Tapestry Inc (NYSE:TPR) – Research analysts at Oppenheimer cut their Q2 2020 earnings per share (EPS) estimates for Tapestry in a report released on Friday, August 16th. Oppenheimer analyst B. Nagel now expects that the luxury accessories retailer will post earnings of $1.06 per share for the quarter, down from their prior estimate of $1.15. Oppenheimer has a “Market Perform” rating on the stock. Oppenheimer also issued estimates for Tapestry’s Q3 2020 earnings at $0.43 EPS and Q4 2020 earnings at $0.65 EPS.
A number of other research analysts have also issued reports on TPR. Credit Suisse Group lowered shares of Tapestry from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $38.00 to $22.00 in a research report on Thursday, August 15th. Standpoint Research upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Deutsche Bank set a $33.00 price target on shares of Tapestry and gave the stock a “buy” rating in a research report on Friday, August 16th. Zacks Investment Research upgraded shares of Tapestry from a “sell” rating to a “hold” rating and set a $29.00 price target on the stock in a research report on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $35.00 price target (down previously from $42.00) on shares of Tapestry in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $35.88.
Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.61. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the business posted $0.60 EPS. The business’s revenue was up 2.0% compared to the same quarter last year.
A number of institutional investors have recently modified their holdings of TPR. FMR LLC boosted its position in Tapestry by 100.4% in the first quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock valued at $453,553,000 after buying an additional 6,994,567 shares in the last quarter. Prudential Financial Inc. boosted its position in Tapestry by 347.2% in the second quarter. Prudential Financial Inc. now owns 4,946,057 shares of the luxury accessories retailer’s stock valued at $156,938,000 after buying an additional 3,840,023 shares in the last quarter. Nuveen Asset Management LLC boosted its position in Tapestry by 39,001.1% in the second quarter. Nuveen Asset Management LLC now owns 2,790,642 shares of the luxury accessories retailer’s stock valued at $88,548,000 after buying an additional 2,783,505 shares in the last quarter. Ceredex Value Advisors LLC acquired a new stake in Tapestry in the first quarter valued at approximately $69,401,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in Tapestry by 28.5% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,326,188 shares of the luxury accessories retailer’s stock valued at $169,000,000 after buying an additional 1,182,774 shares in the last quarter. Hedge funds and other institutional investors own 88.13% of the company’s stock.
In other Tapestry news, Director Annabelle Yu Long sold 3,229 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total value of $93,414.97. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Darrell Cavens bought 7,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was bought at an average price of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. Company insiders own 0.70% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be given a $0.338 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.35 dividend on an annualized basis and a yield of 6.43%. This is a positive change from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s dividend payout ratio (DPR) is currently 52.53%.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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