Tapestry (NYSE:TPR) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.450-$3.500 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.360. The company issued revenue guidance of $6.60 billion-$6.60 billion, compared to the consensus revenue estimate of $6.42 billion.
Tapestry stock opened at $44.07 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.85. The company has a market capitalization of $12.13 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.07 and a beta of 1.48. Tapestry has a one year low of $27.66 and a one year high of $49.67. The company's fifty day moving average price is $40.56 and its two-hundred day moving average price is $41.82.
Tapestry (NYSE:TPR) last posted its earnings results on Thursday, November 11th. The luxury accessories retailer reported $0.82 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $0.70 by $0.12. Tapestry had a net margin of 13.70% and a return on equity of 29.73%. During the same quarter in the prior year, the business earned $0.58 EPS. As a group, sell-side analysts anticipate that Tapestry will post 3.5 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 27th. Stockholders of record on Friday, December 3rd will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Thursday, December 2nd. Tapestry's dividend payout ratio is currently 34.25%.
Several brokerages have recently issued reports on TPR. Argus raised Tapestry from a hold rating to a buy rating and set a $54.00 price target on the stock in a research report on Friday, November 19th. BMO Capital Markets raised their price target on Tapestry from $45.00 to $50.00 and gave the company a market perform rating in a research report on Friday, November 12th. BTIG Research lowered their price target on Tapestry from $67.00 to $61.00 and set a buy rating on the stock in a research report on Monday, November 1st. UBS Group raised their price target on Tapestry from $47.00 to $54.00 and gave the company a neutral rating in a research report on Friday, November 12th. Finally, Citigroup raised their price target on Tapestry from $45.00 to $50.00 and gave the company a neutral rating in a research report on Tuesday, November 16th. Eight equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Buy and an average target price of $47.50.
In other Tapestry news, CEO Todd Kahn sold 10,523 shares of the business's stock in a transaction dated Thursday, November 18th. The shares were sold at an average price of $46.00, for a total transaction of $484,058.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Manesh Dadlani sold 2,168 shares of the business's stock in a transaction dated Thursday, November 18th. The stock was sold at an average price of $45.81, for a total transaction of $99,316.08. The disclosure for this sale can be found here. Company insiders own 1.40% of the company's stock.
An institutional investor recently raised its position in Tapestry stock. Morgan Stanley lifted its position in shares of Tapestry, Inc. (NYSE:TPR) by 18.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,139,695 shares of the luxury accessories retailer's stock after purchasing an additional 173,870 shares during the period. Morgan Stanley owned 0.41% of Tapestry worth $49,554,000 at the end of the most recent quarter. Institutional investors and hedge funds own 88.31% of the company's stock.
Tapestry Company Profile
Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.
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