Deutsche Bank Aktiengesellschaft started coverage on shares of Tapestry (NYSE:TPR) in a research note issued to investors on Thursday morning, The Fly reports. The brokerage issued a buy rating on the luxury accessories retailer’s stock.
Other research analysts have also recently issued research reports about the stock. Piper Sandler upgraded shares of Tapestry from a neutral rating to an overweight rating and increased their target price for the stock from $20.00 to $26.00 in a report on Monday, September 21st. BNP Paribas started coverage on Tapestry in a report on Thursday, September 10th. They issued an outperform rating and a $24.00 price objective for the company. MKM Partners boosted their target price on shares of Tapestry from $15.00 to $17.00 and gave the stock a neutral rating in a report on Wednesday, August 19th. Goldman Sachs Group upgraded shares of Tapestry from a neutral rating to a buy rating and increased their price target for the company from $16.00 to $18.00 in a research note on Monday, July 27th. Finally, Credit Suisse Group lifted their target price on shares of Tapestry from $15.00 to $17.00 and gave the stock a neutral rating in a report on Friday, August 14th. Ten investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Tapestry presently has an average rating of Buy and a consensus price target of $20.33.
Shares of Tapestry stock opened at $18.82 on Thursday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.47 and a quick ratio of 1.04. The firm has a market cap of $5.22 billion, a price-to-earnings ratio of -7.97, a price-to-earnings-growth ratio of 0.88 and a beta of 1.38. The stock’s 50-day moving average is $15.87 and its 200-day moving average is $14.46. Tapestry has a one year low of $10.18 and a one year high of $30.40.
Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 13th. The luxury accessories retailer reported ($0.25) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.55) by $0.30. The business had revenue of $714.80 million for the quarter, compared to analyst estimates of $691.14 million. Tapestry had a positive return on equity of 9.65% and a negative net margin of 13.14%. During the same quarter last year, the firm earned $0.61 EPS. On average, equities analysts expect that Tapestry will post 1.84 EPS for the current year.
In other news, Director John P. Bilbrey acquired 12,980 shares of Tapestry stock in a transaction on Wednesday, August 19th. The shares were purchased at an average cost of $15.27 per share, for a total transaction of $198,204.60. Following the completion of the purchase, the director now directly owns 33,756 shares of the company’s stock, valued at approximately $515,454.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.10% of the company’s stock.
Institutional investors have recently modified their holdings of the company. CENTRAL TRUST Co raised its position in Tapestry by 4,302.3% during the second quarter. CENTRAL TRUST Co now owns 1,893 shares of the luxury accessories retailer’s stock valued at $25,000 after purchasing an additional 1,850 shares in the last quarter. Glenmede Trust Co. NA raised its holdings in shares of Tapestry by 314.7% during the 2nd quarter. Glenmede Trust Co. NA now owns 4,018 shares of the luxury accessories retailer’s stock worth $53,000 after buying an additional 3,049 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Tapestry by 896.9% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 4,865 shares of the luxury accessories retailer’s stock worth $65,000 after buying an additional 4,377 shares in the last quarter. Rampart Investment Management Company LLC lifted its position in shares of Tapestry by 126.2% during the 2nd quarter. Rampart Investment Management Company LLC now owns 6,037 shares of the luxury accessories retailer’s stock worth $80,000 after buying an additional 3,368 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in Tapestry by 366.5% in the second quarter. Fifth Third Bancorp now owns 6,461 shares of the luxury accessories retailer’s stock valued at $86,000 after buying an additional 5,076 shares in the last quarter. 87.55% of the stock is owned by institutional investors.
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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