Tapestry (TPR) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research note issued to investors on Monday morning. Zacks Investment Research currently has $51.00 price objective on the luxury accessories retailer’s stock.

According to Zacks, “Tapestry looks disciplined in its approach to adapt to the changing retail landscape. The company is undergoing a brand transformation and introducing modern luxury concept stores in key markets. The buyouts of Stuart Weitzman and Kate Spade are viewed as a significant step toward becoming a multi-brand company. Moreover, it has undertaken transformation initiatives revolving around product, stores and marketing. These efforts have not only aided the stock to outpace the industry but also helped post positive earnings surprise for the 15th quarter in row, when it reported first-quarter fiscal 2018 results. However, earnings declined in spite of an increase in top line, and margins also remained under pressure. Further, net sales fell short of the consensus mark due to drop in comps at Coach brand. Nevertheless, with comps trend improving in the second quarter management retained its fiscal view and raised Kate Spade synergies outlook.”

Several other brokerages have also recently weighed in on TPR. Robert W. Baird set a $50.00 price target on Tapestry and gave the company a buy rating in a research report on Friday, December 22nd. Needham & Company LLC assumed coverage on Tapestry in a research report on Monday, December 18th. They issued a hold rating for the company. Goldman Sachs Group upgraded Tapestry from a buy rating to a conviction-buy rating in a research report on Tuesday, December 5th. Jefferies Group reiterated a hold rating and issued a $42.00 price target on shares of Tapestry in a research report on Saturday, September 16th. Finally, Vetr cut Tapestry from a strong-buy rating to a buy rating and set a $45.90 price target for the company. in a research report on Wednesday, September 13th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $47.92.

Tapestry (NYSE:TPR) traded down $0.12 during trading hours on Monday, reaching $45.29. The company’s stock had a trading volume of 1,935,400 shares, compared to its average volume of 1,934,840. The company has a quick ratio of 1.25, a current ratio of 1.74 and a debt-to-equity ratio of 0.64. Tapestry has a twelve month low of $34.33 and a twelve month high of $48.85. The stock has a market capitalization of $12,910.00, a P/E ratio of 28.13, a P/E/G ratio of 1.70 and a beta of 0.46.

Tapestry (NYSE:TPR) last released its earnings results on Tuesday, November 7th. The luxury accessories retailer reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.06. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.31 billion. Tapestry had a return on equity of 20.71% and a net margin of 9.62%. The business’s revenue for the quarter was up 24.2% on a year-over-year basis. During the same period last year, the business posted $0.45 earnings per share. analysts forecast that Tapestry will post 2.37 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 8th were given a dividend of $0.3375 per share. This represents a $1.35 annualized dividend and a yield of 2.98%. The ex-dividend date was Thursday, December 7th. Tapestry’s payout ratio is 83.85%.

A number of institutional investors have recently bought and sold shares of the stock. Oak Point Wealth Management purchased a new position in Tapestry during the fourth quarter worth about $469,000. Exxonmobil Investment Management Inc. TX purchased a new position in Tapestry during the fourth quarter worth about $2,000,000. Hefty Wealth Partners bought a new stake in Tapestry during the fourth quarter worth about $932,000. New Mexico Educational Retirement Board bought a new stake in Tapestry during the third quarter worth about $1,051,000. Finally, Public Employees Retirement System of Ohio bought a new stake in Tapestry during the third quarter worth about $4,916,000. Institutional investors and hedge funds own 87.63% of the company’s stock.

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About Tapestry

Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.

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