Tapestry (NYSE:TPR) Rating Increased 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 Wednesday.

Other equities research analysts have also issued research reports about the company. Evercore ISI reduced their target price on Tapestry from $53.00 to $47.00 and set an outperform rating on the stock in a research note on Friday, August 9th. Citigroup decreased their price objective on Tapestry from $50.00 to $49.00 and set a buy rating on the stock in a research note on Tuesday, August 6th. Wells Fargo & Company cut their target price on shares of Tapestry from $52.00 to $50.00 and set an overweight rating for the company in a research note on Friday, August 16th. UBS Group decreased their price target on shares of Tapestry from $42.00 to $40.00 and set a neutral rating on the stock in a research note on Friday, August 16th. Finally, Telsey Advisory Group reiterated an outperform rating and set a $54.00 price target on shares of Tapestry in a report on Thursday, August 15th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $47.07.

Tapestry Price Performance

Shares of NYSE:TPR opened at $47.94 on Wednesday. The firm has a market capitalization of $11.02 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 1.64 and a beta of 1.54. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The business’s 50 day simple moving average is $40.94 and its 200-day simple moving average is $41.96. Tapestry has a 12 month low of $25.99 and a 12 month high of $48.80.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the company posted $0.95 EPS. The business’s revenue was down 1.8% on a year-over-year basis. As a group, equities analysts forecast that Tapestry will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date was Friday, September 6th. Tapestry’s dividend payout ratio is presently 37.04%.

Institutional Investors Weigh In On Tapestry

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC raised its position in shares of Tapestry by 0.9% in the 1st quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock valued at $1,275,000 after purchasing an additional 237 shares in the last quarter. Mather Group LLC. boosted its stake in Tapestry by 12.9% during the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after acquiring an additional 249 shares during the last quarter. Legend Financial Advisors Inc. grew its holdings in Tapestry by 1.9% during the 2nd quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock worth $581,000 after acquiring an additional 257 shares in the last quarter. Empirical Finance LLC increased its position in shares of Tapestry by 3.3% in the 1st quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock worth $415,000 after purchasing an additional 276 shares during the last quarter. Finally, MUFG Securities EMEA plc raised its stake in shares of Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

About Tapestry

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.