Tapestry (NYSE:TPR) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a report published on Thursday.

Several other brokerages also recently weighed in on TPR. The Goldman Sachs Group lifted their target price on Tapestry from $41.00 to $47.00 and gave the company a buy rating in a research note on Friday, February 9th. JPMorgan Chase & Co. lowered their target price on Tapestry from $56.00 to $54.00 and set an overweight rating on the stock in a research note on Friday, May 10th. Jefferies Financial Group downgraded Tapestry from a buy rating to a hold rating and set a $50.00 target price on the stock. in a research note on Thursday, February 29th. OTR Global restated a mixed rating on shares of Tapestry in a research note on Wednesday, April 17th. Finally, Wells Fargo & Company lifted their price target on Tapestry from $50.00 to $60.00 and gave the company an overweight rating in a research note on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $48.31.

Tapestry Trading Up 2.3 %

TPR opened at $42.30 on Thursday. The firm has a market cap of $9.72 billion, a price-to-earnings ratio of 11.19, a price-to-earnings-growth ratio of 0.90 and a beta of 1.61. Tapestry has a 52 week low of $25.99 and a 52 week high of $48.80. The business’s 50 day moving average is $42.47 and its two-hundred day moving average is $39.81. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.14. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the business posted $0.78 EPS. The company’s revenue was down 2.0% on a year-over-year basis. On average, research analysts predict that Tapestry will post 4.22 EPS for the current year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 24th. Stockholders of record on Friday, June 7th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.31%. Tapestry’s dividend payout ratio (DPR) is 37.04%.

Hedge Funds Weigh In On Tapestry

A number of institutional investors have recently made changes to their positions in the stock. CWM LLC raised its holdings in shares of Tapestry by 0.9% in the first quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock worth $1,275,000 after acquiring an additional 237 shares during the last quarter. Empirical Finance LLC raised its holdings in shares of Tapestry by 3.3% in the first quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock worth $415,000 after acquiring an additional 276 shares during the last quarter. Raleigh Capital Management Inc. raised its holdings in shares of Tapestry by 5.7% in the third quarter. Raleigh Capital Management Inc. now owns 5,463 shares of the luxury accessories retailer’s stock worth $157,000 after acquiring an additional 297 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of Tapestry by 0.3% in the third quarter. Treasurer of the State of North Carolina now owns 109,837 shares of the luxury accessories retailer’s stock worth $3,158,000 after acquiring an additional 353 shares during the last quarter. Finally, Sowell Financial Services LLC raised its holdings in shares of Tapestry by 2.1% in the third quarter. Sowell Financial Services LLC now owns 18,348 shares of the luxury accessories retailer’s stock worth $527,000 after acquiring an additional 381 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

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.