Tapestry (NYSE:TPR) Upgraded at StockNews.com

StockNews.com upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a report issued on Monday.

Several other brokerages have also commented on TPR. Raymond James reissued an “outperform” rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a report on Friday, February 7th. Jefferies Financial Group boosted their price target on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Evercore ISI increased their price objective on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Morgan Stanley reissued an “equal weight” rating and set a $65.00 target price on shares of Tapestry in a research note on Tuesday, January 21st. Finally, The Goldman Sachs Group raised their price target on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Five equities research 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 has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Tapestry Price Performance

Shares of NYSE TPR opened at $74.80 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 stock has a market capitalization of $15.48 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 2.01 and a beta of 1.57. The firm’s 50 day simple moving average is $77.63 and its 200-day simple moving average is $63.59. Tapestry has a 12 month low of $35.23 and a 12 month high of $90.85.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter last year, the firm earned $1.63 EPS. Analysts expect that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were issued a dividend of $0.35 per share. The ex-dividend date was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.87%. Tapestry’s dividend payout ratio is currently 40.58%.

Insider Activity

In related news, CEO Todd Kahn sold 7,786 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the sale, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. The trade was a 3.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, the general counsel now directly owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their position. 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. 1.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Apollon Wealth Management LLC acquired a new stake in shares of Tapestry in the fourth quarter valued at $328,000. Charles Schwab Investment Management Inc. grew its position in Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after acquiring an additional 382,856 shares in the last quarter. Decker Retirement Planning Inc. acquired a new position in Tapestry in the 4th quarter valued at about $3,437,000. Principal Financial Group Inc. increased its stake in Tapestry by 14.6% during the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock worth $20,195,000 after purchasing an additional 39,298 shares during the period. Finally, Pzena Investment Management LLC acquired a new stake in shares of Tapestry during the fourth quarter worth about $18,737,000. 90.77% of the stock is currently 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.