Evercore ISI Raises Tapestry (NYSE:TPR) Price Target to $150.00

Tapestry (NYSE:TPR) had its target price raised by research analysts at Evercore ISI from $129.00 to $150.00 in a research report issued on Tuesday, MarketBeat reports. The brokerage presently has an “outperform” rating on the luxury accessories retailer’s stock. Evercore ISI’s price target suggests a potential upside of 15.15% from the stock’s current price.

A number of other equities analysts also recently issued reports on TPR. UBS Group lifted their price objective on shares of Tapestry from $105.00 to $123.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Wells Fargo & Company boosted their price target on shares of Tapestry from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Robert W. Baird set a $140.00 price objective on shares of Tapestry in a research note on Wednesday, December 17th. Telsey Advisory Group restated an “outperform” rating and issued a $150.00 target price on shares of Tapestry in a research note on Friday, January 30th. Finally, Barclays upped their target price on Tapestry from $154.00 to $155.00 and gave the company an “overweight” rating in a report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $131.05.

Tapestry Stock Performance

Shares of TPR opened at $130.27 on Tuesday. The firm has a market capitalization of $26.66 billion, a P/E ratio of 116.31, a P/E/G ratio of 2.18 and a beta of 1.63. Tapestry has a 52 week low of $58.39 and a 52 week high of $136.04. The stock has a 50 day moving average price of $125.90 and a two-hundred day moving average price of $114.39. The company has a debt-to-equity ratio of 5.95, a quick ratio of 0.93 and a current ratio of 1.52.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.13. Tapestry had a return on equity of 116.42% and a net margin of 3.77%.The company had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the firm earned $0.84 earnings per share. Tapestry’s quarterly revenue was up 13.1% on a year-over-year basis. Equities analysts forecast that Tapestry will post 4.91 earnings per share for the current fiscal year.

Tapestry declared that its Board of Directors has authorized a stock repurchase plan on Thursday, November 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the luxury accessories retailer to purchase up to 4.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Tapestry

In related news, insider David E. Howard sold 25,029 shares of Tapestry stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $102.50, for a total value of $2,565,472.50. Following the completion of the sale, the insider owned 55,354 shares of the company’s stock, valued at approximately $5,673,785. This trade represents a 31.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Joanne C. Crevoiserat sold 31,735 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $105.31, for a total value of $3,342,012.85. Following the completion of the sale, the chief executive officer owned 667,233 shares in the company, valued at $70,266,307.23. This represents a 4.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 115,485 shares of company stock valued at $12,034,058. 1.32% of the stock is currently owned by insiders.

Institutional Trading of Tapestry

Several hedge funds and other institutional investors have recently modified their holdings of TPR. Vanguard Group Inc. grew its stake in Tapestry by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 25,902,930 shares of the luxury accessories retailer’s stock valued at $2,274,536,000 after buying an additional 606,686 shares in the last quarter. State Street Corp lifted its position in shares of Tapestry by 19.3% during the third quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer’s stock worth $1,044,995,000 after acquiring an additional 1,494,193 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Tapestry by 3.0% in the second quarter. Geode Capital Management LLC now owns 5,500,858 shares of the luxury accessories retailer’s stock worth $482,125,000 after acquiring an additional 158,782 shares during the period. SRS Investment Management LLC grew its position in shares of Tapestry by 12.4% in the second quarter. SRS Investment Management LLC now owns 5,332,824 shares of the luxury accessories retailer’s stock valued at $468,275,000 after purchasing an additional 589,000 shares in the last quarter. Finally, Schroder Investment Management Group grew its position in shares of Tapestry by 21.1% in the third quarter. Schroder Investment Management Group now owns 4,849,371 shares of the luxury accessories retailer’s stock valued at $549,046,000 after purchasing an additional 846,553 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

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.