Argus Issues Positive Forecast for Tapestry (NYSE:TPR) Stock Price

Tapestry (NYSE:TPR) had its target price increased by Argus from $78.00 to $92.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the luxury accessories retailer’s stock.

TPR has been the topic of a number of other research reports. Cowen raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, June 12th. Robert W. Baird raised their target price on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. The Goldman Sachs Group lifted their target price on shares of Tapestry from $84.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. UBS Group increased their price target on Tapestry from $68.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $100.00 price target (up from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $88.78.

Tapestry Price Performance

Shares of TPR opened at $82.79 on Tuesday. Tapestry has a twelve month low of $35.23 and a twelve month high of $90.85. The company has a market capitalization of $17.19 billion, a P/E ratio of 21.79, a price-to-earnings-growth ratio of 1.87 and a beta of 1.46. The firm has a 50 day moving average of $74.95 and a 200 day moving average of $73.00. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 EPS. As a group, equities research analysts anticipate that Tapestry will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date is Friday, June 6th. Tapestry’s payout ratio is 36.84%.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 1,399 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president now directly owns 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, the chief executive officer now owns 116,062 shares of the company’s stock, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Several large investors have recently made changes to their positions in TPR. Harbour Investments Inc. lifted its position in Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock valued at $25,000 after purchasing an additional 197 shares during the last quarter. Flaharty Asset Management LLC bought a new position in shares of Tapestry in the 1st quarter valued at about $25,000. Greenline Partners LLC purchased a new position in Tapestry in the fourth quarter worth about $29,000. Caitong International Asset Management Co. Ltd bought a new stake in Tapestry during the first quarter worth approximately $29,000. Finally, Coppell Advisory Solutions LLC increased its stake in Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after acquiring an additional 150 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

About Tapestry

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 handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.