Tapestry (NYSE:TPR) Upgraded at TD Cowen

TD Cowen upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research note released on Thursday, MarketBeat reports. TD Cowen currently has $100.00 price target on the luxury accessories retailer’s stock.

A number of other research analysts have also weighed in on TPR. UBS Group lifted their target price on Tapestry from $68.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Barclays increased their target price on Tapestry from $83.00 to $98.00 and gave the stock an “overweight” rating in a research note on Monday, May 12th. The Goldman Sachs Group boosted their target price on shares of Tapestry from $84.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Redburn Atlantic upgraded 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. Finally, Robert W. Baird raised their price objective on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Three research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $86.56.

Tapestry Stock Performance

TPR opened at $78.88 on Thursday. Tapestry has a 12-month low of $35.23 and a 12-month high of $90.85. The stock has a market cap of $16.38 billion, a price-to-earnings ratio of 22.86, a PEG ratio of 2.01 and a beta of 1.46. The business has a 50 day moving average of $74.16 and a 200-day moving average of $72.69. 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 (NYSE:TPR) last posted its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. Tapestry’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. On average, equities research analysts expect that Tapestry will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Friday, June 6th. Tapestry’s dividend payout ratio (DPR) is currently 36.84%.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction 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 transaction, the vice president now directly owns 40,922 shares of the company’s stock, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the company’s stock in a transaction dated 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 approximately $9,447,446.80. This trade represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

Institutional Trading of Tapestry

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Flaharty Asset Management LLC purchased a new stake in Tapestry in the first quarter valued at approximately $25,000. Harbour Investments Inc. grew its position in 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 buying an additional 197 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Tapestry during the 1st quarter valued at about $29,000. Greenline Partners LLC acquired a new position in shares of Tapestry in the fourth quarter worth about $29,000. Finally, MorganRosel Wealth Management LLC acquired a new position in shares of Tapestry in the first quarter worth about $35,000. 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.