What Is So Great About Michael Kors Q3 Earnings

Michael Kors Holdings Ltd (KORS) Q3 Earnings Beat The Street

Michael Kors Holdings Ltd (KORS) Q3 Earnings Beat The Street

For fiscal 2018, the company expects total revenue to be approximately 4.66 billion dollars, including between 225 million dollars and 230 million dollars of incremental Jimmy Choo revenue. The company was maintained on Tuesday, February 7 by Mizuho. Ltd. grew its stake in shares of Michael Kors Holdings Limited by 0.5% in the first quarter.

Lathrop Investment Management Corp decreased Adobe Systems (ADBE) stake by 6.61% reported in 2017Q3 SEC filing. Finally, Zacks Investment Research cut shares of Michael Kors from a buy rating to a hold rating in a research note on Tuesday, October 17th.

Michael Kors Holdings Limited (NYSE:KORS) last issued its earnings results on Tuesday, August 8th. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter a year ago, the company earned $0.95 earnings per share.

Depending on the earnings numbers reported, Michael Kors Holdings Limited (NYSE:KORS) stock may see increased volatility following the report.

KORS has been the subject of several recent research reports. Bank of America reissued a "neutral" rating and set a $58.00 price target on shares of Michael Kors in a research note on Tuesday, November 7th. These holdings make up 89.7% of the company's outstanding shares. Oppenheimer set a $55.00 target price on shares of Michael Kors and gave the company a buy rating in a research note on Wednesday, October 11th. Canaccord Genuity set a $81.00 target price on Michael Kors and gave the stock a "buy" rating in a research report on Monday.


Among 12 analysts covering New Oriental Education & Technology Group (NYSE:EDU), 9 have Buy rating, 2 Sell and 1 Hold. Michael Kors has an average rating of "Hold" and an average price target of $55.14. 2,708,717 shares of the company's stock traded hands, compared to its average volume of 1,831,136. The biggest holder now is Mr. Michael Kors who owns 4,321,595 shares (2.84% of those outstanding), whilst Mr. John D. Idol holds 1,687,546 (1.11% of shares outstanding) and Mr. Joseph B. Parsons holds 49,415 (0.03% of shares outstanding). The company has market cap of $9.95 billion. The shares were sold at an average price of $60.01, for a total value of $410,168.35. Following the transaction, the chief executive officer now directly owns 1,688,046 shares in the company, valued at $93,045,095.52. The transaction was disclosed in a document filed with the SEC, which is available at this link. The stock's average target of $41.75 is -36.20% below today's ($65.44) share price. The institutional investor owned 200,279 shares of the lifestyle brand's stock after selling 18,759 shares during the quarter. The disclosure for this sale can be found here. The institutional investor held 548,611 shares of the apparel company at the end of 2017Q3, valued at $26.25 million, up from 517,561 at the end of the previous reported quarter.

A number of hedge funds have recently bought and sold shares of KORS. Principal Financial Group Inc. now owns 285,455 shares of the lifestyle brand's stock valued at $10,348,000 after buying an additional 28,568 shares during the last quarter.

Nationwide Fund Advisors, which manages about $89.45B and $25.44 billion US Long portfolio, upped its stake in Lannett Co Inc Common (NYSE:LCI) by 50,774 shares to 77,123 shares, valued at $1.42 million in 2017Q3, according to the filing. Finally, Renaissance Technologies LLC increased its stake in Michael Kors by 95.8% in the 2nd quarter. Traders purchased 16,338 call options on the stock. BlackRock Inc. lifted its stake in Michael Kors by 9.3% in the second quarter. Balasa Dinverno & Foltz LLC now owns 8,677 shares of the lifestyle brand's stock valued at $415,000 after acquiring an additional 1,404 shares during the last quarter. On a reported basis, net income fell 19 percent year-over-year, to $219.4 million, or $1.42 per share. On average, equities analysts anticipate that Michael Kors Holdings Limited will post $3.71 earnings per share for the current year.

Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women's apparel and accessories and men's apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos.

At December 30, 2017, Michael Kors operated 848 retail stores, including concessions, and an additional 150 retail stores, including concessions, were operated through licensing partners.

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