Tapestry's (TPR) Outperform Rating Reaffirmed at Raymond James Financial

Tapestry (NYSE:TPR - Get Free Report)'s stock had its "outperform" rating reaffirmed by research analysts at Raymond James Financial in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $115.00 price objective on the luxury accessories retailer's stock, up from their prior price objective of $85.00. Raymond James Financial's price objective would indicate a potential upside of 8.86% from the stock's previous close.

TPR has been the subject of a number of other reports. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Thursday, June 12th. The Goldman Sachs Group lifted their price target on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. UBS Group lifted their price target on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Telsey Advisory Group restated an "outperform" rating and issued a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Finally, Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and a consensus target price of $90.83.

Tapestry Price Performance

Shares of TPR stock traded down $0.77 during trading hours on Tuesday, reaching $105.64. The company's stock had a trading volume of 2,319,414 shares, compared to its average volume of 4,420,243. The company has a quick ratio of 1.22, a current ratio of 1.76 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 $107.40. The company has a market capitalization of $21.94 billion, a price-to-earnings ratio of 27.80, a PEG ratio of 2.14 and a beta of 1.47. The firm's 50 day simple moving average is $85.74 and its 200-day simple moving average is $77.55.

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

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 40,000 shares of the firm's 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 approximately $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the firm's 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 completion of the sale, the vice president directly owned 40,922 shares in the company, valued at $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 currently owned by company insiders.

Institutional Trading of Tapestry

Several large investors have recently bought and sold shares of the company. 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 worth $25,000 after purchasing an additional 197 shares in the last quarter. Flaharty Asset Management LLC purchased a new position in Tapestry in the 1st quarter worth approximately $25,000. First PREMIER Bank purchased a new position in Tapestry in the 2nd quarter worth approximately $25,000. Greenline Partners LLC purchased a new position in Tapestry in the 4th quarter worth approximately $29,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Tapestry in the 1st quarter worth approximately $29,000. 90.77% of the stock is owned by institutional investors.

About Tapestry

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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