Tapestry (NYSE:TPR) Reaches New 52-Week High on Analyst Upgrade

Tapestry, Inc. (NYSE:TPR) hit a new 52-week high during mid-day trading on Thursday after Telsey Advisory Group raised their price target on the stock from $160.00 to $175.00. Telsey Advisory Group currently has an outperform rating on the stock. Tapestry traded as high as $162.40 and last traded at $162.8070, with a volume of 65415 shares trading hands. The stock had previously closed at $159.16.

TPR has been the topic of several other reports. Raymond James Financial reissued an “outperform” rating and set a $165.00 price target on shares of Tapestry in a research report on Thursday, April 23rd. Sanford C. Bernstein reiterated an “outperform” rating and set a $180.00 target price on shares of Tapestry in a research note on Tuesday, June 2nd. Zacks Research cut shares of Tapestry from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Barclays raised their price target on shares of Tapestry from $179.00 to $182.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, UBS Group increased their price objective on shares of Tapestry from $187.00 to $230.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.44.

Insider Buying and Selling at Tapestry

In other news, CEO Todd Kahn sold 19,557 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the completion of the transaction, the chief executive officer owned 123,258 shares of the company’s stock, valued at approximately $17,258,585.16. This represents a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of Tapestry stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the sale, the chief executive officer owned 652,434 shares in the company, valued at approximately $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. World Investment Advisors increased its stake in Tapestry by 3.6% during the 1st quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock valued at $279,000 after purchasing an additional 69 shares in the last quarter. Horizon Bancorp Inc. IN grew its holdings in shares of Tapestry by 4.7% during the first quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer’s stock valued at $222,000 after buying an additional 71 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Tapestry by 2.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer’s stock worth $477,000 after acquiring an additional 73 shares in the last quarter. Eastern Bank raised its holdings in shares of Tapestry by 24.4% in the 2nd quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock worth $57,000 after acquiring an additional 77 shares during the last quarter. Finally, NewEdge Wealth LLC lifted its position in Tapestry by 2.7% in the 1st quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock valued at $450,000 after acquiring an additional 85 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Tapestry Stock Performance

The firm has a market cap of $33.08 billion, a P/E ratio of 52.44, a PEG ratio of 1.42 and a beta of 1.43. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. The company’s 50-day moving average is $145.04 and its two-hundred day moving average is $143.70.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.36. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.79 billion. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.The company’s revenue for the quarter was up 21.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.03 EPS. As a group, equities analysts predict that Tapestry, Inc. will post 6.97 EPS for the current fiscal year.

Tapestry Company Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.