Tapestry (NYSE:TPR) Issues FY 2024 Earnings Guidance

Tapestry (NYSE:TPR - Get Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 4.200-4.250 for the period, compared to the consensus estimate of 4.220. The company issued revenue guidance of $6.6 billion-, compared to the consensus revenue estimate of $6.7 billion. Tapestry also updated its FY24 guidance to $4.20-$4.25 EPS.

Analyst Ratings Changes

Several analysts have issued reports on TPR shares. Wells Fargo & Company boosted their target price on Tapestry from $50.00 to $60.00 and gave the company an overweight rating in a research note on Friday, February 2nd. The Goldman Sachs Group lifted their price target on Tapestry from $41.00 to $47.00 and gave the company a buy rating in a research report on Friday, February 9th. Bernstein Bank increased their price objective on Tapestry from $46.00 to $48.00 in a report on Thursday. Raymond James upped their price target on Tapestry from $40.00 to $44.00 and gave the company an outperform rating in a research report on Tuesday, January 30th. Finally, Evercore ISI upgraded shares of Tapestry from an in-line rating to an outperform rating and raised their price objective for the company from $30.00 to $50.00 in a research report on Monday, February 5th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $47.82.

Tapestry Price Performance

TPR traded up $1.39 during midday trading on Thursday, hitting $40.37. The stock had a trading volume of 5,358,528 shares, compared to its average volume of 3,852,467. Tapestry has a 1 year low of $25.99 and a 1 year high of $48.80. The company has a market cap of $9.26 billion, a P/E ratio of 9.83, a price-to-earnings-growth ratio of 0.81 and a beta of 1.61. The business has a fifty day moving average of $43.78 and a 200 day moving average of $38.63. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.14. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the business posted $0.78 earnings per share. The company's revenue was down 2.0% on a year-over-year basis. As a group, equities analysts forecast that Tapestry will post 4.23 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Stockholders of record on Friday, June 7th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.47%. Tapestry's dividend payout ratio is 35.35%.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.