Tapestry (NYSE:TPR) Price Target Raised to $211.00

Tapestry (NYSE:TPR) had its target price hoisted by JPMorgan Chase & Co. from $205.00 to $211.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the luxury accessories retailer’s stock.

TPR has been the topic of several other reports. Barclays upped their price target on shares of Tapestry from $179.00 to $182.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Citigroup lifted their price objective on Tapestry from $165.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Robert W. Baird boosted their price objective on Tapestry from $160.00 to $165.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Wall Street Zen upgraded Tapestry from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $164.00 target price on shares of Tapestry in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $175.44.

Tapestry Price Performance

Shares of NYSE:TPR opened at $161.55 on Tuesday. Tapestry has a twelve month low of $92.62 and a twelve month high of $163.94. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. The company has a market cap of $32.64 billion, a PE ratio of 51.78, a price-to-earnings-growth ratio of 1.45 and a beta of 1.43. The company’s 50 day moving average is $145.37 and its 200 day moving average is $143.91.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, beating the consensus estimate of $1.30 by $0.36. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The business had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the prior year, the firm earned $1.03 EPS. The business’s revenue for the quarter was up 21.2% on a year-over-year basis. On average, sell-side analysts forecast that Tapestry will post 6.97 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Todd Kahn sold 19,557 shares of Tapestry stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 123,258 shares in the company, valued at $17,258,585.16. The trade was a 13.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total value of $3,691,152.64. Following the transaction, the chief executive officer directly owned 652,434 shares of the company’s stock, valued at approximately $86,701,954.26. The trade was a 4.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tapestry

A number of hedge funds have recently made changes to their positions in the company. Schroder Investment Management Group boosted its stake in Tapestry by 92.8% during the fourth quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock worth $1,194,678,000 after buying an additional 4,500,850 shares during the last quarter. Norges Bank purchased a new stake in Tapestry during the 4th quarter worth approximately $345,349,000. Wellington Management Group LLP lifted its holdings in Tapestry by 632.3% during the 4th quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer’s stock worth $302,368,000 after buying an additional 2,043,353 shares in the last quarter. State Street Corp lifted its holdings in Tapestry by 19.3% during the 3rd quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer’s stock worth $1,044,995,000 after buying an additional 1,494,193 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Tapestry in the 2nd quarter valued at approximately $175,291,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Key Headlines Impacting Tapestry

Here are the key news stories impacting Tapestry this week:

• Positive Sentiment: Higher price target: Telsey Advisory Group raised its Tapestry price target from $160 to $175 and reiterated an “outperform” rating, implying additional upside from the current level. Benzinga
• Positive Sentiment: Earnings beat expected: Zacks said Tapestry has the two key ingredients that could support an earnings beat in its upcoming quarterly report, increasing optimism ahead of the release. Tapestry Earnings Expected to Grow
• Positive Sentiment: Retail-sector support: Telsey Advisory Group’s Dana Telsey highlighted Tapestry among favored retail names, citing resilient consumers and product “newness” as drivers for retail-stock strength. Why This Retail Expert Likes Tapestry
• Positive Sentiment: Additional analyst optimism: A JPMorgan analyst reportedly expects Tapestry’s stock price to rise, adding to the positive sentiment surrounding the company. Tapestry Stock Price Expected to Rise
• Neutral Sentiment: Upcoming earnings event: Tapestry is expected to announce quarterly results next week, with another report identifying Thursday as the anticipated release date. Investors are focused on whether earnings and revenue can sustain the company’s recent growth. Tapestry Expected to Announce Earnings
• Neutral Sentiment: AI initiatives: Tapestry is working to build internal support for artificial intelligence through an AI summit and broader company culture efforts. The strategy could improve efficiency over time, but near-term financial effects remain unclear. Tapestry Shapes a Culture of AI

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.