Tapestry (NYSE:TPR) Price Target Cut to $52.00 by Analysts at Wells Fargo & Company

Tapestry (NYSE:TPR) had its target price cut by Wells Fargo & Company from $55.00 to $52.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an overweight rating on the luxury accessories retailer’s stock.

Other research analysts have also issued reports about the stock. Argus reiterated a buy rating and issued a $52.00 target price on shares of Tapestry in a research report on Tuesday, June 18th. Bernstein Bank upped their target price on shares of Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. JPMorgan Chase & Co. cut their target price on shares of Tapestry from $56.00 to $54.00 and set an overweight rating for the company in a research report on Friday, May 10th. StockNews.com raised shares of Tapestry from a hold rating to a buy rating in a research note on Friday, July 19th. Finally, Telsey Advisory Group reissued an outperform rating and issued a $54.00 price target on shares of Tapestry in a research note on Thursday, May 9th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Tapestry presently has an average rating of Moderate Buy and a consensus target price of $48.06.

Tapestry Stock Up 3.0 %

TPR opened at $40.83 on Wednesday. Tapestry has a one year low of $25.99 and a one year high of $48.80. The company has a fifty day moving average price of $42.02 and a 200-day moving average price of $42.41. The firm has a market capitalization of $9.38 billion, a P/E ratio of 10.80, a price-to-earnings-growth ratio of 0.81 and a beta of 1.59. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.14. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the business earned $0.78 earnings per share. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. Equities research analysts expect that Tapestry will post 4.24 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Friday, June 7th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.43%. The ex-dividend date was Friday, June 7th. Tapestry’s dividend payout ratio (DPR) is 37.04%.

Insider Activity

In other news, VP Manesh Dadlani sold 2,500 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $42.23, for a total transaction of $105,575.00. Following the completion of the transaction, 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 SEC, which is accessible through this hyperlink. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tapestry

Institutional investors have recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. bought a new position in Tapestry in the fourth quarter worth about $117,000. Raymond James Financial Services Advisors Inc. raised its stake in Tapestry by 9.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 285,989 shares of the luxury accessories retailer’s stock worth $10,527,000 after buying an additional 23,532 shares in the last quarter. Lecap Asset Management Ltd. bought a new position in Tapestry in the fourth quarter worth about $1,107,000. Goldman Sachs Group Inc. raised its stake in Tapestry by 41.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer’s stock worth $46,857,000 after buying an additional 371,724 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Tapestry by 4.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,305,257 shares of the luxury accessories retailer’s stock worth $121,671,000 after buying an additional 140,347 shares in the last quarter. 90.77% of the stock is 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.