Tapestry (NYSE:TPR) Updates FY 2022 Earnings Guidance

Tapestry (NYSE:TPR) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $3.450-$3.500 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.360. The company issued revenue guidance of $6.60 billion-$6.60 billion, compared to the consensus revenue estimate of $6.42 billion.

Several analysts recently commented on the company. Argus upgraded Tapestry from a hold rating to a buy rating and set a $54.00 target price on the stock in a research report on Friday, November 19th. Robert W. Baird raised their target price on Tapestry from $56.00 to $58.00 and gave the company an outperform rating in a research report on Friday, November 12th. Cowen reaffirmed a buy rating and set a $55.00 price target on shares of Tapestry in a research note on Friday, November 19th. TheStreet raised Tapestry from a c+ rating to a b rating in a research note on Tuesday, November 2nd. Finally, UBS Group increased their price target on Tapestry from $47.00 to $54.00 and gave the company a neutral rating in a research note on Friday, November 12th. Eight research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $47.50.

Shares of TPR traded down $1.92 during trading hours on Thursday, hitting $44.07. 5,723,907 shares of the company were exchanged, compared to its average volume of 3,684,873. The company has a market capitalization of $12.13 billion, a PE ratio of 15.09, a PEG ratio of 1.07 and a beta of 1.48. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.85. The firm has a fifty day simple moving average of $40.63 and a 200-day simple moving average of $41.83. Tapestry has a one year low of $27.66 and a one year high of $49.67.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, November 11th. The luxury accessories retailer reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.12. Tapestry had a return on equity of 29.73% and a net margin of 13.70%. During the same quarter last year, the firm posted $0.58 earnings per share. Sell-side analysts expect that Tapestry will post 3.5 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 27th. Stockholders of record on Friday, December 3rd will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, December 2nd. This represents a $1.00 annualized dividend and a dividend yield of 2.27%. Tapestry’s dividend payout ratio (DPR) is presently 34.25%.

In related news, VP Manesh Dadlani sold 2,168 shares of the stock in a transaction on Thursday, November 18th. The stock was sold at an average price of $45.81, for a total transaction of $99,316.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Kahn sold 10,523 shares of the stock in a transaction on Thursday, November 18th. The stock was sold at an average price of $46.00, for a total value of $484,058.00. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

An institutional investor recently raised its position in Tapestry stock. Morgan Stanley lifted its holdings in Tapestry, Inc. (NYSE:TPR) by 18.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,139,695 shares of the luxury accessories retailer’s stock after purchasing an additional 173,870 shares during the period. Morgan Stanley owned 0.41% of Tapestry worth $49,554,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 88.31% of the company’s stock.

About Tapestry

Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. 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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Earnings History and Estimates for Tapestry (NYSE:TPR)

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