Capri (NYSE:CPRI) Releases FY 2023 Earnings Guidance

Capri (NYSE:CPRIGet Rating) updated its FY 2023 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $6.85-$6.85 for the period, compared to the consensus estimate of $6.57. The company issued revenue guidance of $5.95 billion-$5.95 billion, compared to the consensus revenue estimate of $6.08 billion. Capri also updated its Q2 2023 guidance to $1.60-$1.60 EPS.

Several brokerages have weighed in on CPRI. Cowen lowered their price target on shares of Capri from $80.00 to $70.00 and set an outperform rating on the stock in a report on Thursday, June 2nd. Cowen reduced their price target on shares of Capri from $80.00 to $70.00 in a research report on Thursday, June 2nd. TheStreet cut shares of Capri from a b rating to a c+ rating in a research report on Wednesday, June 1st. Credit Suisse Group cut their price objective on shares of Capri from $74.00 to $65.00 and set a neutral rating on the stock in a research report on Thursday, June 2nd. Finally, Telsey Advisory Group reissued a market perform rating on shares of Capri in a research note on Thursday, May 26th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $74.89.

Shares of NYSE CPRI opened at $44.87 on Wednesday. The company has a current ratio of 1.21, a quick ratio of 0.51 and a debt-to-equity ratio of 0.44. Capri has a twelve month low of $36.90 and a twelve month high of $72.37. The stock has a 50 day moving average of $46.59 and a two-hundred day moving average of $55.11. The stock has a market cap of $6.41 billion, a P/E ratio of 8.37, a P/E/G ratio of 0.59 and a beta of 2.30.

Capri (NYSE:CPRIGet Rating) last announced its quarterly earnings data on Wednesday, June 1st. The company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. Capri had a return on equity of 36.48% and a net margin of 14.54%. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. Capri’s quarterly revenue was up 24.6% on a year-over-year basis. As a group, research analysts predict that Capri will post 6.83 earnings per share for the current year.

Capri announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 1st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 13.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

In related news, CEO John D. Idol sold 3,803 shares of the 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 transaction, the chief executive officer now directly owns 933,268 shares in the company, valued at $46,318,090.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. State Street Corp grew its stake 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 valued at $227,240,000 after buying an additional 119,122 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Capri by 41.9% during the 1st 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 last quarter. Dimensional Fund Advisors LP lifted its holdings in Capri by 4.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,198,021 shares of the company’s stock worth $112,981,000 after buying an additional 102,439 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Capri by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,293,212 shares of the company’s stock worth $66,459,000 after purchasing an additional 3,245 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in shares of Capri by 0.8% in the 4th quarter. Allianz Asset Management GmbH now owns 1,264,111 shares of the company’s stock worth $82,053,000 after purchasing an additional 10,200 shares during the last quarter. Institutional investors and hedge funds own 88.46% of the company’s stock.

About Capri (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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Earnings History and Estimates for Capri (NYSE:CPRI)

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