Tapestry (NYSE:TPR) Hits New 12-Month High on Analyst Upgrade

Tapestry, Inc. (NYSE:TPR) reached a new 52-week high on Thursday after Telsey Advisory Group raised their price target on the stock from $160.00 to $175.00. Telsey Advisory Group currently has an outperform rating on the stock. Tapestry traded as high as $162.40 and last traded at $162.8070, with a volume of 65415 shares traded. The stock had previously closed at $159.16.

A number of other equities analysts have also recently commented on the company. Raymond James Financial restated an “outperform” rating and set a $165.00 target price on shares of Tapestry in a report on Thursday, April 23rd. Wall Street Zen upgraded shares of Tapestry from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. BTIG Research restated a “buy” rating and set a $180.00 price target on shares of Tapestry in a research note on Wednesday, June 10th. Robert W. Baird raised their price objective on shares of Tapestry from $160.00 to $165.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Finally, Citigroup boosted their target price on Tapestry from $165.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $175.44.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 19,557 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the transaction, the chief executive officer owned 123,258 shares of the company’s stock, valued at $17,258,585.16. This trade represents a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of Tapestry stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total value of $3,691,152.64. Following the completion of the transaction, the chief executive officer directly owned 652,434 shares in the company, valued at $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.32% of the company’s stock.

Hedge Funds Weigh In On Tapestry

A number of hedge funds have recently made changes to their positions in the business. Woodline Partners LP raised its position in Tapestry by 25.0% in the first quarter. Woodline Partners LP now owns 17,490 shares of the luxury accessories retailer’s stock valued at $1,231,000 after purchasing an additional 3,495 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Tapestry in the first quarter worth about $493,000. Sivia Capital Partners LLC acquired a new stake in shares of Tapestry in the second quarter valued at about $602,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Tapestry during the 2nd quarter valued at about $6,307,000. Finally, Brown Advisory Inc. raised its holdings in shares of Tapestry by 13.8% during the 2nd quarter. Brown Advisory Inc. now owns 3,630 shares of the luxury accessories retailer’s stock valued at $319,000 after buying an additional 439 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Up 2.9%

The stock has a market capitalization of $33.08 billion, a price-to-earnings ratio of 52.44, a price-to-earnings-growth ratio of 1.42 and a beta of 1.43. The firm has a 50-day moving average of $145.04 and a 200 day moving average of $143.70. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.36. The firm had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.79 billion. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The firm’s revenue was up 21.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.03 EPS. On average, sell-side analysts anticipate that Tapestry, Inc. will post 6.97 earnings per share for the current year.

About Tapestry

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.