Tapestry (NYSE:TPR) Lifted to “Buy” at StockNews.com

Posted by on May 27th, 2022

Tapestry (NYSE:TPR – Get Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Thursday.

A number of other equities research analysts have also recently commented on TPR. Robert W. Baird cut their price target on shares of Tapestry from $55.00 to $45.00 in a report on Friday, May 13th. TheStreet cut shares of Tapestry from a “b” rating to a “c+” rating in a report on Friday, May 20th. Citigroup cut their price target on shares of Tapestry from $50.00 to $46.00 in a report on Friday, May 13th. Cowen dropped their target price on shares of Tapestry from $56.00 to $40.00 in a report on Friday, May 13th. Finally, Barclays dropped their price target on shares of Tapestry from $53.00 to $39.00 and set a “na” rating on the stock in a research note on Monday, May 16th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $47.88.

Shares of NYSE TPR traded up $1.88 on Thursday, reaching $33.40. 3,272,463 shares of the company’s stock traded hands, compared to its average volume of 4,191,473. Tapestry has a 12 month low of $26.39 and a 12 month high of $47.05. The business’s 50 day simple moving average is $33.76 and its two-hundred day simple moving average is $37.91. The company has a market cap of $8.41 billion, a price-to-earnings ratio of 10.77, a price-to-earnings-growth ratio of 0.72 and a beta of 1.39. The company has a quick ratio of 0.95, a current ratio of 1.48 and a debt-to-equity ratio of 0.47.

Tapestry (NYSE:TPR – Get Rating) last announced its earnings results on Thursday, May 12th. The luxury accessories retailer reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.11. Tapestry had a net margin of 12.99% and a return on equity of 32.07%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the firm earned $0.51 earnings per share. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. Analysts forecast that Tapestry will post 3.46 earnings per share for the current fiscal year.

Tapestry declared that its Board of Directors has approved a share repurchase program on Thursday, May 12th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the luxury accessories retailer to repurchase up to 18% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

In other Tapestry news, CEO Joanne C. Crevoiserat acquired 5,700 shares of the company’s stock in a transaction on Friday, March 11th. The stock was acquired at an average cost of $34.60 per share, with a total value of $197,220.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.40% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Toroso Investments LLC boosted its stake in shares of Tapestry by 10.6% during the 1st quarter. Toroso Investments LLC now owns 10,055 shares of the luxury accessories retailer’s stock worth $374,000 after purchasing an additional 966 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of Tapestry by 9.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 130,811 shares of the luxury accessories retailer’s stock worth $4,860,000 after purchasing an additional 11,364 shares during the period. MUFG Securities EMEA plc boosted its stake in shares of Tapestry by 75.7% during the 1st quarter. MUFG Securities EMEA plc now owns 6,826 shares of the luxury accessories retailer’s stock worth $254,000 after purchasing an additional 2,940 shares during the period. Walleye Capital LLC purchased a new position in shares of Tapestry during the 1st quarter worth about $3,690,000. Finally, MidWestOne Financial Group Inc. purchased a new position in shares of Tapestry during the 1st quarter worth about $351,000. 89.75% of the stock is owned by hedge funds and other institutional investors.

About Tapestry (Get Rating)

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company 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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