Equities analysts forecast that Tapestry Inc (NYSE:TPR) will announce $0.57 earnings per share for the current quarter, Zacks Investment Research reports. Nine analysts have provided estimates for Tapestry’s earnings, with the highest EPS estimate coming in at $0.60 and the lowest estimate coming in at $0.55. Tapestry reported earnings per share of $0.50 in the same quarter last year, which would indicate a positive year-over-year growth rate of 14%. The business is scheduled to announce its next earnings results on Tuesday, August 21st.
According to Zacks, analysts expect that Tapestry will report full-year earnings of $2.60 per share for the current fiscal year, with EPS estimates ranging from $2.58 to $2.63. For the next fiscal year, analysts anticipate that the business will report earnings of $2.86 per share, with EPS estimates ranging from $2.76 to $3.05. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that follow Tapestry.
Tapestry (NYSE:TPR) last issued its earnings results on Tuesday, May 1st. The luxury accessories retailer reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Tapestry had a return on equity of 24.12% and a net margin of 6.10%. Tapestry’s revenue was up 32.9% on a year-over-year basis.
A number of equities research analysts have commented on the company. Bank of America raised Tapestry from a “neutral” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Thursday, May 10th. They noted that the move was a valuation call. Susquehanna Bancshares reissued a “positive” rating and issued a $50.00 price objective on shares of Tapestry in a research note on Thursday, June 7th. Citigroup reissued an “outperform” rating and issued a $60.00 price objective (up previously from $55.00) on shares of Tapestry in a research note on Thursday, March 15th. Morgan Stanley raised their price objective on Tapestry from $38.00 to $42.00 and gave the company an “underweight” rating in a research note on Wednesday, May 2nd. Finally, Wells Fargo & Co set a $60.00 price objective on Tapestry and gave the company a “buy” rating in a research note on Monday, April 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $54.77.
TPR stock traded up $1.29 during mid-day trading on Thursday, reaching $48.33. The company’s stock had a trading volume of 182,710 shares, compared to its average volume of 3,482,150. The company has a market cap of $13.49 billion, a P/E ratio of 22.45, a PEG ratio of 1.61 and a beta of 0.34. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.83 and a current ratio of 2.66. Tapestry has a 12 month low of $38.70 and a 12 month high of $55.50.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 8th will be given a dividend of $0.338 per share. This is a boost from Tapestry’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, June 7th. This represents a $1.35 annualized dividend and a dividend yield of 2.80%. Tapestry’s payout ratio is presently 62.79%.
A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. boosted its position in Tapestry by 0.6% in the first quarter. BlackRock Inc. now owns 17,991,736 shares of the luxury accessories retailer’s stock worth $946,546,000 after purchasing an additional 102,136 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Tapestry by 3.6% in the first quarter. American Century Companies Inc. now owns 6,732,309 shares of the luxury accessories retailer’s stock valued at $354,187,000 after buying an additional 235,496 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Tapestry in the fourth quarter valued at $239,505,000. Bank of New York Mellon Corp bought a new stake in shares of Tapestry in the fourth quarter valued at $145,882,000. Finally, Millennium Management LLC bought a new stake in shares of Tapestry in the fourth quarter valued at $144,837,000. 89.18% of the stock is currently owned by institutional investors and hedge funds.
Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.
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