Tapestry (NYSE:TPR) Downgraded to “Neutral” at Goldman Sachs Group

Goldman Sachs Group downgraded shares of Tapestry (NYSE:TPR) from a buy rating to a neutral rating in a research note issued to investors on Friday morning, Briefing.com Automated Import reports. They currently have $24.00 target price on the luxury accessories retailer’s stock, down from their prior target price of $43.00.

TPR has been the subject of a number of other reports. Credit Suisse Group lowered shares of Tapestry from an outperform rating to a neutral rating and lowered their price objective for the stock from $38.00 to $22.00 in a research note on Thursday, August 15th. Bank of America set a $48.00 price objective on shares of Tapestry and gave the stock a buy rating in a research note on Friday, May 10th. Zacks Investment Research raised shares of Tapestry from a sell rating to a hold rating and set a $29.00 price objective for the company in a research note on Tuesday, August 6th. OTR Global lowered shares of Tapestry to a positive rating in a research note on Tuesday, April 23rd. Finally, Telsey Advisory Group lowered shares of Tapestry from an outperform rating to a market perform rating in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $35.88.

Shares of TPR opened at $20.97 on Friday. Tapestry has a 12-month low of $18.54 and a 12-month high of $52.49. The firm has a fifty day moving average price of $28.65 and a 200-day moving average price of $31.54. The firm has a market capitalization of $5.64 billion, a P/E ratio of 8.16, a P/E/G ratio of 0.64 and a beta of 0.88. The company has a current ratio of 2.79, a quick ratio of 1.86 and a debt-to-equity ratio of 0.46.



Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.61. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the firm earned $0.60 earnings per share. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Analysts predict that Tapestry will post 2.67 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be issued a $0.338 dividend. The ex-dividend date is Thursday, September 5th. This is an increase from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 dividend on an annualized basis and a yield of 6.45%. Tapestry’s payout ratio is currently 52.53%.

In other Tapestry news, Director Annabelle Yu Long sold 3,229 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total value of $93,414.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Darrell Cavens bought 7,000 shares of Tapestry stock in a transaction on Tuesday, May 28th. The stock was purchased at an average price of $30.01 per share, with a total value of $210,070.00. The disclosure for this purchase can be found here. Insiders own 0.70% of the company’s stock.

A number of institutional investors have recently made changes to their positions in TPR. Stephens Inc. AR increased its holdings in shares of Tapestry by 3.0% during the second quarter. Stephens Inc. AR now owns 11,983 shares of the luxury accessories retailer’s stock valued at $380,000 after acquiring an additional 347 shares in the last quarter. US Bancorp DE increased its holdings in shares of Tapestry by 1.7% during the first quarter. US Bancorp DE now owns 22,883 shares of the luxury accessories retailer’s stock valued at $744,000 after acquiring an additional 383 shares in the last quarter. Avestar Capital LLC increased its holdings in shares of Tapestry by 34.5% during the second quarter. Avestar Capital LLC now owns 1,626 shares of the luxury accessories retailer’s stock valued at $51,000 after acquiring an additional 417 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its holdings in shares of Tapestry by 1.1% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 44,064 shares of the luxury accessories retailer’s stock valued at $1,432,000 after acquiring an additional 458 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. increased its holdings in shares of Tapestry by 5.6% during the first quarter. Piedmont Investment Advisors Inc. now owns 8,885 shares of the luxury accessories retailer’s stock valued at $289,000 after acquiring an additional 469 shares in the last quarter. Institutional investors and hedge funds own 88.13% of the company’s stock.

About Tapestry

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Analyst Recommendations for Tapestry (NYSE:TPR)

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