Tapestry (NYSE:TPR) Stock Rated "Strong-Buy" in New Coverage at TD Cowen

Key Points

• TD Cowen initiated coverage of Tapestry with a “strong-buy” rating. The broader analyst consensus is “Moderate Buy,” with three Strong Buy, fourteen Buy and four Hold ratings, and an average price target of $170.
• Tapestry shares opened at $116.09, well below their 52-week high of $164.80. The company reported quarterly EPS of $1.32, beating estimates by $0.04, while revenue rose 8.9% year over year to $1.88 billion.
• CEO Joanne Crevoiserat and another insider recently sold shares under disclosed transactions, while institutional investors own approximately 90.77% of Tapestry’s stock.

Investment analysts at TD Cowen assumed coverage on shares of Tapestry (NYSE:TPR - Get Free Report) in a research report issued on Friday, Zacks reports. The brokerage set a "strong-buy" rating on the luxury accessories retailer's stock.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. upped their price target on Tapestry from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Barclays lifted their price objective on Tapestry from $182.00 to $185.00 and gave the company an "overweight" rating in a research note on Friday, August 14th. Morgan Stanley lowered their price objective on Tapestry from $164.00 to $159.00 and set an "overweight" rating for the company in a research report on Friday, August 14th. Daiwa Securities Group upgraded shares of Tapestry from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 17th. Finally, Wall Street Zen cut shares of Tapestry from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and a consensus price target of $170.00.

Tapestry Stock Performance

NYSE:TPR opened at $116.09 on Friday. The company has a fifty day simple moving average of $117.65 and a two-hundred day simple moving average of $137.09. The company has a market cap of $23.15 billion, a price-to-earnings ratio of 15.92, a price-to-earnings-growth ratio of 1.49 and a beta of 1.42. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. Tapestry has a 52 week low of $93.00 and a 52 week high of $164.80.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.04. The business had revenue of $1.88 billion for the quarter, compared to analysts' expectations of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The company's revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period last year, the firm earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, equities analysts anticipate that Tapestry will post 7.95 earnings per share for the current fiscal year.

Insider Transactions at Tapestry

In other Tapestry news, CEO Joanne Crevoiserat sold 27,761 shares of Tapestry stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares of the company's stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the company's stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total value of $670,357.80. Following the transaction, the insider directly owned 21,136 shares of the company's stock, valued at approximately $2,438,671.68. This represents a 21.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.28% of the stock is owned by insiders.

Institutional Investors Weigh In On Tapestry

Several institutional investors have recently added to or reduced their stakes in the business. Cetera Trust Company N.A bought a new position in shares of Tapestry during the second quarter valued at $26,000. Keating Financial Advisory Services Inc. bought a new stake in shares of Tapestry in the 2nd quarter worth about $31,000. Virtus Advisers LLC bought a new stake in shares of Tapestry in the 2nd quarter worth about $32,000. GK Wealth Management LLC acquired a new stake in shares of Tapestry during the 3rd quarter worth about $28,000. Finally, Signature Equity Partners LLC increased its position in shares of Tapestry by 1,516.7% during the 3rd quarter. Signature Equity Partners LLC now owns 291 shares of the luxury accessories retailer's stock worth $34,000 after purchasing an additional 273 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Tapestry Company Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company's portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women's footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.

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