Tapestry (NYSE:TPR) Issues FY24 Earnings Guidance

Tapestry (NYSE:TPR) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $4.20-$4.25 for the period, compared to the consensus estimate of $4.23. The company issued revenue guidance of $6.60 billion, compared to the consensus revenue estimate of $6.74 billion.

Tapestry Price Performance

Shares of Tapestry stock opened at $38.98 on Thursday. The stock has a market capitalization of $8.94 billion, a P/E ratio of 9.84, a PEG ratio of 0.81 and a beta of 1.61. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90. The business’s fifty day moving average price is $43.78 and its 200 day moving average price is $38.63. Tapestry has a twelve month low of $25.99 and a twelve month high of $48.80.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 EPS for the quarter, beating the consensus estimate of $0.67 by $0.14. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the firm posted $0.78 earnings per share. Tapestry’s revenue for the quarter was down 2.0% compared to the same quarter last year. As a group, research analysts anticipate that Tapestry will post 4.23 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Stockholders of record on Friday, June 7th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.59%. Tapestry’s payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Jefferies Financial Group lowered shares of Tapestry from a buy rating to a hold rating and set a $50.00 price target for the company. in a research note on Thursday, February 29th. Raymond James boosted their target price on shares of Tapestry from $40.00 to $44.00 and gave the company an outperform rating in a research note on Tuesday, January 30th. The Goldman Sachs Group increased their target price on shares of Tapestry from $41.00 to $47.00 and gave the stock a buy rating in a report on Friday, February 9th. OTR Global reaffirmed a mixed rating on shares of Tapestry in a report on Wednesday, April 17th. Finally, Evercore ISI upgraded shares of Tapestry from an in-line rating to an outperform rating and increased their price objective for the stock from $30.00 to $50.00 in a research note on Monday, February 5th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $47.81.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.