Citigroup Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its price objective increased by stock analysts at Citigroup from $81.00 to $94.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the luxury accessories retailer’s stock. Citigroup’s price objective suggests a potential upside of 20.51% from the company’s previous close.

Several other analysts also recently commented on the company. Robert W. Baird raised their price objective on Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Raymond James reiterated an “outperform” rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Barclays dropped their target price on shares of Tapestry from $100.00 to $83.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Jefferies Financial Group upped their price target on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Finally, StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.22.

Tapestry Trading Up 0.6 %

NYSE:TPR opened at $78.00 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry has a 1-year low of $35.23 and a 1-year high of $90.85. The firm has a market capitalization of $16.15 billion, a price-to-earnings ratio of 22.61, a PEG ratio of 2.01 and a beta of 1.41. The business’s 50-day moving average price is $69.75 and its two-hundred day moving average price is $67.95.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the firm earned $0.81 EPS. Tapestry’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts expect that Tapestry will post 4.91 earnings per share for the current year.

Insider Buying and Selling at Tapestry

In other news, CFO Scott A. Roe sold 25,727 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the sale, the chief financial officer now owns 146,587 shares in the company, valued at $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the transaction, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,537 shares of company stock valued at $5,730,589 in the last quarter. 1.18% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Coppell Advisory Solutions LLC boosted its position in shares of Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock valued at $34,000 after acquiring an additional 150 shares during the period. Private Trust Co. NA raised its stake in Tapestry by 27.2% in the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 153 shares in the last quarter. Checchi Capital Advisers LLC boosted its holdings in Tapestry by 1.9% in the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer’s stock valued at $580,000 after purchasing an additional 163 shares during the period. Mather Group LLC. grew its position in shares of Tapestry by 2.8% during the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer’s stock worth $424,000 after purchasing an additional 165 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of Tapestry by 0.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock worth $1,261,000 after purchasing an additional 170 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.