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

StockNews.com downgraded shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research note published on Wednesday morning.

Other equities analysts have also issued research reports about the stock. Robert W. Baird dropped their price target on shares of Tapestry from $52.00 to $50.00 and set an outperform rating for the company in a research report on Friday, May 10th. OTR Global reaffirmed a mixed rating on shares of Tapestry in a research report on Wednesday, April 17th. Telsey Advisory Group reiterated an outperform rating and set a $54.00 price objective on shares of Tapestry in a research note on Thursday, May 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, Bernstein Bank boosted their price objective on shares of Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $48.53.

Tapestry Stock Performance

NYSE:TPR opened at $43.90 on Wednesday. The firm has a 50 day simple moving average of $41.91 and a 200-day simple moving average of $42.12. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98. The firm has a market cap of $10.09 billion, a PE ratio of 11.61, a P/E/G ratio of 0.86 and a beta of 1.59. Tapestry has a 1-year low of $25.99 and a 1-year high of $48.80.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 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 firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the business posted $0.78 earnings per share. Tapestry’s revenue for the quarter was down 2.0% compared to the same quarter last year. On average, equities analysts expect that Tapestry will post 4.24 EPS for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Shareholders of record on Friday, June 7th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend was Friday, June 7th. Tapestry’s dividend payout ratio is currently 37.04%.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $42.23, for a total value of $105,575.00. Following the transaction, the vice president now directly owns 37,173 shares in the company, valued at approximately $1,569,815.79. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Balyasny Asset Management L.P. bought a new stake in Tapestry in the 4th quarter valued at about $102,531,000. Capital Research Global Investors lifted its position in Tapestry by 77.2% in the 4th quarter. Capital Research Global Investors now owns 5,748,737 shares of the luxury accessories retailer’s stock valued at $211,611,000 after purchasing an additional 2,504,135 shares during the last quarter. Norges Bank bought a new stake in Tapestry in the 4th quarter valued at about $79,352,000. Fiera Capital Corp bought a new stake in Tapestry in the 4th quarter valued at about $52,121,000. Finally, Pacer Advisors Inc. lifted its position in Tapestry by 60.1% in the 4th quarter. Pacer Advisors Inc. now owns 3,108,486 shares of the luxury accessories retailer’s stock valued at $114,423,000 after purchasing an additional 1,167,231 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

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.