Barclays Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its target price hoisted by equities researchers at Barclays from $83.00 to $98.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the luxury accessories retailer’s stock. Barclays‘s price objective indicates a potential upside of 17.13% from the company’s current price.

Other analysts have also issued reports about the company. Raymond James reaffirmed an “outperform” rating and set a $85.00 target price (up from $74.00) on shares of Tapestry in a report on Friday, May 9th. Guggenheim raised their price objective on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Citigroup lifted their target price on shares of Tapestry from $81.00 to $94.00 and gave the company a “buy” rating in a report on Friday, May 9th. Telsey Advisory Group reissued an “outperform” rating and set a $92.00 price target on shares of Tapestry in a report on Friday, May 9th. Finally, StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.06.

Tapestry Stock Up 1.2%

NYSE:TPR opened at $83.67 on Monday. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The company’s fifty day moving average price is $69.90 and its 200-day moving average price is $68.44. Tapestry has a 1-year low of $35.23 and a 1-year high of $90.85. The firm has a market capitalization of $17.32 billion, a P/E ratio of 24.25, a PEG ratio of 2.01 and a beta of 1.41.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.14. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $0.81 EPS. As a group, equities research analysts anticipate that Tapestry will post 4.91 EPS for the current year.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction 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 sale, the chief executive officer now owns 116,062 shares of the company’s stock, valued at $9,447,446.80. The trade was a 25.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of the company’s stock in a transaction on 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 directly owns 146,587 shares of the company’s stock, valued at $12,688,570.72. The trade was a 14.93% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 106,537 shares of company stock worth $8,986,589. Corporate insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

Hedge funds have recently bought and sold shares of the business. Ameriprise Financial Inc. boosted its holdings in shares of Tapestry by 4.8% during the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer’s stock worth $527,799,000 after purchasing an additional 370,784 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after buying an additional 382,856 shares in the last quarter. Geode Capital Management LLC boosted its stake in Tapestry by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer’s stock worth $376,247,000 after buying an additional 176,717 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Tapestry by 15.2% in the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock valued at $270,304,000 after buying an additional 546,497 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Tapestry by 3.0% in the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer’s stock worth $183,909,000 after acquiring an additional 83,222 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.