Tapestry, Inc. (NYSE:TPR – Get Rating) – Investment analysts at Jefferies Financial Group issued their FY2022 earnings per share estimates for shares of Tapestry in a report released on Wednesday, June 15th. Jefferies Financial Group analyst A. Helgans expects that the luxury accessories retailer will post earnings per share of $3.49 for the year. Jefferies Financial Group currently has a “Buy” rating and a $45.00 price objective on the stock. The consensus estimate for Tapestry’s current full-year earnings is $3.46 per share. Jefferies Financial Group also issued estimates for Tapestry’s Q4 2022 earnings at $0.81 EPS, Q1 2023 earnings at $0.96 EPS, Q2 2023 earnings at $1.59 EPS, Q3 2023 earnings at $0.59 EPS, Q4 2023 earnings at $0.94 EPS and FY2023 earnings at $4.10 EPS.
Several other brokerages have also commented on TPR. Credit Suisse Group cut their price objective on Tapestry from $67.00 to $53.00 in a report on Friday, May 13th. Robert W. Baird cut their price objective on Tapestry from $55.00 to $45.00 in a report on Friday, May 13th. Cowen cut their price objective on Tapestry from $56.00 to $40.00 in a report on Friday, May 13th. Citigroup cut their price objective on Tapestry from $50.00 to $46.00 in a report on Friday, May 13th. Finally, TheStreet lowered Tapestry from a “b” rating to a “c+” rating in a report on Friday, May 20th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $48.12.
Tapestry (NYSE:TPR – Get Rating) last posted its earnings results on Thursday, May 12th. The luxury accessories retailer reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.11. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.43 billion. Tapestry had a return on equity of 32.07% and a net margin of 12.99%. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.51 EPS.
Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Tapestry by 2.4% in the first quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock valued at $1,213,109,000 after acquiring an additional 751,210 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Tapestry by 1.9% in the fourth quarter. BlackRock Inc. now owns 17,203,942 shares of the luxury accessories retailer’s stock worth $698,482,000 after purchasing an additional 316,964 shares during the last quarter. State Street Corp increased its holdings in shares of Tapestry by 5.0% in the fourth quarter. State Street Corp now owns 10,808,751 shares of the luxury accessories retailer’s stock worth $438,835,000 after purchasing an additional 518,261 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Tapestry by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 5,284,345 shares of the luxury accessories retailer’s stock worth $214,233,000 after purchasing an additional 329,395 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Tapestry by 23.6% in the first quarter. American Century Companies Inc. now owns 4,815,492 shares of the luxury accessories retailer’s stock worth $178,896,000 after purchasing an additional 920,425 shares during the last quarter. Institutional investors and hedge funds own 89.75% of the company’s stock.
Tapestry announced that its Board of Directors has initiated a stock buyback program on Thursday, May 12th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the luxury accessories retailer to repurchase up to 18% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 27th. Stockholders of record on Friday, June 3rd will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $1.00 annualized dividend and a dividend yield of 3.28%. Tapestry’s payout ratio is 32.26%.
About Tapestry (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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