StockNews.com Lowers Tapestry (NYSE:TPR) to Hold

StockNews.com cut shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

Several other research analysts have also commented on TPR. UBS Group decreased their target price on Tapestry from $42.00 to $40.00 and set a neutral rating for the company in a research report on Friday, August 16th. Wells Fargo & Company dropped their target price on shares of Tapestry from $52.00 to $50.00 and set an overweight rating on the stock in a report on Friday, August 16th. Evercore ISI decreased their price target on shares of Tapestry from $53.00 to $47.00 and set an outperform rating for the company in a report on Friday, August 9th. Argus reiterated a buy rating and set a $52.00 price objective on shares of Tapestry in a research note on Tuesday, June 18th. Finally, JPMorgan Chase & Co. decreased their target price on Tapestry from $54.00 to $51.00 and set an overweight rating for the company in a research note on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $47.07.

Tapestry Stock Down 0.7 %

TPR stock opened at $42.82 on Tuesday. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The firm has a 50 day simple moving average of $40.60 and a 200-day simple moving average of $42.06. The company has a market capitalization of $9.84 billion, a P/E ratio of 11.33, a PEG ratio of 1.55 and a beta of 1.54. Tapestry has a twelve month low of $25.99 and a twelve month high of $48.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the business earned $0.95 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities research analysts predict that Tapestry will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be given a $0.35 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 3.27%. Tapestry’s dividend payout ratio is presently 37.04%.

Institutional Trading of Tapestry

A number of hedge funds and other institutional investors have recently made changes to their positions in TPR. Fidelis Capital Partners LLC acquired a new position in shares of Tapestry during the first quarter valued at approximately $35,000. BNP Paribas acquired a new position in shares of Tapestry during the 1st quarter valued at $38,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Tapestry by 3,778.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock worth $46,000 after buying an additional 1,209 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after buying an additional 556 shares during the period. 90.77% of the stock is currently owned by institutional investors.

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.