Brokerages Set Tapestry, Inc. (NYSE:TPR) PT at $47.07

Shares of Tapestry, Inc. (NYSE:TPR) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $47.07.

A number of equities research analysts have recently commented on the stock. Evercore ISI reduced their target price on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Citigroup decreased their target price on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. UBS Group dropped their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a report on Thursday, August 15th. Finally, StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, September 25th.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Balyasny Asset Management L.P. acquired a new position in shares of Tapestry in the 4th quarter worth approximately $102,531,000. Capital Research Global Investors lifted its stake in Tapestry by 77.2% during the fourth quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock worth $211,611,000 after purchasing an additional 2,504,135 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Tapestry by 53.1% during the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after buying an additional 2,087,586 shares during the period. Clearbridge Investments LLC acquired a new stake in shares of Tapestry in the first quarter valued at $54,055,000. Finally, AQR Capital Management LLC raised its holdings in shares of Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after buying an additional 1,051,743 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

NYSE:TPR opened at $46.50 on Monday. The firm has a market cap of $10.68 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 1.64 and a beta of 1.53. The stock has a 50 day moving average of $41.39 and a two-hundred day moving average of $41.97. Tapestry has a 12 month low of $25.99 and a 12 month high of $48.80. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 earnings per share. On average, analysts expect that Tapestry will post 4.47 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 3.01%. Tapestry’s dividend payout ratio (DPR) is currently 37.04%.

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.