Tapestry (NYSE:TPR) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research report sent to investors on Wednesday.

TPR has been the subject of several other reports. JPMorgan Chase & Co. lowered their price objective on shares of Tapestry from $54.00 to $51.00 and set an overweight rating for the company in a research note on Friday, August 16th. Evercore ISI reduced their price objective on shares of Tapestry from $53.00 to $47.00 and set an outperform rating on the stock in a research note on Friday, August 9th. Telsey Advisory Group reissued an outperform rating and issued a $54.00 target price on shares of Tapestry in a research report on Thursday, August 15th. UBS Group reduced their price target on shares of Tapestry from $42.00 to $40.00 and set a neutral rating on the stock in a research report on Friday, August 16th. Finally, Wells Fargo & Company decreased their price target on Tapestry from $52.00 to $50.00 and set an overweight rating for the company in a research note on Friday, August 16th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $47.07.

Tapestry Stock Up 2.0 %

Shares of NYSE TPR opened at $47.93 on Wednesday. The firm has a market cap of $11.01 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 1.64 and a beta of 1.54. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. Tapestry has a 1 year low of $25.99 and a 1 year high of $48.80. The firm’s 50 day moving average price is $40.94 and its 200 day moving average price is $42.00.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The business’s revenue was down 1.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Tapestry will post 4.47 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Friday, September 6th. Tapestry’s dividend payout ratio is presently 37.04%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TPR. Fidelis Capital Partners LLC bought a new stake in Tapestry in the first quarter worth about $35,000. BNP Paribas acquired a new position in shares of Tapestry in the 1st quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV grew its stake in shares of Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc lifted its stake in Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

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.