Tapestry (TPR) Given a $58.00 Price Target at Canaccord Genuity

Canaccord Genuity set a $58.00 price objective on Tapestry (NYSE:TPR) in a research report sent to investors on Sunday morning. The brokerage currently has a buy rating on the luxury accessories retailer’s stock.

Several other analysts also recently commented on the company. Zacks Investment Research raised Tapestry from a hold rating to a buy rating and set a $51.00 price objective for the company in a research note on Monday. Robert W. Baird set a $50.00 price objective on Tapestry and gave the company a buy rating in a research note on Friday, December 22nd. Needham & Company LLC began coverage on Tapestry in a research note on Monday, December 18th. They set a hold rating for the company. Goldman Sachs Group raised Tapestry from a buy rating to a conviction-buy rating in a research note on Tuesday, December 5th. Finally, TheStreet downgraded Tapestry from a b rating to a c+ rating in a research note on Tuesday, November 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $47.92.

Tapestry (TPR) traded up $0.06 on Friday, reaching $45.35. The company’s stock had a trading volume of 2,220,800 shares, compared to its average volume of 1,982,500. The company has a current ratio of 1.74, a quick ratio of 1.25 and a debt-to-equity ratio of 0.64. The stock has a market cap of $12,860.00, a P/E ratio of 28.17, a PEG ratio of 1.70 and a beta of 0.46. Tapestry has a 12-month low of $34.33 and a 12-month high of $48.85.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Tuesday, November 7th. The luxury accessories retailer reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.06. The firm 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 firm’s revenue was up 24.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 EPS. analysts predict that Tapestry will post 2.37 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders 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 of this dividend was Thursday, December 7th. Tapestry’s payout ratio is 83.85%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital International Investors acquired a new stake in shares of Tapestry in the 3rd quarter worth approximately $25,376,000. Franklin Street Advisors Inc. NC acquired a new stake in shares of Tapestry in the 4th quarter worth approximately $8,173,000. Afam Capital Inc. acquired a new stake in shares of Tapestry in the 3rd quarter worth approximately $6,945,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Tapestry in the 3rd quarter worth approximately $4,916,000. Finally, Exxonmobil Investment Management Inc. TX acquired a new stake in shares of Tapestry in the 4th quarter worth approximately $2,000,000. Institutional investors and hedge funds own 87.63% of the company’s stock.

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Tapestry Company Profile

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.

Analyst Recommendations for Tapestry (NYSE:TPR)

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