Tapestry (NYSE:TPR) Sets New 12-Month High After Analyst Upgrade

Tapestry, Inc. (NYSE:TPR)’s share price reached a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $104.00 to $145.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Tapestry traded as high as $110.40 and last traded at $109.92, with a volume of 1192886 shares. The stock had previously closed at $108.34.

Several other equities research analysts also recently commented on TPR. UBS Group lifted their price objective on Tapestry from $68.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. TD Cowen raised shares of Tapestry from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a report on Thursday, June 12th. The Goldman Sachs Group boosted their price objective on shares of Tapestry from $84.00 to $93.00 and gave the company a “buy” rating in a report on Friday, May 9th. Cowen upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, June 12th. Finally, Raymond James Financial restated an “outperform” rating and issued a $115.00 target price (up previously from $85.00) on shares of Tapestry in a report on Tuesday, July 22nd. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $93.11.

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 directly owned 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 company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 116,062 shares of the company’s stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On Tapestry

Institutional investors have recently added to or reduced their stakes in the company. 1858 Wealth Management LLC raised its position in shares of Tapestry by 2.5% during the 2nd quarter. 1858 Wealth Management LLC now owns 3,835 shares of the luxury accessories retailer’s stock valued at $337,000 after buying an additional 95 shares in the last quarter. Coppell Advisory Solutions LLC raised its position in Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock valued at $34,000 after purchasing an additional 150 shares during the period. Private Trust Co. NA lifted its stake in shares of Tapestry by 27.2% in the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 153 shares during the last quarter. Mather Group LLC. boosted its holdings in shares of Tapestry by 2.8% in the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer’s stock worth $424,000 after purchasing an additional 165 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Tapestry by 25.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer’s stock worth $68,000 after purchasing an additional 194 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Trading Up 1.9%

The company has a 50-day moving average price of $88.77 and a two-hundred day moving average price of $79.25. The stock has a market cap of $22.92 billion, a P/E ratio of 29.04, a P/E/G ratio of 2.23 and a beta of 1.47. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. On average, research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date was Friday, June 6th. Tapestry’s payout ratio is presently 36.84%.

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.