Tapestry’s (TPR) Outperform Rating Reaffirmed at Telsey Advisory Group

Telsey Advisory Group reaffirmed their outperform rating on shares of Tapestry (NYSE:TPR) in a research report released on Wednesday, Benzinga reports. The firm currently has a $54.00 target price on the luxury accessories retailer’s stock.

A number of other equities analysts have also issued reports on TPR. Jefferies Financial Group lowered Tapestry from a buy rating to a hold rating and set a $50.00 price objective for the company. in a report on Thursday, February 29th. The Goldman Sachs Group raised their price target on Tapestry from $41.00 to $47.00 and gave the company a buy rating in a report on Friday, February 9th. Wells Fargo & Company increased their target price on shares of Tapestry from $50.00 to $60.00 and gave the company an overweight rating in a research report on Friday, February 2nd. Evercore ISI upgraded shares of Tapestry from an in-line rating to an outperform rating and boosted their price target for the stock from $30.00 to $50.00 in a research report on Monday, February 5th. Finally, Raymond James upped their price target on shares of Tapestry from $40.00 to $44.00 and gave the stock an outperform rating in a research note on Tuesday, January 30th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $47.81.

Tapestry Stock Performance

TPR stock opened at $46.68 on Wednesday. Tapestry has a 1 year low of $25.99 and a 1 year high of $48.80. The stock has a market capitalization of $10.71 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 0.93 and a beta of 1.57. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. The stock’s fifty day moving average is $44.15 and its two-hundred day moving average is $35.96.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.17. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. Tapestry’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the firm posted $1.36 EPS. On average, research analysts predict that Tapestry will post 4.25 EPS for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date was Thursday, March 7th. Tapestry’s payout ratio is 35.35%.

Institutional Investors Weigh In On Tapestry

Hedge funds have recently modified their holdings of the stock. MetLife Investment Management LLC lifted its stake in Tapestry by 20.1% during the first quarter. MetLife Investment Management LLC now owns 73,011 shares of the luxury accessories retailer’s stock valued at $2,712,000 after buying an additional 12,222 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Tapestry by 2.3% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,323 shares of the luxury accessories retailer’s stock valued at $1,312,000 after acquiring an additional 788 shares in the last quarter. Great West Life Assurance Co. Can lifted its position in shares of Tapestry by 1.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 56,357 shares of the luxury accessories retailer’s stock valued at $2,176,000 after acquiring an additional 1,045 shares in the last quarter. Sei Investments Co. boosted its stake in Tapestry by 34.5% in the 1st quarter. Sei Investments Co. now owns 435,569 shares of the luxury accessories retailer’s stock worth $16,189,000 after purchasing an additional 111,610 shares during the period. Finally, Canada Pension Plan Investment Board grew its position in Tapestry by 955.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after purchasing an additional 994 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

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.