William Blair Comments on Tapestry Inc’s FY2020 Earnings (TPR)

Tapestry Inc (NYSE:TPR) – William Blair upped their FY2020 earnings per share (EPS) estimates for Tapestry in a note issued to investors on Tuesday, October 30th. William Blair analyst D. Carden now expects that the luxury accessories retailer will post earnings of $3.17 per share for the year, up from their prior forecast of $3.10.

TPR has been the subject of several other research reports. KeyCorp upped their price objective on shares of Tapestry from $59.00 to $62.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 15th. Buckingham Research upped their price objective on shares of Tapestry from $57.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Tapestry in a research report on Tuesday, August 14th. Jefferies Financial Group reissued a “hold” rating and set a $52.00 target price on shares of Tapestry in a research note on Wednesday, August 15th. Finally, JPMorgan Chase & Co. boosted their target price on Tapestry from $50.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 15th. Ten investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $54.50.

TPR traded down $0.49 on Thursday, hitting $41.82. 32,425 shares of the stock were exchanged, compared to its average volume of 3,820,073. Tapestry has a 12 month low of $39.28 and a 12 month high of $55.50. The company has a quick ratio of 1.87, a current ratio of 2.74 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $11.68 billion, a price-to-earnings ratio of 15.97, a P/E/G ratio of 1.24 and a beta of 0.43.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. Tapestry had a net margin of 9.00% and a return on equity of 24.73%. The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the business posted $0.42 earnings per share. Tapestry’s revenue was up 7.2% compared to the same quarter last year.

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

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Tapestry by 15.5% in the second quarter. BlackRock Inc. now owns 20,772,651 shares of the luxury accessories retailer’s stock valued at $970,290,000 after buying an additional 2,780,915 shares during the period. FMR LLC increased its position in Tapestry by 19.8% during the 2nd quarter. FMR LLC now owns 8,097,454 shares of the luxury accessories retailer’s stock valued at $378,232,000 after purchasing an additional 1,335,513 shares during the period. American Century Companies Inc. increased its position in Tapestry by 14.3% during the 2nd quarter. American Century Companies Inc. now owns 7,698,002 shares of the luxury accessories retailer’s stock valued at $359,574,000 after purchasing an additional 965,693 shares during the period. Renaissance Technologies LLC increased its position in Tapestry by 1.0% during the 2nd quarter. Renaissance Technologies LLC now owns 5,915,500 shares of the luxury accessories retailer’s stock valued at $276,313,000 after purchasing an additional 59,100 shares during the period. Finally, Voya Investment Management LLC increased its position in Tapestry by 147.7% during the 2nd quarter. Voya Investment Management LLC now owns 5,210,305 shares of the luxury accessories retailer’s stock valued at $243,373,000 after purchasing an additional 3,107,067 shares during the period. 90.19% of the stock is owned by institutional investors.

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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Earnings History and Estimates for Tapestry (NYSE:TPR)

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