Capri (NYSE:CPRI – Get Rating) updated its FY 2023 earnings guidance on Wednesday. The company provided EPS guidance of $6.85-$6.85 for the period, compared to the consensus EPS 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.
A number of brokerages have weighed in on CPRI. StockNews.com downgraded shares of Capri from a buy rating to a hold rating in a research note on Tuesday. Credit Suisse Group lowered their price target on shares of Capri from $74.00 to $65.00 and set a neutral rating for the company in a research report on Thursday, June 2nd. Citigroup lowered their price target on shares of Capri from $82.00 to $72.00 and set a buy rating for the company in a research report on Thursday, June 2nd. Wells Fargo & Company lowered their price target on shares of Capri from $95.00 to $85.00 and set an overweight rating for the company in a research report on Tuesday, April 5th. Finally, Cowen lowered their price target on shares of Capri from $80.00 to $70.00 in a research report on Thursday, June 2nd. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $75.24.
NYSE CPRI traded down $0.68 on Friday, hitting $40.33. 16,726 shares of the stock were exchanged, compared to its average volume of 2,549,142. Capri has a 52 week low of $36.90 and a 52 week high of $72.37. The company has a market capitalization of $5.76 billion, a PE ratio of 7.43, a P/E/G ratio of 0.60 and a beta of 2.30. The business’s fifty day moving average is $45.80 and its 200 day moving average is $54.29. 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 declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 1st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to buy up to 13.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
In other Capri news, CEO John D. Idol sold 3,803 shares of the stock in a transaction that occurred on Friday, June 3rd. The shares were 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 approximately $46,318,090.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.60% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pearl River Capital LLC bought a new position in Capri during the 1st quarter valued at $227,000. Walleye Capital LLC bought a new stake in shares of Capri during the 1st quarter worth $264,000. Bridgefront Capital LLC bought a new stake in Capri in the 1st quarter valued at about $271,000. MidWestOne Financial Group Inc. bought a new stake in Capri in the 1st quarter valued at about $333,000. Finally, AlphaCrest Capital Management LLC grew its holdings in Capri by 65.6% during the 1st quarter. AlphaCrest Capital Management LLC now owns 7,288 shares of the company’s stock valued at $375,000 after buying an additional 2,888 shares in the last quarter. 88.46% of the stock is owned by institutional investors and hedge funds.
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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