Capri (NYSE:CPRI) Issues Q4 2023 Earnings Guidance

Capri (NYSE:CPRIGet Rating) issued an update on its fourth quarter 2023 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.35-$1.35 for the period. The company issued revenue guidance of $1.50 billion-$1.50 billion. Capri also updated its FY 2023 guidance to $6.85-$6.85 EPS.

CPRI traded down $0.68 during trading on Friday, reaching $40.33. The company had a trading volume of 16,726 shares, compared to its average volume of 2,549,142. The firm’s 50-day simple moving average is $45.80 and its 200 day simple moving average is $54.29. The company has a market cap of $5.76 billion, a price-to-earnings ratio of 7.43, a PEG ratio of 0.60 and a beta of 2.30. Capri has a 12-month low of $36.90 and a 12-month high of $72.37. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.51 and a current ratio of 1.21.

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

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

A number of equities analysts have commented on the company. Barclays reduced their price objective on Capri from $74.00 to $63.00 and set an overweight rating on the stock in a research note on Thursday, June 2nd. Morgan Stanley dropped 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. Cowen lowered their price target on Capri from $80.00 to $70.00 in a report on Thursday, June 2nd. Telsey Advisory Group reiterated a market perform rating on shares of Capri in a report on Thursday, May 26th. Finally, UBS Group reduced their price target on Capri from $107.00 to $91.00 and set a buy rating for the company in a research report on Monday, June 6th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Capri presently has a consensus rating of Moderate Buy and a consensus price target of $75.24.

In other news, CEO John D. Idol sold 3,803 shares of the firm’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $49.63, for a total value of $188,742.89. Following the transaction, the chief executive officer now directly owns 933,268 shares of the company’s stock, valued at $46,318,090.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.60% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Pearl River Capital LLC acquired a new stake in Capri during the first quarter worth about $227,000. Walleye Capital LLC acquired a new stake in shares of Capri during the first quarter valued at about $264,000. Bridgefront Capital LLC acquired a new stake in shares of Capri during the first quarter valued at about $271,000. MidWestOne Financial Group Inc. acquired a new stake in shares of Capri during the first quarter valued at about $333,000. Finally, AlphaCrest Capital Management LLC increased its position in shares of Capri by 65.6% during the first quarter. AlphaCrest Capital Management LLC now owns 7,288 shares of the company’s stock valued at $375,000 after acquiring an additional 2,888 shares during the last quarter. Hedge funds and other institutional investors 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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