Zacks Investment Research upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research report released on Monday. Zacks Investment Research currently has $51.00 price target on the luxury accessories retailer’s stock.
According to Zacks, “Tapestry looks disciplined in its approach to adapt to the changing retail landscape. The company is undergoing a brand transformation and introducing modern luxury concept stores in key markets. The buyouts of Stuart Weitzman and Kate Spade are viewed as a significant step toward becoming a multi-brand company. Moreover, it has undertaken transformation initiatives revolving around product, stores and marketing. These efforts have not only aided the stock to outpace the industry but also helped post positive earnings surprise for the 15th quarter in row, when it reported first-quarter fiscal 2018 results. However, earnings declined in spite of an increase in top line, and margins also remained under pressure. Further, net sales fell short of the consensus mark due to drop in comps at Coach brand. Nevertheless, with comps trend improving in the second quarter management retained its fiscal view and raised Kate Spade synergies outlook.”
Other research analysts have also issued reports about the company. Robert W. Baird set a $49.00 price objective on Tapestry and gave the company a buy rating in a research report on Tuesday, October 17th. Wolfe Research lowered Tapestry from an outperform rating to a peer perform rating and dropped their target price for the stock from $51.00 to $42.00 in a research report on Tuesday, October 3rd. Jefferies Group reaffirmed a hold rating and set a $42.00 target price on shares of Tapestry in a research report on Saturday, September 16th. Vetr lowered Tapestry from a strong-buy rating to a buy rating and set a $45.90 target price on the stock. in a research report on Wednesday, September 13th. Finally, Sanford C. Bernstein started coverage on Tapestry in a research report on Tuesday, September 12th. They set an outperform rating and a $51.00 target price on the stock. One analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $47.92.
Tapestry (NYSE:TPR) traded up $0.29 during trading hours on Monday, reaching $45.52. The company’s stock had a trading volume of 1,415,500 shares, compared to its average volume of 1,916,125. The company has a quick ratio of 1.25, a current ratio of 1.74 and a debt-to-equity ratio of 0.64. Tapestry has a one year low of $34.33 and a one year high of $48.85. The stock has a market capitalization of $12,940.00, a price-to-earnings ratio of 28.27, a PEG ratio of 1.70 and a beta of 0.46.
Tapestry (NYSE:TPR) last released its quarterly earnings data on Tuesday, November 7th. The luxury accessories retailer reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. Tapestry had a return on equity of 20.71% and a net margin of 9.62%. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company posted $0.45 earnings per share. The firm’s revenue was up 24.2% compared to the same quarter last year. research analysts predict that Tapestry will post 2.37 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 8th were paid a $0.3375 dividend. The ex-dividend date of this dividend was Thursday, December 7th. This represents a $1.35 dividend on an annualized basis and a yield of 2.97%. Tapestry’s dividend payout ratio (DPR) is 83.85%.
A number of large investors have recently bought and sold shares of the stock. Hexavest Inc. acquired a new position in Tapestry in the fourth quarter worth about $106,000. Nisa Investment Advisors LLC acquired a new position in Tapestry in the fourth quarter worth about $4,528,000. Sib LLC acquired a new position in Tapestry in the fourth quarter worth about $4,251,000. Franklin Street Advisors Inc. NC acquired a new position in Tapestry in the fourth quarter worth about $8,173,000. Finally, DnB Asset Management AS acquired a new position in Tapestry in the fourth quarter worth about $1,661,000. Institutional investors and hedge funds own 87.63% of the company’s stock.
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Tapestry Company Profile
Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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