Raymond James Reaffirms “Outperform” Rating for Tapestry (NYSE:TPR)

Raymond James reaffirmed their outperform rating on shares of Tapestry (NYSE:TPR) in a research report released on Friday morning,Benzinga reports. They currently have a $85.00 target price on the luxury accessories retailer’s stock, up from their prior target price of $74.00.

A number of other analysts have also issued reports on TPR. Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price on the stock in a research report on Tuesday, February 18th. Wells Fargo & Company lowered their price objective on Tapestry from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. The Goldman Sachs Group dropped their target price on Tapestry from $98.00 to $84.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. UBS Group raised their price target on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Finally, Morgan Stanley raised shares of Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective for the company in a research note on Thursday. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.22.

Tapestry Price Performance

Shares of NYSE:TPR opened at $78.00 on Friday. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The business’s fifty day moving average price is $69.75 and its two-hundred day moving average price is $68.11. The stock has a market cap of $16.15 billion, a PE ratio of 22.61, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. Tapestry has a one year low of $35.23 and a one year high of $90.85.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating 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 business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the company earned $0.81 earnings per share. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, analysts forecast that Tapestry will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Friday, June 6th. Tapestry’s payout ratio is currently 40.58%.

Insider Activity

In other news, CEO Todd Kahn sold 21,107 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the completion of the sale, the chief executive officer now owns 176,985 shares in the company, valued at approximately $14,866,740. This trade represents a 10.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the transaction, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,537 shares of company stock valued at $5,730,589. Company insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Coppell Advisory Solutions LLC boosted its holdings in shares of Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after purchasing an additional 150 shares during the period. Private Trust Co. NA increased its stake in shares of Tapestry by 27.2% in the first quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 153 shares during the last quarter. Checchi Capital Advisers LLC raised its holdings in shares of Tapestry by 1.9% during the fourth quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer’s stock worth $580,000 after acquiring an additional 163 shares in the last quarter. Mather Group LLC. boosted its position in Tapestry by 2.8% during the first quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer’s stock valued at $424,000 after purchasing an additional 165 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in Tapestry by 0.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock valued at $1,261,000 after purchasing an additional 170 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

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.