Tapestry (NYSE:TPR) Given a $40.00 Price Target by Piper Jaffray Companies Analysts

Piper Jaffray Companies set a $40.00 price target on Tapestry (NYSE:TPR) in a research note issued to investors on Monday, TipRanks reports. The brokerage currently has a buy rating on the luxury accessories retailer’s stock.

A number of other brokerages also recently weighed in on TPR. UBS Group lowered their price target on Tapestry from $52.00 to $50.00 and set a buy rating for the company in a report on Tuesday, April 30th. Canaccord Genuity reiterated a buy rating and issued a $41.00 price target on shares of Tapestry in a report on Friday, May 10th. Zacks Investment Research upgraded Tapestry from a sell rating to a hold rating and set a $38.00 price target for the company in a report on Thursday, April 11th. MKM Partners lowered their price target on Tapestry to $52.00 in a report on Monday, February 11th. Finally, Standpoint Research upgraded Tapestry from a hold rating to a buy rating in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $46.84.

Shares of TPR traded down $0.25 during trading on Monday, reaching $29.72. The company’s stock had a trading volume of 3,752,300 shares, compared to its average volume of 4,606,155. Tapestry has a twelve month low of $27.93 and a twelve month high of $54.35. The firm has a market cap of $8.78 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 1.09 and a beta of 0.79. The company has a quick ratio of 1.86, a current ratio of 2.67 and a debt-to-equity ratio of 0.45.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.01. Tapestry had a return on equity of 22.08% and a net margin of 11.78%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the previous year, the business earned $0.54 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. On average, equities analysts expect that Tapestry will post 2.58 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 7th will be paid a dividend of $0.3375 per share. The ex-dividend date is Thursday, June 6th. This represents a $1.35 dividend on an annualized basis and a yield of 4.54%. Tapestry’s payout ratio is currently 51.33%.

In related news, Director Darrell Cavens acquired 7,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average cost of $30.01 per share, for a total transaction of $210,070.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.70% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Nelson Roberts Investment Advisors LLC bought a new position in shares of Tapestry in the first quarter worth $26,000. Claybrook Capital LLC bought a new position in shares of Tapestry in the fourth quarter worth $34,000. Avestar Capital LLC grew its stake in shares of Tapestry by 2,225.0% in the first quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock worth $39,000 after purchasing an additional 1,157 shares in the last quarter. Advisory Services Network LLC grew its stake in shares of Tapestry by 47.1% in the fourth quarter. Advisory Services Network LLC now owns 1,374 shares of the luxury accessories retailer’s stock worth $46,000 after purchasing an additional 440 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of Tapestry by 1,079.0% in the first quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock worth $44,000 after purchasing an additional 1,284 shares in the last quarter. 88.31% 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.

Further Reading: Why Net Income is Important to Investors

Analyst Recommendations for Tapestry (NYSE:TPR)

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