StockNews.com Upgrades Tapestry (NYSE:TPR) to Buy

StockNews.com upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research note issued to investors on Thursday.

Other equities analysts also recently issued research reports about the company. TheStreet upgraded Tapestry from a c+ rating to a b- rating in a report on Tuesday, December 26th. Telsey Advisory Group restated an outperform rating and issued a $54.00 price objective on shares of Tapestry in a report on Wednesday, March 27th. Wells Fargo & Company increased their price objective on Tapestry from $50.00 to $60.00 and gave the stock an overweight rating in a report on Friday, February 2nd. OTR Global restated a mixed rating on shares of Tapestry in a report on Wednesday. Finally, The Goldman Sachs Group increased their price objective on Tapestry from $41.00 to $47.00 and gave the stock a buy rating in a report on Friday, February 9th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $47.81.

Tapestry Price Performance

Shares of TPR opened at $40.50 on Thursday. The company has a market capitalization of $9.29 billion, a price-to-earnings ratio of 10.23, a P/E/G ratio of 0.84 and a beta of 1.57. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. The business’s 50-day moving average is $45.52 and its 200-day moving average is $37.43.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.17. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.36 EPS. Equities research analysts expect that Tapestry will post 4.25 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.46%. Tapestry’s dividend payout ratio is 35.35%.

Institutional Investors Weigh In On Tapestry

Several hedge funds have recently modified their holdings of the business. CWM LLC boosted its position in shares of Tapestry by 0.9% in the first quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock valued at $1,275,000 after acquiring an additional 237 shares during the period. Advisor Partners II LLC boosted its position in shares of Tapestry by 3.0% in the first quarter. Advisor Partners II LLC now owns 8,043 shares of the luxury accessories retailer’s stock valued at $347,000 after acquiring an additional 237 shares during the period. Raleigh Capital Management Inc. boosted its position in shares of Tapestry by 5.7% in the third quarter. Raleigh Capital Management Inc. now owns 5,463 shares of the luxury accessories retailer’s stock valued at $157,000 after acquiring an additional 297 shares during the period. Treasurer of the State of North Carolina boosted its position in shares of Tapestry by 0.3% in the third quarter. Treasurer of the State of North Carolina now owns 109,837 shares of the luxury accessories retailer’s stock valued at $3,158,000 after acquiring an additional 353 shares during the period. Finally, Rafferty Asset Management LLC boosted its position in shares of Tapestry by 1.9% in the fourth quarter. Rafferty Asset Management LLC now owns 19,303 shares of the luxury accessories retailer’s stock valued at $711,000 after acquiring an additional 359 shares during the period. 90.77% of the stock is owned by institutional investors.

Tapestry Company Profile

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.