Barclays Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its target price upped by Barclays from $98.00 to $105.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the luxury accessories retailer’s stock.

Other analysts have also issued research reports about the company. Telsey Advisory Group restated an “outperform” rating and issued a $92.00 price objective on shares of Tapestry in a research note on Friday, May 9th. Raymond James Financial reiterated an “outperform” rating and set a $85.00 target price (up previously from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Morgan Stanley upgraded Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 target price on the stock in a research note on Thursday, May 8th. The Goldman Sachs Group increased their target price on Tapestry from $84.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Finally, Cowen upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, June 12th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

Tapestry Price Performance

NYSE:TPR opened at $98.50 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The stock’s 50 day moving average price is $83.08 and its two-hundred day moving average price is $76.13. The firm has a market capitalization of $20.46 billion, a price-to-earnings ratio of 25.92, a P/E/G ratio of 2.02 and a beta of 1.47. Tapestry has a 12-month low of $35.23 and a 12-month high of $98.65.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.14. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 earnings per share. On average, analysts anticipate that Tapestry will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry’s dividend payout ratio is currently 36.84%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president owned 40,922 shares of the company’s stock, valued at $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 value of $3,256,000.00. Following the sale, the chief executive officer directly owned 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their position. 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

Large investors have recently modified their holdings of the business. First PREMIER Bank acquired a new stake in shares of Tapestry in the 2nd quarter valued at $25,000. Flaharty Asset Management LLC bought a new position in shares of Tapestry in the 1st quarter valued at $25,000. Harbour Investments Inc. lifted its stake in shares of Tapestry by 120.1% in the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock valued at $25,000 after acquiring an additional 197 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Tapestry in the 1st quarter valued at $29,000. Finally, Greenline Partners LLC bought a new position in shares of Tapestry in the 4th quarter valued at $29,000. Institutional investors and hedge funds 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.