Tapestry (TPR) Upgraded by Needham & Company LLC to Buy

Needham & Company LLC upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports. Needham & Company LLC currently has $50.00 target price on the luxury accessories retailer’s stock. The analysts noted that the move was a valuation call.

Other equities analysts have also issued research reports about the stock. KeyCorp raised their price objective on shares of Tapestry from $59.00 to $62.00 and gave the stock an overweight rating in a research note on Wednesday, August 15th. Zacks Investment Research raised shares of Tapestry from a sell rating to a hold rating in a research note on Friday, August 17th. Loop Capital set a $59.00 price objective on shares of Tapestry and gave the stock a buy rating in a research note on Tuesday, August 14th. Jefferies Financial Group reaffirmed a hold rating and issued a $52.00 price objective on shares of Tapestry in a research note on Wednesday, August 15th. Finally, Canaccord Genuity raised their price objective on shares of Tapestry from $55.00 to $63.00 and gave the stock an outperform rating in a research note on Wednesday, August 15th. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $56.16.

Tapestry stock opened at $42.51 on Tuesday. Tapestry has a 52 week low of $39.60 and a 52 week high of $55.50. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 1.87. The company has a market capitalization of $12.74 billion, a P/E ratio of 16.16, a PEG ratio of 1.36 and a beta of 0.43.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Tuesday, August 14th. The luxury accessories retailer reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Tapestry had a net margin of 6.76% and a return on equity of 24.76%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.47 billion. During the same quarter last year, the business posted $0.50 EPS. The company’s revenue was up 30.9% on a year-over-year basis. Equities analysts forecast that Tapestry will post 2.77 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Friday, September 7th were paid a dividend of $0.3375 per share. This represents a $1.35 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend was Thursday, September 6th. Tapestry’s dividend payout ratio (DPR) is currently 51.33%.

In other news, Director Ivan Menezes sold 2,068 shares of the firm’s stock in a transaction on Friday, August 31st. The shares were sold at an average price of $50.70, for a total transaction of $104,847.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ian Bickley sold 48,071 shares of the firm’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $52.13, for a total transaction of $2,505,941.23. The disclosure for this sale can be found here. Insiders have sold a total of 50,602 shares of company stock valued at $2,633,939 in the last three months. Company insiders own 0.70% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. raised its holdings in shares of Tapestry by 263.6% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 6,418 shares of the luxury accessories retailer’s stock valued at $299,000 after purchasing an additional 4,653 shares in the last quarter. Korea Investment CORP raised its holdings in shares of Tapestry by 4.4% during the 2nd quarter. Korea Investment CORP now owns 145,701 shares of the luxury accessories retailer’s stock valued at $6,806,000 after purchasing an additional 6,200 shares in the last quarter. CWM LLC raised its holdings in shares of Tapestry by 33.6% during the 2nd quarter. CWM LLC now owns 192,743 shares of the luxury accessories retailer’s stock valued at $9,003,000 after purchasing an additional 48,431 shares in the last quarter. TCW Group Inc. raised its holdings in shares of Tapestry by 3.3% during the 2nd quarter. TCW Group Inc. now owns 2,479,549 shares of the luxury accessories retailer’s stock valued at $115,820,000 after purchasing an additional 79,076 shares in the last quarter. Finally, Heritage Trust Co raised its holdings in shares of Tapestry by 2.4% during the 2nd quarter. Heritage Trust Co now owns 53,122 shares of the luxury accessories retailer’s stock valued at $2,481,000 after purchasing an additional 1,269 shares in the last quarter. Institutional investors and hedge funds own 90.04% 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.

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Analyst Recommendations for Tapestry (NYSE:TPR)

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