Morgan Stanley Increases Tapestry (NYSE:TPR) Price Target to $126.00

Tapestry (NYSE:TPR) had its price target raised by equities research analysts at Morgan Stanley from $124.00 to $126.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the luxury accessories retailer’s stock. Morgan Stanley’s price objective would suggest a potential upside of 27.43% from the company’s current price.

Several other research analysts also recently weighed in on the stock. Barclays boosted their target price on shares of Tapestry from $111.00 to $127.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. JPMorgan Chase & Co. boosted their price objective on shares of Tapestry from $139.00 to $142.00 and gave the company an “overweight” rating in a research report on Thursday, September 11th. Sanford C. Bernstein reissued an “outperform” rating and set a $112.00 price objective on shares of Tapestry in a research note on Friday, August 15th. Robert W. Baird set a $130.00 target price on shares of Tapestry in a research note on Wednesday, October 29th. Finally, Wells Fargo & Company increased their price target on Tapestry from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Eighteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.35.

Tapestry Trading Down 9.5%

Shares of Tapestry stock opened at $98.88 on Friday. The business has a 50 day moving average price of $110.91 and a 200 day moving average price of $96.89. The company has a market capitalization of $20.47 billion, a P/E ratio of 156.95, a P/E/G ratio of 2.72 and a beta of 1.71. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31. Tapestry has a 1 year low of $49.84 and a 1 year high of $118.56.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.13. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the business posted $0.84 earnings per share. Tapestry’s revenue was up 13.1% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. Sell-side analysts anticipate that Tapestry will post 4.91 EPS for the current fiscal year.

Tapestry announced that its board has initiated a share buyback program on Thursday, November 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the luxury accessories retailer to buy up to 4.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 7,882 shares of Tapestry stock in a transaction on Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the transaction, the vice president owned 21,098 shares in the company, valued at approximately $2,089,756.90. The trade was a 27.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Alan Ka Ming Lau sold 11,320 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total value of $1,202,070.80. Following the completion of the sale, the director owned 8,153 shares of the company’s stock, valued at approximately $865,767.07. This represents a 58.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Tapestry

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Harbour Investments Inc. grew its holdings in Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock valued at $25,000 after purchasing an additional 197 shares in the last quarter. Flaharty Asset Management LLC acquired a new position in Tapestry in the first quarter worth about $25,000. First PREMIER Bank bought a new stake in shares of Tapestry in the 2nd quarter valued at approximately $25,000. Cloud Capital Management LLC acquired a new stake in shares of Tapestry during the third quarter worth $26,000. Finally, Vestor Capital LLC bought a new stake in shares of Tapestry during the 2nd quarter valued at about $27,000. 90.77% of the stock is owned by institutional investors and hedge funds.

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.