Tapestry (NYSE:TPR) Price Target Cut to $23.00 by Analysts at Morgan Stanley

Tapestry (NYSE:TPR) had its price objective lowered by Morgan Stanley from $37.00 to $23.00 in a report released on Friday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the luxury accessories retailer’s stock.

A number of other analysts have also recently weighed in on TPR. Robert W. Baird set a $43.00 target price on shares of Tapestry and gave the stock a buy rating in a report on Monday, August 12th. Canaccord Genuity restated a buy rating and set a $41.00 target price on shares of Tapestry in a report on Friday, May 10th. Piper Jaffray Companies cut shares of Tapestry from an overweight rating to a neutral rating and reduced their target price for the stock from $40.00 to $23.00 in a report on Friday. Cowen restated a buy rating and set a $22.00 target price (down from $34.00) on shares of Tapestry in a report on Friday. Finally, Telsey Advisory Group cut shares of Tapestry from an outperform rating to a market perform rating in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have assigned a buy rating to the stock. Tapestry has a consensus rating of Buy and an average target price of $35.88.

Tapestry stock opened at $20.97 on Friday. The firm has a 50 day simple moving average of $28.65 and a 200-day simple moving average of $31.54. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.79 and a quick ratio of 1.86. The stock has a market capitalization of $5.64 billion, a PE ratio of 8.16, a price-to-earnings-growth ratio of 0.64 and a beta of 0.88. Tapestry has a 12-month low of $18.54 and a 12-month high of $52.49.



Tapestry (NYSE:TPR) last issued its earnings results 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. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period last year, the firm posted $0.60 earnings per share. On average, analysts forecast that Tapestry will post 2.67 earnings per share for the current fiscal year.

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

In related news, Director Annabelle Yu Long sold 3,229 shares of the company’s stock in a transaction that occurred on 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 is accessible through the SEC website. Also, Director Darrell Cavens purchased 7,000 shares of Tapestry stock in a transaction that occurred 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. 0.70% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of TPR. Nelson Roberts Investment Advisors LLC purchased a new stake in Tapestry in the 1st quarter worth approximately $26,000. Avestar Capital LLC lifted its position in Tapestry by 2,225.0% in the 1st quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock worth $39,000 after buying an additional 1,157 shares in the last quarter. Quadrant Capital Group LLC lifted its position in Tapestry by 1,079.0% in the 1st quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock worth $44,000 after buying an additional 1,284 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new stake in Tapestry in the 2nd quarter worth approximately $50,000. Finally, CSat Investment Advisory L.P. lifted its position in Tapestry by 106.7% in the 2nd quarter. CSat Investment Advisory L.P. now owns 1,827 shares of the luxury accessories retailer’s stock worth $58,000 after buying an additional 943 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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