Tapestry (NYSE:TPR) Posts Earnings Results, Beats Expectations By $0.17 EPS

Tapestry (NYSE:TPRGet Free Report) posted its quarterly earnings data on Thursday. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.17, RTT News reports. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter last year, the firm earned $1.36 earnings per share. The business’s revenue was up 2.5% on a year-over-year basis. Tapestry updated its FY24 guidance to $4.20-$4.25 EPS and its FY 2024 guidance to 4.200-4.250 EPS.

Tapestry Stock Down 2.3 %

Shares of Tapestry stock opened at $42.00 on Friday. The company has a quick ratio of 1.23, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. The firm has a market cap of $9.63 billion, a P/E ratio of 10.61, a P/E/G ratio of 0.88 and a beta of 1.51. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $45.72. The business has a 50-day moving average price of $37.15 and a 200 day moving average price of $33.68.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 25th. Investors of record on Friday, March 8th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.33%. The ex-dividend date is Thursday, March 7th. Tapestry’s dividend payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TPR. BMO Capital Markets reduced their target price on Tapestry from $43.00 to $39.00 and set a “market perform” rating on the stock in a report on Friday, November 10th. Raymond James lifted their target price on Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Telsey Advisory Group reiterated an “outperform” rating and issued a $49.00 target price on shares of Tapestry in a report on Thursday. The Goldman Sachs Group lifted their target price on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a report on Friday. Finally, TheStreet raised Tapestry from a “c+” rating to a “b-” rating in a research report on Tuesday, December 26th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.94.

Read Our Latest Research Report on Tapestry

Institutional Trading of Tapestry

Several hedge funds and other institutional investors have recently bought and sold shares of the company. MetLife Investment Management LLC grew its holdings in shares of Tapestry by 20.1% during the first quarter. MetLife Investment Management LLC now owns 73,011 shares of the luxury accessories retailer’s stock valued at $2,712,000 after purchasing an additional 12,222 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Tapestry by 2.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,323 shares of the luxury accessories retailer’s stock valued at $1,312,000 after purchasing an additional 788 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Tapestry by 1.9% during the first quarter. Great West Life Assurance Co. Can now owns 56,357 shares of the luxury accessories retailer’s stock valued at $2,176,000 after purchasing an additional 1,045 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Tapestry by 34.5% during the first quarter. Sei Investments Co. now owns 435,569 shares of the luxury accessories retailer’s stock valued at $16,189,000 after purchasing an additional 111,610 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in Tapestry by 955.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after buying an additional 994 shares in the last quarter. 92.12% of the stock is owned by institutional investors.

About Tapestry

(Get Free Report)

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.

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Earnings History for Tapestry (NYSE:TPR)

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