Primecap Management Co. CA Buys 495,387 Shares of Capri Holdings Limited (NYSE:CPRI)

Key Points

• Primecap Management Co. CA increased its stake in Capri Holdings Limited by 10.6%, now holding over 5.18 million shares valued at approximately $102 million.
• Capri's quarterly earnings report showed earnings per share (EPS) of $0.50, exceeding expectations, but revenue fell by 6.0% year-over-year.
• Institutional investors own a significant portion of Capri, with 84.34% of the company's stock held by hedge funds and other institutional entities.

Primecap Management Co. CA boosted its position in Capri Holdings Limited (NYSE:CPRI - Free Report) by 10.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,183,720 shares of the company's stock after acquiring an additional 495,387 shares during the period. Primecap Management Co. CA owned 4.40% of Capri worth $102,275,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new position in Capri in the first quarter valued at about $30,000. Allspring Global Investments Holdings LLC bought a new position in Capri during the first quarter worth about $826,000. Bayesian Capital Management LP bought a new position in Capri during the fourth quarter worth about $767,000. Cambridge Investment Research Advisors Inc. boosted its holdings in Capri by 14.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,420 shares of the company's stock worth $363,000 after buying an additional 2,271 shares during the last quarter. Finally, FMR LLC boosted its holdings in Capri by 249.4% during the fourth quarter. FMR LLC now owns 9,987,603 shares of the company's stock worth $210,339,000 after buying an additional 7,129,123 shares during the last quarter. Institutional investors own 84.34% of the company's stock.

Analysts Set New Price Targets

CPRI has been the topic of a number of recent analyst reports. Robert W. Baird reduced their target price on Capri from $26.00 to $18.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Telsey Advisory Group restated a "market perform" rating and set a $22.00 target price (up previously from $20.00) on shares of Capri in a report on Wednesday. Wall Street Zen upgraded Capri from a "sell" rating to a "hold" rating in a report on Saturday. UBS Group lifted their price objective on Capri from $18.00 to $23.00 and gave the company a "neutral" rating in a report on Thursday. Finally, JPMorgan Chase & Co. lifted their price objective on Capri from $18.00 to $21.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $23.33.

Capri Stock Performance

CPRI traded down $1.05 during trading on Friday, hitting $19.72. The stock had a trading volume of 3,469,535 shares, compared to its average volume of 3,234,043. The company has a 50 day moving average price of $18.30 and a 200-day moving average price of $18.83. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -2.10, a P/E/G ratio of 0.45 and a beta of 1.72. Capri Holdings Limited has a one year low of $11.86 and a one year high of $43.34. The company has a debt-to-equity ratio of 3.97, a current ratio of 1.17 and a quick ratio of 0.49.

Capri (NYSE:CPRI - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.37. The business had revenue of $797.00 million during the quarter, compared to the consensus estimate of $773.18 million. Capri had a negative return on equity of 53.50% and a negative net margin of 26.73%. The firm's quarterly revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.04 EPS. As a group, research analysts predict that Capri Holdings Limited will post 0.98 EPS for the current year.

Capri Profile

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.