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

Key Points

• Analysts maintain a “Moderate Buy” consensus on Tapestry, with 15 buy ratings, four holds and one strong buy. The average 12-month price target is $173.88.
• Tapestry shares opened at $159.24, near their 52-week high of $161.97. In its latest quarterly report, the company exceeded expectations with $1.66 in EPS and $1.92 billion in revenue, up 21.2% year over year.
• Company insiders recently sold shares, including two CEO transactions, while institutional investors hold a substantial 90.77% of Tapestry’s outstanding stock.

Tapestry, Inc. (NYSE:TPR - Get Free Report) has received an average recommendation of "Moderate Buy" from the twenty ratings firms that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $173.8750.

Several equities analysts have recently commented on TPR shares. Zacks Research cut shares of Tapestry from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Wall Street Zen raised Tapestry from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. Weiss Ratings cut Tapestry from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 20th. Morgan Stanley restated an "overweight" rating and issued a $164.00 target price on shares of Tapestry in a research note on Monday, July 6th. Finally, Evercore set a $175.00 target price on Tapestry in a research report on Friday, May 8th.

Tapestry Stock Up 2.1%

TPR stock opened at $159.24 on Thursday. The company has a debt-to-equity ratio of 3.48, a current ratio of 1.84 and a quick ratio of 1.27. The firm has a market capitalization of $32.17 billion, a P/E ratio of 51.04, a P/E/G ratio of 1.42 and a beta of 1.43. Tapestry has a 52-week low of $92.62 and a 52-week high of $161.97. The company's 50 day simple moving average is $145.04 and its 200-day simple moving average is $143.70.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.36. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The firm had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the previous year, the firm posted $1.03 earnings per share. The firm's revenue was up 21.2% on a year-over-year basis. As a group, equities research analysts anticipate that Tapestry will post 6.97 EPS for the current year.

Insider Buying and Selling

In other Tapestry news, CEO Todd Kahn sold 19,557 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total value of $2,738,371.14. Following the completion of the sale, the chief executive officer directly owned 123,258 shares of the company's stock, valued at $17,258,585.16. The trade was a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the transaction, the chief executive officer owned 652,434 shares in the company, valued at approximately $86,701,954.26. This trade represents a 4.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.32% of the company's stock.

Institutional Investors Weigh In On Tapestry

Several institutional investors and hedge funds have recently modified their holdings of TPR. Acumen Wealth Advisors LLC acquired a new position in Tapestry during the fourth quarter worth $28,000. Steph & Co. boosted its stake in shares of Tapestry by 128.7% during the 4th quarter. Steph & Co. now owns 231 shares of the luxury accessories retailer's stock worth $30,000 after acquiring an additional 130 shares in the last quarter. Flagship Harbor Advisors LLC bought a new stake in shares of Tapestry during the 4th quarter worth about $31,000. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in shares of Tapestry during the 4th quarter valued at about $32,000. Finally, Triumph Capital Management bought a new position in shares of Tapestry in the 3rd quarter valued at approximately $29,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Company Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry's operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.

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