Tapestry (NYSE:TPR) Upgraded to “Outperform” by Sanford C. Bernstein

Posted by Defense World Staff on May 16th, 2023

Sanford C. Bernstein upgraded shares of Tapestry (NYSE:TPR – Get Rating) from a market perform rating to an outperform rating in a report published on Monday, The Fly reports. They currently have $55.00 price target on the luxury accessories retailer’s stock, up from their previous price target of $50.00.

TPR has been the topic of several other research reports. Telsey Advisory Group reaffirmed an outperform rating and set a $52.00 target price on shares of Tapestry in a report on Thursday, February 9th. Robert W. Baird increased their price target on shares of Tapestry from $45.00 to $52.00 and gave the company an outperform rating in a research report on Friday, February 10th. The Goldman Sachs Group increased their price target on shares of Tapestry from $44.00 to $50.00 and gave the company a buy rating in a research report on Friday, February 10th. OTR Global raised shares of Tapestry from a mixed rating to a positive rating in a research report on Wednesday, April 19th. Finally, Credit Suisse Group raised their target price on shares of Tapestry from $45.00 to $55.00 and gave the stock an outperform rating in a research report on Friday, February 10th. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $48.29.

Tapestry Trading Up 4.5 %

TPR opened at $43.05 on Monday. Tapestry has a 1-year low of $27.53 and a 1-year high of $47.48. The company has a current ratio of 1.87, a quick ratio of 1.14 and a debt-to-equity ratio of 0.71. The company has a market cap of $9.98 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 0.84 and a beta of 1.44. The company has a fifty day moving average price of $41.00 and a two-hundred day moving average price of $40.06.

Tapestry (NYSE:TPR – Get Rating) last released its earnings results on Thursday, May 11th. The luxury accessories retailer reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.19. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Tapestry had a net margin of 12.69% and a return on equity of 36.58%. During the same period in the previous year, the company earned $0.51 earnings per share. Analysts predict that Tapestry will post 3.72 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 27th. Stockholders of record on Friday, March 10th were given a $0.30 dividend. The ex-dividend date of this dividend was Thursday, March 9th. This represents a $1.20 annualized dividend and a dividend yield of 2.79%. Tapestry’s payout ratio is 32.61%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. raised its stake in shares of Tapestry by 340.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock worth $25,000 after buying an additional 511 shares in the last quarter. Alpha Paradigm Partners LLC acquired a new position in shares of Tapestry during the 3rd quarter worth about $26,000. Assetmark Inc. lifted its position in shares of Tapestry by 2,382.1% during the 3rd quarter. Assetmark Inc. now owns 968 shares of the luxury accessories retailer’s stock worth $28,000 after purchasing an additional 929 shares during the last quarter. Truvestments Capital LLC acquired a new position in shares of Tapestry during the 3rd quarter worth about $28,000. Finally, Allworth Financial LP raised its holdings in Tapestry by 196.8% in the 1st quarter. Allworth Financial LP now owns 659 shares of the luxury accessories retailer’s stock valued at $28,000 after acquiring an additional 437 shares in the last quarter. Institutional investors and hedge funds own 92.84% of the company’s stock.

Tapestry Company Profile

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Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists of global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.