Tapestry (NYSE:TPR) Upgraded at StockNews.com

StockNews.com upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research note issued to investors on Tuesday.

Several other equities research analysts also recently commented on TPR. UBS Group upped their price target on shares of Tapestry from $68.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Guggenheim increased their target price on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Jefferies Financial Group increased their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Evercore ISI increased their target price on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. Finally, Robert W. Baird increased their target price on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and a consensus target price of $83.89.

Tapestry Trading Down 0.0%

Tapestry stock opened at $83.23 on Tuesday. Tapestry has a 12-month low of $35.23 and a 12-month high of $90.85. The stock has a market capitalization of $17.23 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The firm has a 50 day simple moving average of $70.31 and a 200-day simple moving average of $68.77. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 earnings per share. As a group, equities research analysts expect that Tapestry will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be paid a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.68%. Tapestry’s dividend payout ratio is currently 36.84%.

Insider Buying and Selling at Tapestry

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the sale, the general counsel now directly owns 38,609 shares of the company’s stock, valued at $3,397,592. This represents a 23.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Kahn sold 7,786 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the sale, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. The trade was a 3.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 107,936 shares of company stock worth $9,101,139. 1.18% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Harbour Investments Inc. lifted its stake in Tapestry by 120.1% in the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after acquiring an additional 197 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Tapestry during the first quarter valued at $29,000. Greenline Partners LLC bought a new position in shares of Tapestry during the fourth quarter valued at $29,000. MorganRosel Wealth Management LLC bought a new position in shares of Tapestry during the first quarter valued at $35,000. Finally, Opal Wealth Advisors LLC bought a new stake in Tapestry in the 1st quarter worth about $35,000. Institutional investors own 90.77% of the company’s stock.

Tapestry Company Profile

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.