Tapestry (TPR) Upgraded to “Conviction-Buy” by Goldman Sachs Group
Tapestry (NYSE:TPR) was upgraded by equities researchers at Goldman Sachs Group from a “buy” rating to a “conviction-buy” rating in a report issued on Tuesday.
TPR has been the topic of several other reports. Cowen reaffirmed a “buy” rating and set a $46.00 price objective on shares of Tapestry in a report on Thursday, September 28th. Susquehanna Bancshares began coverage on shares of Tapestry in a report on Thursday, November 2nd. They set a “positive” rating and a $50.00 price objective on the stock. Credit Suisse Group reaffirmed an “outperform” rating and set a $51.00 price objective (down from $55.00) on shares of Tapestry in a report on Wednesday, August 16th. Citigroup began coverage on shares of Tapestry in a report on Thursday, November 2nd. They set a “positive” rating and a $50.00 price objective on the stock. Finally, Sanford C. Bernstein began coverage on shares of Tapestry in a report on Tuesday, September 12th. They set an “outperform” rating and a $51.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. Tapestry has a consensus rating of “Buy” and an average price target of $47.70.
Shares of Tapestry (NYSE:TPR) opened at $41.65 on Tuesday. The company has a market cap of $11,812.95, a price-to-earnings ratio of 19.50, a P/E/G ratio of 1.56 and a beta of 0.46. The company has a current ratio of 1.74, a quick ratio of 1.25 and a debt-to-equity ratio of 0.64. Tapestry has a 52-week low of $34.16 and a 52-week high of $48.85.
Tapestry (NYSE:TPR) last posted its quarterly earnings data on Tuesday, November 7th. The luxury accessories retailer reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.06. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.31 billion. Tapestry had a net margin of 9.62% and a return on equity of 20.71%. The company’s revenue was up 24.2% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. equities analysts expect that Tapestry will post 2.37 EPS for the current year.
In other news, SVP Melinda Brown sold 8,250 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $41.28, for a total value of $340,560.00. Following the transaction, the senior vice president now directly owns 42,884 shares of the company’s stock, valued at $1,770,251.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.98% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. New Mexico Educational Retirement Board acquired a new stake in Tapestry during the third quarter worth about $1,051,000. Public Employees Retirement System of Ohio acquired a new stake in Tapestry during the third quarter worth about $4,916,000. Afam Capital Inc. acquired a new stake in Tapestry during the third quarter worth about $6,945,000. Capital International Investors acquired a new stake in Tapestry during the third quarter worth about $25,376,000. Finally, M&R Capital Management Inc. acquired a new stake in Tapestry during the third quarter worth about $153,000. Hedge funds and other institutional investors own 88.10% of the company’s stock.
Tapestry Company Profile
Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.
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