Tapestry, Inc. (NYSE:TPR) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Tapestry, Inc. has received an average consensus recommendation of "Moderate Buy" from twenty brokerages, with seventeen analysts recommending a buy and three a hold.
• The company's latest earnings report revealed an EPS of $1.03 for the quarter, exceeding analyst expectations by $0.14, with revenue up 6.9% year-over-year.
• Tapestry recently declared a quarterly dividend of $0.35 per share, which translates to an annual yield of 1.29% with a payout ratio of 36.84%.

Shares of Tapestry, Inc. (NYSE:TPR - Get Free Report) have earned an average recommendation of "Moderate Buy" from the twenty ratings firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and seventeen have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $90.83.

Several equities research analysts have issued reports on the company. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a report on Thursday, June 12th. Wells Fargo & Company restated an "overweight" rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Citigroup lifted their price objective on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, May 9th. UBS Group lifted their price objective on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, Raymond James Financial restated an "outperform" rating and set a $115.00 price objective (up from $85.00) on shares of Tapestry in a report on Tuesday, July 22nd.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the transaction, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president directly owned 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TPR. Harbour Investments Inc. boosted its position in shares of Tapestry by 120.1% in the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 197 shares during the period. Flaharty Asset Management LLC acquired a new position in shares of Tapestry in the 1st quarter valued at $25,000. First PREMIER Bank acquired a new position in shares of Tapestry in the 2nd quarter valued at $25,000. Greenline Partners LLC acquired a new position in shares of Tapestry in the 4th quarter valued at $29,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Tapestry in the 1st quarter valued at $29,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Trading Down 0.1%

NYSE TPR opened at $108.37 on Friday. The company's fifty day simple moving average is $88.21 and its 200-day simple moving average is $78.87. Tapestry has a 52 week low of $35.23 and a 52 week high of $110.22. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The stock has a market cap of $22.51 billion, a P/E ratio of 28.52, a PEG ratio of 2.23 and a beta of 1.47.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The business had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same period in the previous year, the company posted $0.81 earnings per share. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. Equities research analysts predict that Tapestry will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date was Friday, June 6th. Tapestry's payout ratio is currently 36.84%.

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.

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