Tapestry’s (TPR) Buy Rating Reaffirmed at Canaccord Genuity

Tapestry (NYSE:TPR)‘s stock had its “buy” rating reaffirmed by equities research analysts at Canaccord Genuity in a note issued to investors on Monday. They currently have a $63.00 price objective on the luxury accessories retailer’s stock. Canaccord Genuity’s price objective would suggest a potential upside of 47.92% from the stock’s current price.

A number of other brokerages have also issued reports on TPR. JPMorgan Chase & Co. lifted their target price on Tapestry from $50.00 to $54.00 and gave the company a “neutral” rating in a research report on Wednesday, August 15th. Goldman Sachs Group set a $61.00 target price on Tapestry and gave the company a “buy” rating in a research report on Wednesday, August 15th. Wells Fargo & Co reissued a “buy” rating on shares of Tapestry in a research report on Tuesday, August 14th. Loop Capital set a $59.00 target price on Tapestry and gave the company a “buy” rating in a research report on Tuesday, August 14th. Finally, Royal Bank of Canada set a $58.00 target price on Tapestry and gave the company a “buy” rating in a research report on Wednesday, August 15th. Ten investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Tapestry currently has a consensus rating of “Buy” and an average target price of $55.73.

Tapestry stock traded up $2.27 during midday trading on Monday, reaching $42.59. The stock had a trading volume of 72,475 shares, compared to its average volume of 3,467,889. Tapestry has a 1-year low of $39.28 and a 1-year high of $55.50. The firm has a market cap of $11.94 billion, a PE ratio of 16.16, a P/E/G ratio of 1.26 and a beta of 0.43. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.87 and a current ratio of 2.59.



Tapestry (NYSE:TPR) last announced its earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.03. Tapestry had a return on equity of 24.76% and a net margin of 6.76%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the firm earned $0.42 EPS. Tapestry’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, equities research analysts predict that Tapestry will post 2.77 EPS for the current year.

In other news, insider Ian Bickley sold 48,071 shares of Tapestry 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 available through this link. Also, Director Ivan Menezes sold 2,068 shares of Tapestry stock in a transaction that occurred on Friday, August 31st. The stock was 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. Insiders have sold a total of 50,602 shares of company stock valued at $2,633,939 over the last quarter. 0.70% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of TPR. Voya Investment Management LLC boosted its stake in shares of Tapestry by 147.7% during the 2nd quarter. Voya Investment Management LLC now owns 5,210,305 shares of the luxury accessories retailer’s stock worth $243,373,000 after acquiring an additional 3,107,067 shares during the period. BlackRock Inc. boosted its stake in shares of Tapestry by 15.5% during the 2nd quarter. BlackRock Inc. now owns 20,772,651 shares of the luxury accessories retailer’s stock worth $970,290,000 after acquiring an additional 2,780,915 shares during the period. ANTIPODES PARTNERS Ltd bought a new position in shares of Tapestry during the 2nd quarter worth approximately $123,352,000. Janus Henderson Group PLC boosted its stake in shares of Tapestry by 598.6% during the 2nd quarter. Janus Henderson Group PLC now owns 1,715,712 shares of the luxury accessories retailer’s stock worth $80,141,000 after acquiring an additional 1,470,103 shares during the period. Finally, FMR LLC boosted its stake 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 purchasing an additional 1,335,513 shares during the period. Institutional investors own 90.19% of the company’s stock.

About Tapestry

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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