Macquarie Initiates Coverage on Tapestry (TPR)

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Research analysts at Macquarie began coverage on shares of Tapestry (NYSE:TPR) in a note issued to investors on Monday, The Fly reports. The firm set a “neutral” rating on the luxury accessories retailer’s stock.

Several other research firms have also recently issued reports on TPR. Canaccord Genuity raised their target price on shares of Tapestry from $55.00 to $63.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 15th. JPMorgan Chase & Co. raised their target price on shares of Tapestry from $50.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 15th. Goldman Sachs Group set a $61.00 target price on shares of Tapestry and gave the stock a “buy” rating in a research report on Wednesday, August 15th. Wells Fargo & Co reissued a “buy” rating on shares of Tapestry in a research report on Tuesday, August 14th. Finally, Loop Capital set a $59.00 target price on shares of Tapestry and gave the stock a “buy” rating in a research report on Tuesday, August 14th. Eleven investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Tapestry presently has a consensus rating of “Buy” and an average price target of $54.50.

Shares of TPR traded down $0.73 during mid-day trading on Monday, hitting $41.27. The company had a trading volume of 3,132,980 shares, compared to its average volume of 3,111,820. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.83 and a current ratio of 2.74. Tapestry has a 1-year low of $39.28 and a 1-year high of $55.50. The stock has a market capitalization of $12.16 billion, a PE ratio of 15.69, a P/E/G ratio of 1.29 and a beta of 0.70.

Tapestry (NYSE:TPR) last released its earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. Tapestry had a net margin of 9.00% and a return on equity of 24.73%. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same period last year, the company earned $0.42 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts expect that Tapestry will post 2.78 earnings per share for the current fiscal year.

In other news, insider Ian Bickley sold 48,071 shares of Tapestry stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $52.13, for a total transaction of $2,505,941.23. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ivan Menezes sold 2,068 shares of Tapestry stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $50.70, for a total transaction of $104,847.60. The disclosure for this sale can be found here. Insiders sold 50,602 shares of company stock worth $2,633,939 in the last 90 days. 0.70% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Heritage Trust Co raised its stake in shares of Tapestry by 2.4% during the second quarter. Heritage Trust Co now owns 53,122 shares of the luxury accessories retailer’s stock valued at $2,481,000 after purchasing an additional 1,269 shares during the period. Westpac Banking Corp raised its stake in shares of Tapestry by 0.4% during the second quarter. Westpac Banking Corp now owns 342,103 shares of the luxury accessories retailer’s stock valued at $15,980,000 after purchasing an additional 1,300 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of Tapestry by 2.2% during the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 65,072 shares of the luxury accessories retailer’s stock valued at $3,039,000 after purchasing an additional 1,388 shares during the period. Sumitomo Life Insurance Co. raised its stake in shares of Tapestry by 4.5% during the second quarter. Sumitomo Life Insurance Co. now owns 32,988 shares of the luxury accessories retailer’s stock valued at $1,541,000 after purchasing an additional 1,415 shares during the period. Finally, US Bancorp DE raised its stake in shares of Tapestry by 5.5% during the second quarter. US Bancorp DE now owns 30,512 shares of the luxury accessories retailer’s stock valued at $1,425,000 after purchasing an additional 1,588 shares during the period. Institutional investors own 90.13% 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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