Tapestry (NYSE:TPR) Earns Market Perform Rating from CIBC

CIBC reaffirmed their market perform rating on shares of Tapestry (NYSE:TPR) in a research note issued to investors on Friday morning, FirstToMarketsRatingsTable reports.

TPR has been the subject of several other reports. Cowen reiterated a buy rating and issued a $22.00 price target (down from $34.00) on shares of Tapestry in a research note on Friday. Robert W. Baird set a $43.00 price target on shares of Tapestry and gave the stock a buy rating in a research note on Monday, August 12th. MKM Partners reiterated a neutral rating and issued a $21.00 price target (down from $52.00) on shares of Tapestry in a research note on Friday. UBS Group increased their price target on shares of Tapestry from $50.00 to $51.00 and gave the stock a buy rating in a research note on Friday, May 10th. Finally, Needham & Company LLC reiterated a buy rating and issued a $35.00 price target (down from $42.00) on shares of Tapestry in a research note on Friday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have given a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $35.88.

NYSE:TPR opened at $20.97 on Friday. The company has a 50-day moving average price of $28.65 and a 200-day moving average price of $31.54. Tapestry has a 12 month low of $18.54 and a 12 month high of $52.49. The company has a current ratio of 2.79, a quick ratio of 1.86 and a debt-to-equity ratio of 0.46. The stock has a market cap of $5.64 billion, a price-to-earnings ratio of 8.16, a P/E/G ratio of 0.64 and a beta of 0.88.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.61. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. Tapestry’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period last year, the business earned $0.60 EPS. Equities analysts forecast that Tapestry will post 2.67 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.338 per share. This is a positive change from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 dividend on an annualized basis and a yield of 6.45%. The ex-dividend date of this dividend is Thursday, September 5th. Tapestry’s dividend payout ratio (DPR) is currently 52.53%.

In other Tapestry news, Director Annabelle Yu Long sold 3,229 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total transaction of $93,414.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Darrell Cavens acquired 7,000 shares of Tapestry stock in a transaction on Tuesday, May 28th. The shares were purchased at an average price of $30.01 per share, with a total value of $210,070.00. The disclosure for this purchase can be found here. 0.70% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in TPR. Nisa Investment Advisors LLC grew its stake in shares of Tapestry by 20.6% in the first quarter. Nisa Investment Advisors LLC now owns 95,224 shares of the luxury accessories retailer’s stock worth $3,094,000 after acquiring an additional 16,255 shares during the period. Marshall Wace North America L.P. grew its stake in shares of Tapestry by 88.7% in the first quarter. Marshall Wace North America L.P. now owns 213,963 shares of the luxury accessories retailer’s stock worth $6,951,000 after acquiring an additional 100,571 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Tapestry by 178.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 324,534 shares of the luxury accessories retailer’s stock worth $10,544,000 after acquiring an additional 208,123 shares during the period. Systematic Financial Management LP grew its stake in shares of Tapestry by 65.9% in the first quarter. Systematic Financial Management LP now owns 13,600 shares of the luxury accessories retailer’s stock worth $442,000 after acquiring an additional 5,400 shares during the period. Finally, ZWJ Investment Counsel Inc. bought a new stake in shares of Tapestry in the first quarter worth approximately $4,007,000. Institutional investors and hedge funds own 88.13% of the company’s stock.

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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Analyst Recommendations for Tapestry (NYSE:TPR)

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