Tapestry (NYSE:TPR) Updates FY 2022 Earnings Guidance

Tapestry (NYSE:TPRGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided EPS guidance of $3.45-$3.45 for the period, compared to the consensus EPS estimate of $3.62. The company issued revenue guidance of $6.70 billion-$6.70 billion, compared to the consensus revenue estimate of $6.75 billion.

TPR stock opened at $31.85 on Thursday. The firm has a market cap of $8.02 billion, a PE ratio of 10.27, a P/E/G ratio of 0.91 and a beta of 1.38. Tapestry has a 12 month low of $26.39 and a 12 month high of $47.05. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.48 and a quick ratio of 0.95. The firm has a 50 day simple moving average of $34.39 and a 200 day simple moving average of $38.36.

Tapestry (NYSE:TPRGet Rating) last posted its quarterly earnings data on Thursday, May 12th. The luxury accessories retailer reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.11. Tapestry had a return on equity of 32.07% and a net margin of 12.99%. The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the previous year, the company earned $0.51 EPS. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, sell-side analysts expect that Tapestry will post 3.46 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, June 27th. Stockholders of record on Friday, June 3rd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend is Thursday, June 2nd. Tapestry’s dividend payout ratio (DPR) is presently 32.26%.

Tapestry declared that its Board of Directors has approved a stock buyback program on Thursday, May 12th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the luxury accessories retailer to repurchase up to 18% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

A number of analysts have commented on TPR shares. Cowen reduced their price objective on Tapestry from $56.00 to $40.00 in a research report on Friday, May 13th. Barclays lowered their target price on shares of Tapestry from $53.00 to $39.00 and set a na rating on the stock in a report on Monday. Cowen cut their price target on shares of Tapestry from $56.00 to $40.00 in a report on Friday, May 13th. Credit Suisse Group decreased their price objective on shares of Tapestry from $67.00 to $53.00 in a research note on Friday, May 13th. Finally, Citigroup cut their target price on shares of Tapestry from $50.00 to $46.00 in a research note on Friday, May 13th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Buy and a consensus price target of $47.88.

In other Tapestry news, CEO Joanne C. Crevoiserat bought 5,700 shares of the business’s stock in a transaction on Friday, March 11th. The shares were bought at an average cost of $34.60 per share, for a total transaction of $197,220.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.73% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Brown Brothers Harriman & Co. raised its holdings in Tapestry by 340.7% in the first quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock worth $25,000 after purchasing an additional 511 shares during the period. Canada Pension Plan Investment Board lifted its stake in Tapestry by 955.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock valued at $41,000 after acquiring an additional 994 shares in the last quarter. Covestor Ltd boosted its position in Tapestry by 79.7% during the 1st quarter. Covestor Ltd now owns 1,951 shares of the luxury accessories retailer’s stock worth $73,000 after acquiring an additional 865 shares during the last quarter. Zions Bancorporation N.A. grew its stake in shares of Tapestry by 9,680.0% during the 1st quarter. Zions Bancorporation N.A. now owns 1,956 shares of the luxury accessories retailer’s stock worth $73,000 after acquiring an additional 1,936 shares in the last quarter. Finally, Belpointe Asset Management LLC raised its holdings in shares of Tapestry by 4.2% in the fourth quarter. Belpointe Asset Management LLC now owns 7,726 shares of the luxury accessories retailer’s stock valued at $314,000 after purchasing an additional 309 shares during the last quarter. 89.75% of the stock is currently owned by institutional investors.

Tapestry Company Profile (Get Rating)

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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Earnings History and Estimates for Tapestry (NYSE:TPR)

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