Tapestry, Inc. (NYSE:TPR) – Equities research analysts at Piper Sandler issued their Q1 2023 earnings estimates for Tapestry in a research note issued on Wednesday, April 7th. Piper Sandler analyst E. Murphy forecasts that the luxury accessories retailer will earn $0.83 per share for the quarter. Piper Sandler currently has a “Overweight” rating and a $54.00 target price on the stock. Piper Sandler also issued estimates for Tapestry’s Q2 2023 earnings at $1.38 EPS and Q3 2023 earnings at $0.44 EPS.
Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 4th. The luxury accessories retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.00 by $0.15. Tapestry had a negative net margin of 9.22% and a positive return on equity of 11.91%. The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the company earned $1.10 EPS. Tapestry’s revenue was down 6.9% on a year-over-year basis.
Shares of NYSE:TPR opened at $43.09 on Thursday. Tapestry has a one year low of $11.51 and a one year high of $46.42. The company has a 50 day moving average of $42.12 and a 200-day moving average of $31.19. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.56 and a quick ratio of 1.12. The stock has a market cap of $11.97 billion, a price-to-earnings ratio of -26.93, a P/E/G ratio of 1.28 and a beta of 1.33.
In related news, Director Ivan Menezes sold 5,438 shares of the company’s stock in a transaction dated Tuesday, March 9th. The shares were sold at an average price of $43.04, for a total value of $234,051.52. Following the transaction, the director now directly owns 37,079 shares in the company, valued at $1,595,880.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Kahn sold 20,000 shares of the company’s stock in a transaction dated Thursday, February 11th. The shares were sold at an average price of $40.06, for a total transaction of $801,200.00. Following the completion of the transaction, the chief executive officer now owns 206,460 shares in the company, valued at $8,270,787.60. The disclosure for this sale can be found here. Insiders sold 25,602 shares of company stock worth $1,042,053 over the last 90 days. 1.40% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Parkside Financial Bank & Trust lifted its position in Tapestry by 86.8% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,291 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 600 shares during the period. Royal London Asset Management Ltd. bought a new position in shares of Tapestry in the fourth quarter worth about $47,000. DB Wealth Management Group LLC bought a new position in shares of Tapestry in the fourth quarter worth about $47,000. International Assets Investment Management LLC bought a new position in shares of Tapestry in the fourth quarter worth about $93,000. Finally, Chiron Capital Management LLC bought a new position in shares of Tapestry in the third quarter worth about $48,000. 85.85% of the stock is owned by institutional investors and hedge funds.
Tapestry Company Profile
Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade, Stuart Weitzman, and Corporate. The Coach segment consists global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.
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