Tapestry (NYSE:TPR) Research Coverage Started at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of Tapestry (NYSE:TPR) in a report released on Tuesday, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $159.00 price target on the luxury accessories retailer’s stock.

TPR has been the topic of a number of other research reports. TD Cowen started coverage on shares of Tapestry in a research report on Friday, October 30th. They set a “strong-buy” rating on the stock. Argus reduced their price target on shares of Tapestry from $165.00 to $148.00 and set a “buy” rating for the company in a report on Tuesday, August 18th. Robert W. Baird reduced their price target on shares of Tapestry from $165.00 to $150.00 and set an “outperform” rating for the company in a report on Tuesday, October 27th. Weiss Ratings raised shares of Tapestry from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 16th. Finally, Wells Fargo & Company upped their price objective on shares of Tapestry from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and an average price target of $167.26.

Tapestry Stock Down 0.7%

Shares of Tapestry stock opened at $132.44 on Tuesday. The stock’s 50-day moving average is $118.28 and its 200 day moving average is $137.05. Tapestry has a one year low of $99.00 and a one year high of $164.80. The firm has a market cap of $26.03 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 1.51 and a beta of 1.44. The company has a debt-to-equity ratio of 5.70, a current ratio of 1.24 and a quick ratio of 0.76.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.26. Tapestry had a return on equity of 274.20% and a net margin of 19.68%. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the company posted $1.38 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities research analysts anticipate that Tapestry will post 8.30 EPS for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Friday, December 4th will be given a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.85 annualized dividend and a dividend yield of 1.4%. Tapestry’s payout ratio is presently 23.81%.

Insider Activity at Tapestry

In other Tapestry news, CEO Todd Kahn sold 30,000 shares of the firm’s stock in a transaction on Monday, November 9th. The stock was sold at an average price of $135.28, for a total transaction of $4,058,400.00. Following the transaction, the chief executive officer directly owned 92,368 shares in the company, valued at approximately $12,495,543.04. This trade represents a 24.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Denise Kulikowsky sold 11,244 shares of the firm’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $135.04, for a total value of $1,518,389.76. Following the transaction, the insider owned 15,721 shares in the company, valued at approximately $2,122,963.84. This trade represents a 41.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 168,409 shares of company stock valued at $22,501,876 over the last 90 days. Corporate insiders own 1.28% of the company’s stock.

Institutional Trading of Tapestry

Several institutional investors have recently made changes to their positions in the company. N.F.U. MUTUAL UNIT MANAGERS Ltd bought a new position in Tapestry in the 3rd quarter worth about $1,405,000. Meeder Advisory Services Inc. grew its holdings in Tapestry by 9.8% during the 3rd quarter. Meeder Advisory Services Inc. now owns 5,454 shares of the luxury accessories retailer’s stock valued at $627,000 after buying an additional 488 shares in the last quarter. CacheTech Inc. grew its holdings in Tapestry by 59.5% during the 3rd quarter. CacheTech Inc. now owns 8,240 shares of the luxury accessories retailer’s stock valued at $948,000 after buying an additional 3,075 shares in the last quarter. First Trust Advisors LP increased its position in shares of Tapestry by 35.9% during the third quarter. First Trust Advisors LP now owns 523,830 shares of the luxury accessories retailer’s stock valued at $60,261,000 after buying an additional 138,312 shares during the period. Finally, Whittier Trust Co. increased its position in shares of Tapestry by 0.8% during the third quarter. Whittier Trust Co. now owns 49,614 shares of the luxury accessories retailer’s stock valued at $5,767,000 after buying an additional 392 shares during the period. Institutional investors own 90.77% of the company’s stock.

About Tapestry

Tapestry, Inc. is a global fashion company whose portfolio includes Coach and Kate Spade New York. The company designs and sells handbags, accessories, footwear, apparel, jewelry and other lifestyle products through retail stores, e-commerce and wholesale partners. Based in New York, Tapestry serves customers in North America and international markets, including Asia and Europe. Its brands reach consumers through company-operated stores and digital channels as well as select department stores and other retail partners.