Capri (NYSE:CPRI) Issues Q2 2023 Earnings Guidance

Capri (NYSE:CPRIGet Rating) issued an update on its second quarter 2023 earnings guidance on Wednesday morning. The company provided EPS guidance of $1.60-$1.60 for the period. The company issued revenue guidance of $1.43 billion-$1.43 billion.Capri also updated its FY 2023 guidance to $6.85-$6.85 EPS.

Capri stock opened at $52.13 on Wednesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.21 and a quick ratio of 0.51. Capri has a 1-year low of $36.90 and a 1-year high of $72.37. The company has a market cap of $7.44 billion, a PE ratio of 9.73, a price-to-earnings-growth ratio of 0.66 and a beta of 2.30. The stock’s 50 day moving average price is $47.20 and its 200 day moving average price is $56.17.

Capri (NYSE:CPRIGet Rating) last posted its quarterly earnings results on Wednesday, June 1st. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. The firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.41 billion. Capri had a return on equity of 36.48% and a net margin of 14.54%. The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 earnings per share. On average, equities research analysts anticipate that Capri will post 6.83 EPS for the current fiscal year.

Capri declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 1st that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to purchase up to 13.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Several brokerages recently issued reports on CPRI. Cowen reduced their price objective on Capri from $80.00 to $70.00 in a report on Thursday, June 2nd. Sanford C. Bernstein began coverage on Capri in a report on Monday, March 14th. They set a market perform rating and a $55.00 price objective for the company. TheStreet cut Capri from a b rating to a c+ rating in a report on Wednesday, June 1st. Morgan Stanley reduced their price objective on Capri from $80.00 to $65.00 and set an overweight rating for the company in a report on Friday, June 3rd. Finally, StockNews.com cut Capri from a buy rating to a hold rating in a report on Friday, May 27th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $73.68.

In other Capri news, CEO John D. Idol sold 3,803 shares of the business’s stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of $49.63, for a total transaction of $188,742.89. Following the completion of the sale, the chief executive officer now owns 933,268 shares of the company’s stock, valued at $46,318,090.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Daniel Purefoy sold 1,950 shares of the business’s stock in a transaction dated Thursday, March 10th. The shares were sold at an average price of $50.80, for a total value of $99,060.00. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of CPRI. Goldman Sachs Group Inc. boosted its position in shares of Capri by 41.9% in the first quarter. Goldman Sachs Group Inc. now owns 2,649,958 shares of the company’s stock worth $136,182,000 after buying an additional 782,577 shares during the period. Select Equity Group L.P. purchased a new stake in shares of Capri in the first quarter worth about $21,338,000. Renaissance Group LLC purchased a new stake in shares of Capri in the first quarter worth about $7,737,000. State Street Corp boosted its position in shares of Capri by 2.8% in the first quarter. State Street Corp now owns 4,421,881 shares of the company’s stock worth $227,240,000 after buying an additional 119,122 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its position in shares of Capri by 15.0% in the fourth quarter. Parametric Portfolio Associates LLC now owns 872,695 shares of the company’s stock worth $56,647,000 after buying an additional 114,137 shares during the period. 88.46% of the stock is owned by hedge funds and other institutional investors.

Capri Company Profile (Get Rating)

Capri Holdings Limited designs, markets, distributes, and retails branded women's and men's apparel, footwear, and accessories in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia. The company's Versace segment offers ready-to-wear, accessories, footwear, eyewear, watches, jewelry, fragrances, and home furnishings through a distribution network, including boutiques; and department and specialty stores, as well as through Versace e-commerce sites.

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