Tapestry (NYSE:TPR) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research note issued to investors on Thursday morning.

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company raised their price objective on shares of Tapestry from $50.00 to $60.00 and gave the company an overweight rating in a research note on Friday, February 2nd. Telsey Advisory Group reiterated an outperform rating and issued a $54.00 price objective on shares of Tapestry in a research note on Wednesday, March 27th. The Goldman Sachs Group raised their price objective on shares of Tapestry from $41.00 to $47.00 and gave the company a buy rating in a research note on Friday, February 9th. TheStreet upgraded shares of Tapestry from a c+ rating to a b- rating in a research note on Tuesday, December 26th. Finally, Raymond James raised their target price on shares of Tapestry from $40.00 to $44.00 and gave the company an outperform rating in a report on Tuesday, January 30th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Tapestry has an average rating of Moderate Buy and an average price target of $47.81.

Tapestry Stock Up 0.0 %

TPR stock opened at $40.50 on Thursday. Tapestry has a one year low of $25.99 and a one year high of $48.80. The stock has a market capitalization of $9.29 billion, a PE ratio of 10.23, a price-to-earnings-growth ratio of 0.84 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 company has a fifty day moving average of $45.52 and a 200-day moving average of $37.43.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, topping the consensus estimate of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter last year, the business earned $1.36 EPS. The business’s revenue was up 2.5% on a year-over-year basis. As a group, analysts expect that Tapestry will post 4.25 EPS for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were issued a dividend of $0.35 per share. The ex-dividend date was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.46%. Tapestry’s dividend payout ratio (DPR) is presently 35.35%.

Institutional Investors Weigh In On Tapestry

Hedge funds and other institutional investors have recently modified their holdings of the company. MetLife Investment Management LLC grew its holdings in Tapestry by 20.1% in 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 purchasing an additional 12,222 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Tapestry by 2.3% in the first 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 purchasing an additional 788 shares during the period. Great West Life Assurance Co. Can grew its holdings in Tapestry by 1.9% in the first 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 purchasing an additional 1,045 shares during the period. Sei Investments Co. grew its holdings in Tapestry by 34.5% in the first quarter. Sei Investments Co. now owns 435,569 shares of the luxury accessories retailer’s stock valued at $16,189,000 after purchasing an additional 111,610 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in Tapestry by 955.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock valued at $41,000 after purchasing an additional 994 shares during the period. 90.77% of the stock is currently 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.