Robert W. Baird set a $60.00 price target on Tapestry (NYSE:TPR) in a report published on Monday morning. The brokerage currently has a buy rating on the luxury accessories retailer’s stock.
Several other research firms have also commented on TPR. Needham & Company LLC initiated coverage on Tapestry in a research note on Monday, December 18th. They issued a hold rating for the company. Credit Suisse Group initiated coverage on Tapestry in a research note on Monday, March 12th. They issued an outperform rating and a $60.00 target price for the company. KeyCorp upped their target price on Tapestry from $53.00 to $59.00 and gave the company an overweight rating in a research note on Wednesday, February 7th. Canaccord Genuity set a $58.00 target price on Tapestry and gave the company a buy rating in a research note on Monday, February 5th. Finally, Piper Jaffray upgraded Tapestry from a neutral rating to an overweight rating and set a $54.00 target price for the company in a research note on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Tapestry presently has an average rating of Buy and an average price target of $52.13.
NYSE TPR opened at $53.33 on Monday. Tapestry has a fifty-two week low of $38.47 and a fifty-two week high of $54.59. The firm has a market capitalization of $15,152.89, a PE ratio of 24.80, a P/E/G ratio of 1.83 and a beta of 0.43. The company has a quick ratio of 1.51, a current ratio of 1.90 and a debt-to-equity ratio of 0.64.
Tapestry (NYSE:TPR) last released its quarterly earnings results on Tuesday, February 6th. The luxury accessories retailer reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.21. Tapestry had a return on equity of 23.68% and a net margin of 6.14%. The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the previous year, the firm posted $0.75 earnings per share. The business’s revenue for the quarter was up 35.1% compared to the same quarter last year. research analysts predict that Tapestry will post 2.58 earnings per share for the current fiscal year.
The business also recently announced a dividend, which was paid on Monday, April 2nd. Stockholders of record on Friday, March 9th were given a $0.3375 dividend. The ex-dividend date was Thursday, March 8th. Tapestry’s payout ratio is 62.79%.
In other news, insider Sarah Dunn sold 6,229 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $48.23, for a total value of $300,424.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Todd Kahn sold 4,357 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $49.13, for a total value of $214,059.41. The disclosure for this sale can be found here. Insiders sold 140,551 shares of company stock valued at $7,020,158 in the last ninety days. Company insiders own 0.98% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Hexavest Inc. purchased a new position in Tapestry in the fourth quarter valued at about $106,000. First Dallas Securities Inc. purchased a new position in Tapestry in the fourth quarter valued at about $108,000. Dupont Capital Management Corp purchased a new position in Tapestry in the fourth quarter valued at about $110,000. Cerebellum GP LLC purchased a new position in Tapestry in the fourth quarter valued at about $118,000. Finally, American Research & Management Co. purchased a new position in Tapestry in the fourth quarter valued at about $129,000. 89.39% of the stock is owned by hedge funds and other institutional investors.
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Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.
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