Capri (NYSE:CPRI – Get Rating) updated its third quarter 2023 earnings guidance on Tuesday. The company provided EPS guidance of $2.45-$2.45 for the period. The company issued revenue guidance of $1.65 billion-$1.65 billion. Capri also updated its Q2 2023 guidance to $1.55-$1.55 EPS.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. Wells Fargo & Company reduced their target price on Capri from $85.00 to $70.00 and set an overweight rating on the stock in a report on Thursday, July 7th. Credit Suisse Group dropped their price target on Capri from $65.00 to $56.00 and set a neutral rating for the company in a research note on Thursday, July 21st. Telsey Advisory Group reiterated a market perform rating on shares of Capri in a research note on Thursday, May 26th. TheStreet cut Capri from a b rating to a c+ rating in a research note on Wednesday, June 1st. Finally, Morgan Stanley dropped their price target on Capri from $80.00 to $65.00 and set an overweight rating for the company in a research note on Friday, June 3rd. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Capri presently has a consensus rating of Moderate Buy and an average price target of $71.00.
Capri Stock Performance
Shares of CPRI opened at $53.46 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.29 and a quick ratio of 0.51. The stock has a 50-day moving average of $46.31 and a 200-day moving average of $50.91. The company has a market cap of $7.63 billion, a PE ratio of 9.99, a P/E/G ratio of 0.75 and a beta of 2.27. Capri has a one year low of $36.90 and a one year high of $72.37.
Capri declared that its board has approved a stock buyback program on Wednesday, June 1st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 13.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
Insiders Place Their Bets
In other Capri news, CEO John D. Idol sold 3,803 shares of Capri 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 transaction, 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 SEC, which is available through this link. Insiders own 2.60% of the company’s stock.
Institutional Investors Weigh In On Capri
A number of hedge funds have recently modified their holdings of the stock. Captrust Financial Advisors raised its holdings in Capri by 36.7% during the 2nd quarter. Captrust Financial Advisors now owns 12,935 shares of the company’s stock valued at $530,000 after acquiring an additional 3,474 shares during the period. United Services Automobile Association bought a new stake in Capri during the 2nd quarter valued at $648,000. AQR Capital Management LLC raised its holdings in Capri by 119.5% during the 2nd quarter. AQR Capital Management LLC now owns 352,454 shares of the company’s stock valued at $14,162,000 after acquiring an additional 191,862 shares during the period. Cubist Systematic Strategies LLC raised its holdings in Capri by 118.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 131,098 shares of the company’s stock valued at $5,376,000 after acquiring an additional 71,165 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in Capri by 276.4% during the 2nd quarter. Renaissance Technologies LLC now owns 268,400 shares of the company’s stock valued at $11,007,000 after acquiring an additional 197,100 shares during the period. Institutional investors own 88.46% of the company’s stock.
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. It operates through three segments: Versace, Jimmy Choo, and Michael Kors. The company offers ready-to-wear, accessories, footwear, handbags, scarves and belts, small leather goods, eyewear, watches, jewelry, fragrances, and home furnishings through a distribution network, including boutiques, department, and specialty stores, as well as through e-commerce sites.
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