,127,939 shares of the lifestyle brand’s stock valued at $741,120,000 after purchasing an additional 465,815 shares during the last quarter. FMR LLC raised its holdings in shares of 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 last quarter. Millennium Management LLC increased its holdings in Michael Kors by 308.8% during the second quarter. Millennium Management LLC now owns 2,651,631 shares of the lifestyle brand’s stock worth $176,599,000 after buying an additional 2,003,044 shares during the last quarter. Northern Trust Corp increased its holdings in Michael Kors by 4.2% during the first quarter. Northern Trust Corp now owns 2,035,745 shares of the lifestyle brand’s stock worth $126,379,000 after buying an additional 81,153 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Michael Kors by 109.9% during the second quarter. Janus Henderson Group PLC now owns 1,763,621 shares of the lifestyle brand’s stock worth $117,457,000 after buying an additional 923,447 shares during the last quarter. Institutional investors own 86.57% of the company’s stock.
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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