Tapestry (NYSE:TPR) PT Lowered to $50.00

Tapestry (NYSE:TPR) had its price objective reduced by Wells Fargo & Company from $52.00 to $50.00 in a research report report published on Friday morning, Benzinga reports. They currently have an overweight rating on the luxury accessories retailer’s stock.

A number of other brokerages have also issued reports on TPR. StockNews.com upgraded shares of Tapestry from a hold rating to a buy rating in a research note on Wednesday, August 7th. Argus restated a buy rating and set a $52.00 price objective on shares of Tapestry in a research note on Tuesday, June 18th. Bernstein Bank boosted their target price on shares of Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. Robert W. Baird reduced their price target on shares of Tapestry from $52.00 to $50.00 and set an outperform rating on the stock in a research report on Friday, May 10th. Finally, Citigroup lowered their price objective on shares of Tapestry from $50.00 to $49.00 and set a buy rating for the company in a research report on Tuesday, August 6th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $47.00.

Tapestry Trading Up 3.1 %

TPR opened at $40.40 on Friday. The firm’s 50 day moving average is $40.79 and its 200-day moving average is $42.58. The firm has a market capitalization of $9.28 billion, a P/E ratio of 10.69, a P/E/G ratio of 0.79 and a beta of 1.59. Tapestry has a 52-week low of $25.99 and a 52-week high of $48.80. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the company posted $0.95 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. Analysts expect that Tapestry will post 4.24 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend is Friday, September 6th. Tapestry’s payout ratio is 37.04%.

Insider Activity

In other news, VP Manesh Dadlani sold 2,500 shares of the business’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $42.23, for a total transaction of $105,575.00. Following the sale, the vice president now directly owns 37,173 shares of the company’s stock, valued at $1,569,815.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tapestry

A number of large investors have recently made changes to their positions in TPR. Quarry LP grew its holdings in shares of Tapestry by 110.5% during the second quarter. Quarry LP now owns 1,998 shares of the luxury accessories retailer’s stock valued at $85,000 after buying an additional 1,049 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Tapestry by 7.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 12,118 shares of the luxury accessories retailer’s stock worth $519,000 after acquiring an additional 884 shares during the period. Creative Planning grew its stake in Tapestry by 1.0% during the 2nd quarter. Creative Planning now owns 48,518 shares of the luxury accessories retailer’s stock valued at $2,076,000 after acquiring an additional 457 shares in the last quarter. Magnolia Capital Advisors LLC acquired a new position in shares of Tapestry in the 2nd quarter valued at about $295,000. Finally, Maverick Capital Ltd. lifted its position in shares of Tapestry by 243.6% in the second quarter. Maverick Capital Ltd. now owns 105,150 shares of the luxury accessories retailer’s stock worth $4,499,000 after purchasing an additional 74,552 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.