Brokerages Set Tapestry, Inc. (NYSE:TPR) PT at $83.06

Shares of Tapestry, Inc. (NYSE:TPR) have earned an average recommendation of “Moderate Buy” from the nineteen brokerages that are presently covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and fifteen have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $83.89.

A number of equities research analysts have recently weighed in on TPR shares. Wells Fargo & Company restated an “overweight” rating and set a $100.00 price target (up previously from $90.00) on shares of Tapestry in a research note on Wednesday. Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price on the stock in a research note on Tuesday, February 18th. Morgan Stanley upgraded shares of Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price target on the stock in a research report on Thursday, May 8th. Evercore ISI boosted their price objective on Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Finally, Raymond James restated an “outperform” rating and set a $85.00 price target (up previously from $74.00) on shares of Tapestry in a research report on Friday, May 9th.

Insiders Place Their Bets

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now owns 146,587 shares in the company, valued at $12,688,570.72. This represents a 14.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Kahn sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the sale, the chief executive officer now directly owns 116,062 shares in the company, 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. Insiders sold a total of 107,936 shares of company stock valued at $9,101,139 over the last 90 days. 1.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tapestry

Several institutional investors have recently modified their holdings of TPR. Harbour Investments Inc. lifted its position in shares of Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after buying an additional 197 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Tapestry in the first quarter valued at about $29,000. Greenline Partners LLC purchased a new stake in Tapestry in the 4th quarter valued at approximately $29,000. MorganRosel Wealth Management LLC acquired a new position in Tapestry during the first quarter worth $35,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Tapestry during the 1st quarter worth $35,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

TPR stock opened at $82.77 on Tuesday. The business has a 50-day moving average price of $70.53 and a 200 day moving average price of $69.15. Tapestry has a 1-year low of $35.23 and a 1-year high of $90.85. The company has a market capitalization of $17.19 billion, a P/E ratio of 23.99, a PEG ratio of 2.01 and a beta of 1.41. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The firm had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the prior year, the business posted $0.81 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, equities research analysts forecast that Tapestry will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Friday, June 6th. Tapestry’s dividend payout ratio (DPR) is presently 36.84%.

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.