Tapestry (NYSE:TPR) Issues FY 2022 Earnings Guidance

Tapestry (NYSE:TPRGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided EPS guidance of $3.45-$3.45 for the period, compared to the consensus EPS estimate of $3.62. The company issued revenue guidance of $6.70 billion-$6.70 billion, compared to the consensus revenue estimate of $6.75 billion.

Tapestry stock opened at $34.34 on Friday. The firm has a market cap of $8.65 billion, a price-to-earnings ratio of 11.08, a PEG ratio of 0.72 and a beta of 1.39. The stock has a fifty day simple moving average of $33.68 and a two-hundred day simple moving average of $37.82. Tapestry has a 12 month low of $26.39 and a 12 month high of $47.05. The company has a current ratio of 1.48, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47.

Tapestry (NYSE:TPRGet Rating) last issued its quarterly earnings data on Thursday, May 12th. The luxury accessories retailer reported $0.51 EPS for the quarter, topping the consensus estimate of $0.40 by $0.11. Tapestry had a return on equity of 32.07% and a net margin of 12.99%. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the previous year, the company posted $0.51 earnings per share. Tapestry’s revenue was up 13.1% compared to the same quarter last year. On average, equities research analysts forecast that Tapestry will post 3.46 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 27th. Investors of record on Friday, June 3rd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend is Thursday, June 2nd. Tapestry’s payout ratio is currently 32.26%.

Tapestry announced that its Board of Directors has approved a stock buyback program on Thursday, May 12th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the luxury accessories retailer to reacquire up to 18% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Several brokerages recently commented on TPR. Cowen cut their price objective on Tapestry from $56.00 to $40.00 in a report on Friday, May 13th. TheStreet downgraded Tapestry from a b rating to a c+ rating in a research report on Friday, May 20th. Sanford C. Bernstein began coverage on Tapestry in a research report on Monday, March 14th. They set an outperform rating and a $62.00 target price on the stock. Wells Fargo & Company lowered their target price on Tapestry from $58.00 to $48.00 and set an overweight rating on the stock in a research report on Tuesday, April 5th. Finally, Robert W. Baird lowered their target price on Tapestry from $55.00 to $45.00 in a research report on Friday, May 13th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and an average target price of $47.88.

In other news, CEO Joanne C. Crevoiserat bought 5,700 shares of Tapestry stock in a transaction dated Friday, March 11th. The shares were purchased at an average cost of $34.60 per share, with a total value of $197,220.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of TPR. Brown Brothers Harriman & Co. increased its holdings in shares of Tapestry by 340.7% in the first quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock worth $25,000 after purchasing an additional 511 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Tapestry by 955.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after purchasing an additional 994 shares during the last quarter. Zions Bancorporation N.A. increased its holdings in shares of Tapestry by 9,680.0% in the first quarter. Zions Bancorporation N.A. now owns 1,956 shares of the luxury accessories retailer’s stock worth $73,000 after purchasing an additional 1,936 shares during the last quarter. Covestor Ltd increased its holdings in shares of Tapestry by 79.7% in the first quarter. Covestor Ltd now owns 1,951 shares of the luxury accessories retailer’s stock worth $73,000 after purchasing an additional 865 shares during the last quarter. Finally, Mackenzie Financial Corp increased its holdings in shares of Tapestry by 17.2% in the first quarter. Mackenzie Financial Corp now owns 7,778 shares of the luxury accessories retailer’s stock worth $289,000 after purchasing an additional 1,144 shares during the last quarter. 89.75% of the stock is currently owned by hedge funds and other institutional investors.

About Tapestry (Get Rating)

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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Earnings History and Estimates for Tapestry (NYSE:TPR)

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