Wells Fargo & Company Trims Tapestry (NYSE:TPR) Target Price to $52.00

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

TPR has been the subject of several other reports. JPMorgan Chase & Co. decreased their target price on shares of Tapestry from $56.00 to $54.00 and set an overweight rating for the company in a report on Friday, May 10th. Argus restated a buy rating and set a $52.00 price target on shares of Tapestry in a report on Tuesday, June 18th. Robert W. Baird decreased their price target on shares of Tapestry from $52.00 to $50.00 and set an outperform rating for the company in a report on Friday, May 10th. OTR Global restated a mixed rating on shares of Tapestry in a report on Wednesday, April 17th. Finally, StockNews.com upgraded shares of Tapestry from a hold rating to a buy rating in a report on Friday, July 19th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $48.06.

Tapestry Stock Performance

Shares of TPR opened at $40.82 on Wednesday. Tapestry has a one year low of $25.99 and a one year high of $48.80. The company has a 50-day moving average of $42.02 and a two-hundred day moving average of $42.44. The stock has a market cap of $9.38 billion, a price-to-earnings ratio of 10.80, a PEG ratio of 0.80 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 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 analysts’ expectations of $1.50 billion. During the same period last year, the company posted $0.78 earnings per share. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, equities research analysts expect that Tapestry will post 4.24 earnings per share for the current year.

Tapestry Dividend Announcement

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

Insider Activity

In other 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 transaction, the vice president now owns 37,173 shares of the company’s stock, valued at $1,569,815.79. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tapestry

A number of institutional investors and hedge funds have recently bought and sold shares of TPR. Fidelis Capital Partners LLC bought a new position in Tapestry during the first quarter worth $35,000. BNP Paribas bought a new position in Tapestry during the first quarter worth $38,000. Massmutual Trust Co. FSB ADV increased its position in Tapestry by 54.0% during 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 period. EverSource Wealth Advisors LLC increased its position in Tapestry by 3,778.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock worth $46,000 after acquiring an additional 1,209 shares during the period. Finally, Blue Trust Inc. increased its position in Tapestry by 111.9% during 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 period. 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.