Tapestry (NYSE:TPR) Price Target Raised to $92.00 at Argus

Tapestry (NYSE:TPR) had its price target hoisted by analysts at Argus from $78.00 to $92.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the luxury accessories retailer’s stock. Argus’ price target points to a potential upside of 10.26% from the company’s previous close.

Several other research firms have also commented on TPR. Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a research report on Tuesday, February 18th. Barclays lifted their price target on Tapestry from $83.00 to $98.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. Raymond James reissued an “outperform” rating and set a $85.00 price objective (up from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Telsey Advisory Group reiterated an “outperform” rating and issued a $92.00 target price on shares of Tapestry in a report on Friday, May 9th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $100.00 price target (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and an average target price of $88.78.

Tapestry Price Performance

Shares of TPR traded down $0.82 during trading hours on Tuesday, reaching $83.44. 379,635 shares of the stock traded hands, compared to its average volume of 4,272,616. Tapestry has a 52-week low of $35.23 and a 52-week high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The company has a market cap of $17.33 billion, a P/E ratio of 24.23, a price-to-earnings-growth ratio of 2.01 and a beta of 1.46. The company’s 50-day moving average price is $74.64 and its two-hundred day moving average price is $72.93.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. Tapestry’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 EPS. On average, analysts anticipate that Tapestry will post 4.91 earnings per share for the current year.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president now owns 40,922 shares of the company’s stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the business’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the transaction, the chief executive officer now directly owns 116,062 shares of the company’s stock, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On Tapestry

A number of large investors have recently added to or reduced their stakes in TPR. Invst LLC purchased a new position in shares of Tapestry in the 1st quarter worth approximately $574,000. Strs Ohio acquired a new stake in Tapestry in the first quarter valued at approximately $1,090,000. Acadian Asset Management LLC purchased a new position in Tapestry in the first quarter worth $493,000. Intech Investment Management LLC acquired a new position in shares of Tapestry during the first quarter worth $7,791,000. Finally, Focus Partners Wealth lifted its holdings in shares of Tapestry by 10.7% during the 1st quarter. Focus Partners Wealth now owns 21,934 shares of the luxury accessories retailer’s stock valued at $1,544,000 after purchasing an additional 2,118 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.