TD Cowen Upgrades Tapestry (NYSE:TPR) to Buy

Tapestry (NYSE:TPR - Get Free Report) was upgraded by research analysts at TD Cowen from a "hold" rating to a "buy" rating in a report issued on Thursday, MarketBeat.com reports. The brokerage presently has a $100.00 price target on the luxury accessories retailer's stock. TD Cowen's target price suggests a potential upside of 26.77% from the stock's current price.

A number of other research firms have also recently issued reports on TPR. Telsey Advisory Group reissued an "outperform" rating and issued a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. JPMorgan Chase & Co. upped their price objective on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price objective for the company in a research report on Tuesday, February 18th. Finally, Wall Street Zen raised Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $86.56.

Tapestry Trading Down 4.0%

NYSE TPR traded down $3.32 on Thursday, reaching $78.88. The company had a trading volume of 3,129,735 shares, compared to its average volume of 4,287,989. The stock's 50 day moving average is $74.16 and its 200-day moving average is $72.78. The stock has a market cap of $16.38 billion, a price-to-earnings ratio of 22.86, a PEG ratio of 2.01 and a beta of 1.46. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry has a 52 week low of $35.23 and a 52 week high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The firm's revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 earnings per share. Equities analysts predict that Tapestry will post 4.91 earnings per share for the current year.

Insider Activity

In other news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction that occurred 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 owns 40,922 shares in the company, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Kahn sold 40,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the transaction, the chief executive officer now owns 116,062 shares in the company, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Hedge Funds Weigh In On Tapestry

A number of hedge funds have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Group Inc. lifted its position in Tapestry by 8.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,423 shares of the luxury accessories retailer's stock worth $550,000 after purchasing an additional 644 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in Tapestry during the fourth quarter worth about $300,000. Apollon Wealth Management LLC bought a new stake in Tapestry during the fourth quarter worth about $328,000. Kingsview Wealth Management LLC lifted its position in Tapestry by 6.3% during the fourth quarter. Kingsview Wealth Management LLC now owns 7,082 shares of the luxury accessories retailer's stock worth $463,000 after purchasing an additional 421 shares during the period. Finally, Essex Financial Services Inc. bought a new stake in Tapestry during the fourth quarter worth about $213,000. Institutional investors own 90.77% of the company's stock.

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.