Tapestry (TPR) PT Set at $52.00 by Piper Jaffray Companies

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Tapestry (NYSE:TPR) has been given a $52.00 price objective by analysts at Piper Jaffray Companies in a research report issued to clients and investors on Wednesday. The brokerage presently has a “buy” rating on the luxury accessories retailer’s stock. Piper Jaffray Companies’ price target indicates a potential upside of 22.90% from the company’s previous close. Piper Jaffray Companies also issued estimates for Tapestry’s Q3 2019 earnings at $0.55 EPS, Q4 2019 earnings at $0.66 EPS, Q1 2020 earnings at $0.55 EPS and Q4 2020 earnings at $0.72 EPS.

A number of other equities research analysts also recently weighed in on TPR. Guggenheim reissued a “buy” rating and set a $60.00 target price on shares of Tapestry in a research report on Tuesday, July 3rd. Wells Fargo & Co set a $56.00 target price on Tapestry and gave the stock a “buy” rating in a research report on Monday, July 9th. UBS Group decreased their target price on Tapestry from $62.00 to $59.00 and set a “buy” rating on the stock in a research report on Tuesday, July 31st. Canaccord Genuity decreased their target price on Tapestry to $55.00 and set a “buy” rating on the stock in a research report on Monday, August 13th. Finally, Loop Capital set a $59.00 target price on Tapestry and gave the stock a “buy” rating in a research report on Tuesday, August 14th. Ten investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $54.50.

Shares of NYSE:TPR opened at $42.31 on Wednesday. The stock has a market capitalization of $11.68 billion, a PE ratio of 16.09, a price-to-earnings-growth ratio of 1.24 and a beta of 0.43. Tapestry has a 52-week low of $39.28 and a 52-week high of $55.50. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.87 and a current ratio of 2.74.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.35 billion. Tapestry had a return on equity of 24.73% and a net margin of 9.00%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the business posted $0.42 earnings per share. On average, sell-side analysts predict that Tapestry will post 2.77 earnings per share for the current year.

In other news, insider Ian Bickley sold 48,071 shares of Tapestry stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $52.13, for a total value of $2,505,941.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ivan Menezes sold 2,068 shares of Tapestry stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $50.70, for a total transaction of $104,847.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,602 shares of company stock valued at $2,633,939. Corporate insiders own 0.70% of the company’s stock.

Several large investors have recently bought and sold shares of TPR. CIBC World Markets Inc. raised its stake in shares of Tapestry by 24.5% in the first quarter. CIBC World Markets Inc. now owns 7,042 shares of the luxury accessories retailer’s stock valued at $370,000 after acquiring an additional 1,387 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Tapestry by 0.5% in the first quarter. Principal Financial Group Inc. now owns 429,776 shares of the luxury accessories retailer’s stock valued at $22,610,000 after acquiring an additional 2,003 shares during the last quarter. DnB Asset Management AS bought a new position in shares of Tapestry in the second quarter valued at approximately $1,898,000. IFM Investors Pty Ltd raised its stake in shares of Tapestry by 43.0% in the second quarter. IFM Investors Pty Ltd now owns 13,994 shares of the luxury accessories retailer’s stock valued at $654,000 after acquiring an additional 4,206 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Tapestry by 37.3% in the second quarter. State of Alaska Department of Revenue now owns 181,774 shares of the luxury accessories retailer’s stock valued at $8,488,000 after acquiring an additional 49,350 shares during the last quarter. Institutional investors own 90.19% of the company’s stock.

About Tapestry

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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