Tapestry (NYSE:TPR) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of Tapestry (NYSE:TPRGet Rating) from a hold rating to a buy rating in a report published on Thursday morning.

Other research analysts also recently issued reports about the stock. UBS Group lifted their target price on shares of Tapestry from $31.00 to $37.00 and gave the stock a neutral rating in a research note on Friday, August 19th. Jefferies Financial Group raised shares of Tapestry from a hold rating to a buy rating and lifted their target price for the stock from $30.00 to $45.00 in a research note on Wednesday, June 15th. Barclays lifted their target price on shares of Tapestry from $39.00 to $43.00 and gave the stock an overweight rating in a research note on Monday, August 22nd. Cowen boosted their price objective on shares of Tapestry from $40.00 to $46.00 and gave the company an outperform rating in a research report on Friday, August 19th. Finally, BTIG Research reduced their price objective on shares of Tapestry from $53.00 to $48.00 and set a buy rating on the stock in a research report on Thursday, July 21st. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $47.44.

Tapestry Trading Down 1.5 %

Shares of Tapestry stock opened at $33.22 on Thursday. Tapestry has a 12-month low of $26.39 and a 12-month high of $47.05. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 0.72 and a beta of 1.32. The company has a current ratio of 1.75, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73. The company’s 50-day moving average price is $34.27 and its 200-day moving average price is $33.96.

Tapestry (NYSE:TPRGet Rating) last announced its earnings results on Thursday, August 18th. The luxury accessories retailer reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.01. Tapestry had a net margin of 12.81% and a return on equity of 34.37%. The business had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same period last year, the firm posted $0.74 earnings per share. Tapestry’s quarterly revenue was up .6% on a year-over-year basis. On average, equities analysts expect that Tapestry will post 3.85 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 26th. Investors of record on Friday, September 9th will be paid a $0.30 dividend. This is a boost from Tapestry’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, September 8th. This represents a $1.20 dividend on an annualized basis and a yield of 3.61%. Tapestry’s payout ratio is presently 37.97%.

Insider Buying and Selling

In related news, insider Thomas A. Glaser sold 39,503 shares of the company’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $35.38, for a total value of $1,397,616.14. Following the transaction, the insider now owns 243,321 shares in the company, valued at approximately $8,608,696.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Tapestry news, VP Manesh Dadlani sold 2,005 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $36.81, for a total value of $73,804.05. Following the completion of the transaction, the vice president now owns 33,681 shares of the company’s stock, valued at approximately $1,239,797.61. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Thomas A. Glaser sold 39,503 shares of the business’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $35.38, for a total value of $1,397,616.14. Following the completion of the transaction, the insider now directly owns 243,321 shares of the company’s stock, valued at approximately $8,608,696.98. The disclosure for this sale can be found here. Insiders have sold a total of 47,110 shares of company stock worth $1,677,854 in the last quarter. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Tapestry

Hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. raised its position in Tapestry by 31.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 61,235 shares of the luxury accessories retailer’s stock worth $2,275,000 after buying an additional 14,759 shares during the last quarter. GSA Capital Partners LLP increased its position in shares of Tapestry by 74.2% during the 4th quarter. GSA Capital Partners LLP now owns 15,379 shares of the luxury accessories retailer’s stock valued at $624,000 after purchasing an additional 6,550 shares during the last quarter. abrdn plc increased its position in shares of Tapestry by 2.5% during the 4th quarter. abrdn plc now owns 91,744 shares of the luxury accessories retailer’s stock valued at $3,725,000 after purchasing an additional 2,264 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in shares of Tapestry by 314.3% during the 1st quarter. Cullen Frost Bankers Inc. now owns 5,800 shares of the luxury accessories retailer’s stock valued at $215,000 after purchasing an additional 4,400 shares during the last quarter. Finally, Ausdal Financial Partners Inc. increased its position in shares of Tapestry by 17.7% during the 1st quarter. Ausdal Financial Partners Inc. now owns 18,654 shares of the luxury accessories retailer’s stock valued at $693,000 after purchasing an additional 2,800 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

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 in three segments: Coach, Kate Spade, and Stuart Weitzman. It 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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Analyst Recommendations for Tapestry (NYSE:TPR)

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