Tapestry (NYSE:TPR - Get Free Report) had its target price upped by investment analysts at Argus from $78.00 to $92.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the luxury accessories retailer's stock. Argus' price objective points to a potential upside of 8.99% from the company's current price.
Other equities research analysts also recently issued reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Raymond James Financial restated an "outperform" rating and set a $85.00 target price (up previously from $74.00) on shares of Tapestry in a report on Friday, May 9th. Morgan Stanley raised shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target for the company in a research report on Thursday, May 8th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target for the company in a report on Thursday, June 12th. Finally, Citigroup boosted their price objective on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $88.78.
Check Out Our Latest Stock Report on TPR
Tapestry Trading Up 0.2%
NYSE:TPR traded up $0.17 on Tuesday, hitting $84.41. 4,336,744 shares of the stock were exchanged, compared to its average volume of 4,289,437. The stock has a fifty day moving average of $75.69 and a 200-day moving average of $73.21. The stock has a market cap of $17.53 billion, a PE ratio of 22.21, a PEG ratio of 1.87 and a beta of 1.46. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry has a fifty-two week low of $35.23 and a fifty-two week high of $90.85.
Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 EPS. As a group, equities analysts expect that Tapestry will post 4.91 earnings per share for the current fiscal year.
Insider Transactions at Tapestry
In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the transaction, the chief executive officer now directly owns 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the transaction, the vice president now directly owns 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company's stock.
Hedge Funds Weigh In On Tapestry
Hedge funds have recently bought and sold shares of the company. Invst LLC bought a new position in Tapestry during the 1st quarter worth approximately $574,000. Strs Ohio acquired a new stake in shares of Tapestry during the 1st quarter valued at approximately $1,090,000. Acadian Asset Management LLC bought a new position in Tapestry during the first quarter worth $493,000. Intech Investment Management LLC bought a new position in Tapestry during the first quarter worth $7,791,000. Finally, Focus Partners Wealth boosted its holdings in Tapestry by 10.7% in the first quarter. Focus Partners Wealth now owns 21,934 shares of the luxury accessories retailer's stock worth $1,544,000 after purchasing an additional 2,118 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.
Tapestry Company Profile
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Get Free Report)
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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