Tapestry (NYSE:TPR) Releases FY 2024 Earnings Guidance

Tapestry (NYSE:TPR) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 4.200-4.250 for the period, compared to the consensus earnings per share estimate of 4.220. The company issued revenue guidance of $6.6 billion-, compared to the consensus revenue estimate of $6.7 billion. Tapestry also updated its FY24 guidance to $4.20-$4.25 EPS.

Wall Street Analyst Weigh In

TPR has been the topic of several research analyst reports. Bernstein Bank upped their price objective on Tapestry from $46.00 to $48.00 in a research note on Thursday. Wells Fargo & Company raised their price target on Tapestry from $50.00 to $60.00 and gave the company an overweight rating in a report on Friday, February 2nd. Raymond James increased their price objective on shares of Tapestry from $40.00 to $44.00 and gave the company an outperform rating in a research report on Tuesday, January 30th. Telsey Advisory Group reaffirmed an outperform rating and set a $54.00 target price on shares of Tapestry in a report on Thursday. Finally, StockNews.com raised shares of Tapestry from a hold rating to a buy rating in a report on Thursday, April 18th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $47.82.

Tapestry Price Performance

Shares of TPR traded up $0.14 during trading hours on Thursday, hitting $39.12. 818,852 shares of the company were exchanged, compared to its average volume of 3,798,218. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The firm’s fifty day moving average is $43.78 and its 200 day moving average is $38.63. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. The company has a market cap of $8.97 billion, a price-to-earnings ratio of 9.83, a P/E/G ratio of 0.81 and a beta of 1.61.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.14. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the firm posted $0.78 EPS. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. On average, equities analysts anticipate that Tapestry will post 4.23 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Investors of record on Friday, June 7th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.58%. Tapestry’s dividend payout ratio is currently 35.35%.

Tapestry Company Profile

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.