Telsey Advisory Group Increases Tapestry (NYSE:TPR) Price Target to $175.00

Tapestry (NYSE:TPR) had its price target raised by stock analysts at Telsey Advisory Group from $160.00 to $175.00 in a research report issued to clients and investors on Thursday. The firm presently has an “outperform” rating on the luxury accessories retailer’s stock. Telsey Advisory Group’s price objective indicates a potential upside of 9.89% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Zacks Research lowered Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Barclays boosted their price objective on Tapestry from $179.00 to $182.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Morgan Stanley restated an “overweight” rating and set a $164.00 target price on shares of Tapestry in a research note on Monday, July 6th. Evercore set a $175.00 target price on shares of Tapestry in a report on Friday, May 8th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $165.00 price target on shares of Tapestry in a research note on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and a consensus target price of $175.44.

Tapestry Stock Up 2.1%

Shares of NYSE TPR opened at $159.24 on Thursday. The stock has a market cap of $32.17 billion, a P/E ratio of 51.04, a PEG ratio of 1.42 and a beta of 1.43. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. Tapestry has a 12-month low of $92.62 and a 12-month high of $161.97. The business’s fifty day simple moving average is $145.04 and its 200-day simple moving average is $143.70.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.36. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same period last year, the business posted $1.03 earnings per share. Tapestry’s revenue was up 21.2% compared to the same quarter last year. As a group, equities analysts predict that Tapestry will post 6.97 EPS for the current fiscal year.

Insider Transactions at Tapestry

In other news, CEO Joanne C. Crevoiserat sold 27,776 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the sale, the chief executive officer owned 652,434 shares of the company’s stock, valued at approximately $86,701,954.26. This trade represents a 4.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the sale, the chief executive officer owned 123,258 shares of the company’s stock, valued at approximately $17,258,585.16. The trade was a 13.69% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.32% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bridgewater Advisors Inc. purchased a new stake in Tapestry in the second quarter valued at $877,000. USA Financial Formulas increased its position in shares of Tapestry by 83,150.0% during the first quarter. USA Financial Formulas now owns 3,330 shares of the luxury accessories retailer’s stock worth $470,000 after purchasing an additional 3,326 shares in the last quarter. Summit Global Investments acquired a new stake in shares of Tapestry during the second quarter worth about $1,229,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Tapestry in the 2nd quarter valued at about $3,074,000. Finally, Bryn Mawr Trust Advisors LLC acquired a new stake in shares of Tapestry in the 2nd quarter valued at about $452,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

About Tapestry

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.