Tapestry (NYSE:TPR) Issues FY 2022 Earnings Guidance

Tapestry (NYSE:TPRGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $3.45-$3.45 for the period, compared to the consensus earnings per share estimate of $3.62. The company issued revenue guidance of $6.70 billion-$6.70 billion, compared to the consensus revenue estimate of $6.75 billion.

Shares of NYSE TPR opened at $34.14 on Thursday. The company has a 50 day simple moving average of $33.48 and a 200 day simple moving average of $37.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.48 and a quick ratio of 0.95. Tapestry has a 1 year low of $26.39 and a 1 year high of $47.05. The firm has a market cap of $8.60 billion, a PE ratio of 11.01, a price-to-earnings-growth ratio of 0.80 and a beta of 1.38.

Tapestry (NYSE:TPRGet Rating) last announced its quarterly earnings results on Thursday, May 12th. The luxury accessories retailer reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.11. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Tapestry had a net margin of 12.99% and a return on equity of 32.07%. The company’s revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.51 EPS. As a group, research analysts anticipate that Tapestry will post 3.46 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, June 27th. Shareholders of record on Friday, June 3rd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.93%. The ex-dividend date is Thursday, June 2nd. Tapestry’s payout ratio is presently 32.26%.

Tapestry announced that its board has authorized a share repurchase plan on Thursday, May 12th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the luxury accessories retailer to reacquire up to 18% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

TPR has been the subject of a number of analyst reports. UBS Group lowered their target price on shares of Tapestry from $48.00 to $36.00 in a research note on Friday, May 13th. Sanford C. Bernstein initiated coverage on Tapestry in a research note on Monday, March 14th. They issued an outperform rating and a $62.00 price objective on the stock. TheStreet lowered Tapestry from a b rating to a c+ rating in a research report on Friday, May 20th. Barclays lowered their target price on Tapestry from $53.00 to $39.00 and set a na rating for the company in a report on Monday, May 16th. Finally, Credit Suisse Group lowered their price objective on shares of Tapestry from $67.00 to $53.00 in a research note on Friday, May 13th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Tapestry presently has a consensus rating of Buy and a consensus target price of $47.88.

In other news, CEO Joanne C. Crevoiserat acquired 5,700 shares of Tapestry 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in TPR. Vanguard Group Inc. lifted its holdings in Tapestry by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock valued at $1,213,109,000 after purchasing an additional 751,210 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Tapestry by 1.9% during the 4th quarter. BlackRock Inc. now owns 17,203,942 shares of the luxury accessories retailer’s stock valued at $698,482,000 after buying an additional 316,964 shares in the last quarter. Lazard Asset Management LLC grew its stake in Tapestry by 36.8% in the 1st quarter. Lazard Asset Management LLC now owns 3,266,189 shares of the luxury accessories retailer’s stock valued at $121,338,000 after buying an additional 878,633 shares in the last quarter. Northern Trust Corp raised its holdings in Tapestry by 0.4% during the 1st quarter. Northern Trust Corp now owns 3,144,456 shares of the luxury accessories retailer’s stock valued at $116,817,000 after acquiring an additional 13,467 shares during the period. Finally, Morgan Stanley lifted its position in shares of Tapestry by 18.0% during the second quarter. Morgan Stanley now owns 1,139,695 shares of the luxury accessories retailer’s stock worth $49,554,000 after acquiring an additional 173,870 shares in the last quarter. 89.75% of the stock is currently owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Tapestry (NYSE:TPR)

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