Tapestry (NYSE:TPR) Given Buy Rating at Argus

Argus reaffirmed their buy rating on shares of Tapestry (NYSE:TPR) in a report published on Tuesday, Benzinga reports. The firm currently has a $52.00 price objective on the luxury accessories retailer’s stock.

A number of other research analysts have also commented on the company. JPMorgan Chase & Co. decreased their price objective on Tapestry from $56.00 to $54.00 and set an overweight rating on the stock in a research report on Friday, May 10th. Jefferies Financial Group lowered Tapestry from a buy rating to a hold rating and set a $50.00 price objective on the stock. in a research report on Thursday, February 29th. Robert W. Baird decreased their price objective on Tapestry from $52.00 to $50.00 and set an outperform rating on the stock in a research report on Friday, May 10th. Bernstein Bank increased their price objective on Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Finally, Telsey Advisory Group reiterated an outperform rating and issued a $54.00 price objective on shares of Tapestry in a research report on Thursday, May 9th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Tapestry currently has an average rating of Moderate Buy and an average price target of $48.53.

Tapestry Stock Down 2.2 %

NYSE TPR opened at $41.01 on Tuesday. The firm has a market cap of $9.42 billion, a PE ratio of 10.83, a price-to-earnings-growth ratio of 0.91 and a beta of 1.61. Tapestry has a one year low of $25.99 and a one year high of $48.80. The stock’s 50 day simple moving average is $41.44 and its 200 day simple moving average is $41.31. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.14. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. Tapestry’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.78 EPS. As a group, sell-side analysts forecast that Tapestry will post 4.22 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Investors of record on Friday, June 7th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.41%. The ex-dividend date is Friday, June 7th. Tapestry’s payout ratio is presently 37.04%.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of Tapestry stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the sale, the vice president now owns 37,173 shares of the company’s stock, valued at approximately $1,569,815.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.93% of the stock is currently owned by company insiders.

Institutional Trading of Tapestry

Several hedge funds and other institutional investors have recently modified their holdings of TPR. Balyasny Asset Management L.P. bought a new position in shares of Tapestry in the 4th quarter valued at about $102,531,000. Capital Research Global Investors grew its holdings in shares of Tapestry by 77.2% in the 4th quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock valued at $211,611,000 after acquiring an additional 2,504,135 shares in the last quarter. Norges Bank bought a new position in Tapestry during the fourth quarter worth about $79,352,000. Fiera Capital Corp bought a new position in Tapestry during the fourth quarter worth about $52,121,000. Finally, Invesco Ltd. grew its holdings in Tapestry by 37.8% during the third quarter. Invesco Ltd. now owns 4,394,913 shares of the luxury accessories retailer’s stock worth $126,354,000 after purchasing an additional 1,205,207 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.