Tapestry, Inc. (NYSE:TPR) Given Consensus Rating of “Buy” by Analysts

Shares of Tapestry, Inc. (NYSE:TPRGet Rating) have received a consensus recommendation of “Buy” from the nineteen research firms that are covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $47.88.

TPR has been the topic of several analyst reports. Wells Fargo & Company reduced their target price on Tapestry from $58.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, April 5th. Credit Suisse Group reduced their target price on Tapestry from $67.00 to $53.00 in a report on Friday, May 13th. Sanford C. Bernstein began coverage on Tapestry in a report on Monday, March 14th. They set an “outperform” rating and a $62.00 target price on the stock. Robert W. Baird reduced their price objective on Tapestry from $55.00 to $45.00 in a research note on Friday, May 13th. Finally, Barclays reduced their price objective on Tapestry from $53.00 to $39.00 and set a “na” rating on the stock in a research note on Monday, May 16th.

TPR opened at $35.16 on Friday. Tapestry has a 1-year low of $26.39 and a 1-year high of $47.05. The stock’s fifty day simple moving average is $33.43 and its 200 day simple moving average is $37.57. The company has a current ratio of 1.48, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47. The stock has a market cap of $8.85 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 0.80 and a beta of 1.38.

Tapestry (NYSE:TPRGet Rating) last posted its quarterly 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. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Tapestry had a return on equity of 32.07% and a net margin of 12.99%. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.51 EPS. Equities analysts forecast that Tapestry will post 3.46 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 27th. Stockholders of record on Friday, June 3rd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.84%. Tapestry’s dividend payout ratio (DPR) is 32.26%.

Tapestry announced that its Board of Directors has authorized a share buyback 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

In other Tapestry news, CEO Joanne C. Crevoiserat bought 5,700 shares of the stock in a transaction on Friday, March 11th. The stock was acquired at an average cost of $34.60 per share, for a total transaction of $197,220.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.40% of the company’s stock.

A number of institutional investors have recently made changes to their positions in TPR. Brown Brothers Harriman & Co. grew its stake in Tapestry by 340.7% in the first quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after acquiring an additional 511 shares during the period. Capital Analysts LLC purchased a new position in shares of Tapestry during the first quarter valued at approximately $28,000. Confluence Wealth Services Inc. purchased a new position in shares of Tapestry during the fourth quarter valued at approximately $33,000. AllSquare Wealth Management LLC purchased a new position in shares of Tapestry during the first quarter valued at approximately $39,000. Finally, FourThought Financial LLC purchased a new position in shares of Tapestry during the third quarter valued at approximately $40,000. 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.

Further Reading

Analyst Recommendations for Tapestry (NYSE:TPR)

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