Tapestry (NYSE:TPR) Updates FY24 Earnings Guidance

Tapestry (NYSE:TPR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.20-$4.25 for the period, compared to the consensus earnings per share estimate of $4.23. The company issued revenue guidance of $6.60 billion, compared to the consensus revenue estimate of $6.74 billion.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on TPR shares. The Goldman Sachs Group increased their price target on Tapestry from $41.00 to $47.00 and gave the stock a buy rating in a report on Friday, February 9th. Evercore ISI upgraded Tapestry from an in-line rating to an outperform rating and lifted their target price for the stock from $30.00 to $50.00 in a report on Monday, February 5th. StockNews.com upgraded shares of Tapestry from a hold rating to a buy rating in a report on Thursday, April 18th. Wells Fargo & Company raised their target price on Tapestry from $50.00 to $60.00 and gave the company an overweight rating in a research note on Friday, February 2nd. Finally, Telsey Advisory Group reaffirmed an outperform rating and set a $54.00 price target on shares of Tapestry in a research note on Wednesday, March 27th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $47.81.

Tapestry Stock Performance

Shares of TPR opened at $38.98 on Thursday. Tapestry has a 1 year low of $25.99 and a 1 year high of $48.80. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. The stock’s fifty day moving average price is $43.78 and its two-hundred day moving average price is $38.63. The firm has a market cap of $8.94 billion, a PE ratio of 9.84, a PEG ratio of 0.81 and a beta of 1.61.

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

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 24th. Stockholders 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 3.59%. Tapestry’s dividend payout ratio is presently 35.35%.

About Tapestry

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.