Tapestry (NYSE:TPR) Upgraded by TD Cowen to Buy Rating

Tapestry (NYSE:TPR) was upgraded by analysts at TD Cowen from a “hold” rating to a “buy” rating in a report released on Thursday, Marketbeat Ratings reports. The brokerage currently has a $100.00 price objective on the luxury accessories retailer’s stock. TD Cowen’s price target would suggest a potential upside of 22.33% from the stock’s current price.

TPR has been the subject of several other reports. Raymond James restated an “outperform” rating and issued a $85.00 target price (up from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Wall Street Zen raised Tapestry from a “hold” rating to a “buy” rating in a research note on Tuesday, May 13th. JPMorgan Chase & Co. boosted their price objective on Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Barclays increased their target price on Tapestry from $83.00 to $98.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. Finally, Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target for the company in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $86.56.

Tapestry Trading Up 2.3%

NYSE TPR opened at $81.74 on Thursday. The stock has a market capitalization of $16.98 billion, a P/E ratio of 23.69, a P/E/G ratio of 2.01 and a beta of 1.46. The business has a 50 day simple moving average of $73.40 and a 200 day simple moving average of $72.34. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. Tapestry has a one year low of $35.23 and a one year high of $90.85.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the firm posted $0.81 EPS. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Research analysts expect that Tapestry will post 4.91 earnings per share for the current year.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, the chief executive officer now owns 116,062 shares of the company’s stock, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, the vice president now owns 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

Several hedge funds have recently made changes to their positions in the company. Harbour Investments Inc. increased its holdings in Tapestry by 120.1% in the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after acquiring an additional 197 shares during the last quarter. Flaharty Asset Management LLC bought a new stake in shares of Tapestry in the first quarter valued at approximately $25,000. Greenline Partners LLC purchased a new stake in shares of Tapestry during the 4th quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Tapestry during the 1st quarter valued at approximately $29,000. Finally, Coppell Advisory Solutions LLC boosted its holdings in Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after buying an additional 150 shares during the period. 90.77% of the stock is currently owned by institutional investors.

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.