Tapestry (NYSE:TPR) Research Coverage Started at StockNews.com

StockNews.com started coverage on shares of Tapestry (NYSE:TPR – Get Rating) in a report issued on Thursday morning. The firm issued a buy rating on the luxury accessories retailer’s stock.

A number of other research firms also recently weighed in on TPR. Barclays downgraded shares of Tapestry from an overweight rating to an equal weight rating and set a $43.00 target price on the stock. in a report on Monday, January 23rd. Raymond James boosted their target price on shares of Tapestry from $44.00 to $50.00 and gave the stock an outperform rating in a report on Wednesday, February 1st. Citigroup boosted their target price on shares of Tapestry from $40.00 to $50.00 and gave the stock a buy rating in a report on Wednesday, February 1st. Sanford C. Bernstein downgraded shares of Tapestry from an outperform rating to a market perform rating in a report on Thursday, January 5th. Finally, Credit Suisse Group boosted their target price on shares of Tapestry from $45.00 to $55.00 and gave the stock an outperform rating in a report on Friday, February 10th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $47.31.

Tapestry Stock Down 0.6 %

Shares of TPR stock opened at $40.90 on Thursday. The stock has a market cap of $9.66 billion, a P/E ratio of 12.17, a PEG ratio of 0.87 and a beta of 1.43. Tapestry has a 52 week low of $26.39 and a 52 week high of $47.48. The company has a quick ratio of 1.14, a current ratio of 1.87 and a debt-to-equity ratio of 0.71. The company’s fifty day simple moving average is $43.51 and its two-hundred day simple moving average is $37.44.

Tapestry (NYSE:TPR – Get Rating) last announced its quarterly earnings results on Thursday, February 9th. The luxury accessories retailer reported $1.36 EPS for the quarter, topping the consensus estimate of $1.27 by $0.09. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.04 billion. Tapestry had a net margin of 12.69% and a return on equity of 36.58%. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.33 EPS. Analysts predict that Tapestry will post 3.72 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 27th. Shareholders of record on Friday, March 10th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, March 9th. This represents a $1.20 dividend on an annualized basis and a yield of 2.93%. Tapestry’s dividend payout ratio is currently 35.71%.

Hedge Funds Weigh In On Tapestry

A number of hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. grew its stake in Tapestry by 25.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,940 shares of the luxury accessories retailer’s stock worth $73,000 after acquiring an additional 399 shares in the last quarter. Natixis lifted its position in shares of Tapestry by 110.6% in the 4th quarter. Natixis now owns 32,650 shares of the luxury accessories retailer’s stock worth $1,243,000 after purchasing an additional 17,144 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in shares of Tapestry by 4.8% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 1,241,186 shares of the luxury accessories retailer’s stock worth $47,263,000 after purchasing an additional 57,400 shares during the period. Macquarie Group Ltd. lifted its position in shares of Tapestry by 13.3% in the 4th quarter. Macquarie Group Ltd. now owns 388,555 shares of the luxury accessories retailer’s stock worth $14,796,000 after purchasing an additional 45,611 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Tapestry by 49.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 10,529 shares of the luxury accessories retailer’s stock worth $401,000 after purchasing an additional 3,476 shares during the period. 92.84% of the stock is currently owned by institutional investors.

About Tapestry

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Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists of global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.