Tapestry (NYSE:TPR) Price Target Cut to $42.00 by Analysts at UBS Group

Tapestry (NYSE:TPR) had its price objective lowered by UBS Group from $45.00 to $42.00 in a research report released on Wednesday morning, Benzinga reports. UBS Group currently has a neutral rating on the luxury accessories retailer’s stock.

TPR has been the topic of several other reports. Wells Fargo & Company decreased their price target on shares of Tapestry from $55.00 to $52.00 and set an overweight rating on the stock in a research note on Wednesday, July 24th. Bernstein Bank raised their price target on shares of Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. 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. Argus reaffirmed a buy rating and set a $52.00 target price on shares of Tapestry in a research note on Tuesday, June 18th. Finally, StockNews.com downgraded shares of Tapestry from a buy rating to a hold rating in a research note on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $47.56.

Tapestry Stock Performance

TPR opened at $38.13 on Wednesday. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77. The company has a market cap of $8.76 billion, a price-to-earnings ratio of 10.09, a PEG 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 firm’s fifty day simple moving average is $41.77 and its two-hundred day simple moving average is $42.53.

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

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, June 7th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Friday, June 7th. Tapestry’s dividend payout ratio (DPR) is currently 37.04%.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 2,500 shares of Tapestry stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $42.23, for a total value of $105,575.00. Following the completion of the transaction, the vice president now owns 37,173 shares in the company, valued at $1,569,815.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Fidelis Capital Partners LLC purchased a new position in Tapestry in the first quarter worth approximately $35,000. BNP Paribas purchased a new position in Tapestry in the first quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV lifted its stake in Tapestry by 54.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after acquiring an additional 328 shares during the last quarter. Blue Trust Inc. lifted its stake in Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc lifted its stake in Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after acquiring an additional 317 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

About Tapestry

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.