Tapestry, Inc. (NYSE:TPR) Given Consensus Rating of “Moderate Buy” by Brokerages

Tapestry, Inc. (NYSE:TPR) has received an average recommendation of “Moderate Buy” from the seventeen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $48.53.

A number of equities research analysts recently commented on the company. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Friday, July 19th. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research report on Thursday, May 9th. JPMorgan Chase & Co. decreased their target price on Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. Robert W. Baird decreased their target price on Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Finally, Argus reiterated a “buy” rating and issued a $52.00 target price on shares of Tapestry in a research report on Tuesday, June 18th.

Tapestry Price Performance

Shares of Tapestry stock opened at $41.16 on Wednesday. The stock’s 50-day simple moving average is $42.17 and its 200-day simple moving average is $42.43. Tapestry has a 52 week low of $25.99 and a 52 week high of $48.80. The company has a market capitalization of $9.46 billion, a price-to-earnings ratio of 10.89, a PEG ratio of 0.84 and a beta of 1.59. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 EPS for the quarter, beating the consensus estimate of $0.67 by $0.14. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the business earned $0.78 earnings per share. The business’s revenue was down 2.0% on a year-over-year basis. As a group, analysts expect that Tapestry will post 4.24 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Friday, June 7th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.40%. Tapestry’s dividend payout ratio is 37.04%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 2,500 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the transaction, the vice president now owns 37,173 shares of the company’s stock, valued at $1,569,815.79. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TPR. Vanguard Group Inc. grew its stake in Tapestry by 0.6% in the third quarter. Vanguard Group Inc. now owns 31,554,418 shares of the luxury accessories retailer’s stock worth $907,190,000 after purchasing an additional 173,111 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in Tapestry by 106.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 8,477 shares of the luxury accessories retailer’s stock valued at $312,000 after acquiring an additional 4,361 shares in the last quarter. Raymond James Trust N.A. bought a new stake in Tapestry during the 4th quarter valued at $248,000. Baker Tilly Wealth Management LLC bought a new stake in Tapestry during the 4th quarter valued at $209,000. Finally, Handelsinvest Investeringsforvaltning bought a new stake in Tapestry during the 4th quarter valued at $314,000. 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.