Tapestry Inc (TPR) Receives $56.59 Consensus Price Target from Brokerages

Tapestry Inc (NYSE:TPR) has earned a consensus rating of “Buy” from the thirty brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $56.59.

A number of research analysts have commented on TPR shares. Goldman Sachs Group set a $61.00 target price on Tapestry and gave the company a “buy” rating in a research note on Wednesday, August 15th. Canaccord Genuity decreased their price target on Tapestry to $55.00 and set a “buy” rating for the company in a research note on Monday, August 13th. KeyCorp upped their price target on Tapestry from $59.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 15th. UBS Group decreased their price target on Tapestry from $62.00 to $59.00 and set a “buy” rating for the company in a research note on Tuesday, July 31st. Finally, Piper Jaffray Companies set a $58.00 price target on Tapestry and gave the stock a “buy” rating in a research note on Thursday, August 2nd.

NYSE TPR traded down $0.06 on Friday, reaching $49.27. The stock had a trading volume of 13,267 shares, compared to its average volume of 2,358,258. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 1.87. Tapestry has a 1 year low of $38.70 and a 1 year high of $55.50. The company has a market capitalization of $14.46 billion, a P/E ratio of 18.76, a price-to-earnings-growth ratio of 1.55 and a beta of 0.44.

Tapestry (NYSE:TPR) last issued its earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. Tapestry had a return on equity of 24.76% and a net margin of 6.76%. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the previous year, the company posted $0.50 earnings per share. The business’s quarterly revenue was up 30.9% compared to the same quarter last year. equities analysts anticipate that Tapestry will post 2.76 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 7th will be paid a dividend of $0.3375 per share. The ex-dividend date is Thursday, September 6th. This represents a $1.35 annualized dividend and a yield of 2.74%. Tapestry’s payout ratio is 51.33%.

In related news, insider Ian Bickley sold 48,071 shares of the stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $52.13, for a total transaction of $2,505,941.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ivan Menezes sold 2,068 shares of the stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $50.70, for a total value of $104,847.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,602 shares of company stock valued at $2,633,939. 0.98% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Tapestry by 15.5% during the 2nd quarter. BlackRock Inc. now owns 20,772,651 shares of the luxury accessories retailer’s stock valued at $970,290,000 after purchasing an additional 2,780,915 shares during the period. FMR LLC raised its holdings in Tapestry by 19.8% in the 2nd quarter. FMR LLC now owns 8,097,454 shares of the luxury accessories retailer’s stock valued at $378,232,000 after acquiring an additional 1,335,513 shares in the last quarter. American Century Companies Inc. raised its holdings in Tapestry by 14.3% in the 2nd quarter. American Century Companies Inc. now owns 7,698,002 shares of the luxury accessories retailer’s stock valued at $359,574,000 after acquiring an additional 965,693 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Tapestry by 1.0% in the 2nd quarter. Renaissance Technologies LLC now owns 5,915,500 shares of the luxury accessories retailer’s stock valued at $276,313,000 after acquiring an additional 59,100 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in Tapestry by 147.7% in the 2nd quarter. Voya Investment Management LLC now owns 5,210,305 shares of the luxury accessories retailer’s stock valued at $243,373,000 after acquiring an additional 3,107,067 shares in the last quarter. Hedge funds and other institutional investors own 90.52% of the company’s stock.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

See Also: Return on Investment (ROI)

Analyst Recommendations for Tapestry (NYSE:TPR)

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