Argus Boosts Tapestry (NYSE:TPR) Price Target to $92.00

Tapestry (NYSE:TPR) had its price target increased by Argus from $78.00 to $92.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the luxury accessories retailer’s stock. Argus’ price target would suggest a potential upside of 10.26% from the stock’s current price.

Several other analysts also recently weighed in on TPR. UBS Group boosted their price target on Tapestry from $68.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Raymond James reiterated an “outperform” rating and issued a $85.00 target price (up previously from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Barclays increased their price target on shares of Tapestry from $83.00 to $98.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. Robert W. Baird lifted their price objective on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $100.00 price objective (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $88.78.

Tapestry Stock Performance

Shares of Tapestry stock traded down $0.82 during midday trading on Tuesday, hitting $83.44. The company had a trading volume of 379,635 shares, compared to its average volume of 4,272,616. The company has a fifty day simple moving average of $74.64 and a 200 day simple moving average of $72.93. The stock has a market cap of $17.33 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 2.01 and a beta of 1.46. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry has a 12-month low of $35.23 and a 12-month high of $90.85.

Tapestry (NYSE:TPR) last posted 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. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 earnings per share. As a group, analysts predict that Tapestry will post 4.91 earnings per share for the current fiscal year.

Insider Transactions at Tapestry

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the transaction, the chief executive officer now owns 116,062 shares of the company’s stock, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the sale, the vice president now directly owns 40,922 shares in the company, valued at $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

A number of large investors have recently modified their holdings of TPR. Ameriprise Financial Inc. lifted its stake in Tapestry by 4.8% in the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer’s stock worth $527,799,000 after purchasing an additional 370,784 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after buying an additional 382,856 shares in the last quarter. Geode Capital Management LLC boosted its stake in Tapestry by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer’s stock worth $376,247,000 after buying an additional 176,717 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Tapestry by 15.2% in the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock valued at $270,304,000 after buying an additional 546,497 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Tapestry by 3.0% during the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer’s stock worth $183,909,000 after acquiring an additional 83,222 shares during the period. 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.