Tapestry (NYSE:TPR) had its price objective lowered by Buckingham Research from $62.00 to $53.00 in a research report report published on Wednesday morning. Buckingham Research currently has a buy rating on the luxury accessories retailer’s stock.
TPR has been the subject of a number of other research reports. Piper Jaffray Companies set a $58.00 price objective on Tapestry and gave the stock a buy rating in a research report on Thursday, August 2nd. Morgan Stanley raised Tapestry from an underweight rating to an equal weight rating in a research report on Wednesday. Goldman Sachs Group set a $61.00 price objective on Tapestry and gave the stock a buy rating in a research report on Wednesday, August 15th. Canaccord Genuity lowered their price objective on Tapestry to $55.00 and set a buy rating for the company in a research report on Monday, August 13th. Finally, Wells Fargo & Co reaffirmed a buy rating on shares of Tapestry in a research report on Tuesday, August 14th. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $56.16.
Shares of NYSE TPR opened at $42.51 on Wednesday. The company has a current ratio of 2.59, a quick ratio of 1.87 and a debt-to-equity ratio of 0.49. The firm has a market cap of $12.31 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 1.31 and a beta of 0.43. Tapestry has a 12-month low of $39.60 and a 12-month high of $55.50.
Tapestry (NYSE:TPR) last announced its earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Tapestry had a return on equity of 24.76% and a net margin of 6.76%. The business’s revenue for the quarter was up 30.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS. As a group, equities research analysts expect that Tapestry will post 2.77 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Friday, September 7th were paid a dividend of $0.3375 per share. The ex-dividend date was Thursday, September 6th. This represents a $1.35 dividend on an annualized basis and a dividend yield of 3.18%. Tapestry’s payout ratio is currently 51.33%.
In other Tapestry news, insider Ian Bickley sold 48,071 shares of Tapestry stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $52.13, for a total transaction of $2,505,941.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ivan Menezes sold 2,068 shares of Tapestry stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $50.70, for a total value of $104,847.60. The disclosure for this sale can be found here. Insiders have sold a total of 50,602 shares of company stock valued at $2,633,939 in the last quarter. Company insiders own 0.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TPR. Principal Financial Group Inc. raised its stake in shares of Tapestry by 0.5% during the 1st quarter. Principal Financial Group Inc. now owns 429,776 shares of the luxury accessories retailer’s stock valued at $22,610,000 after buying an additional 2,003 shares during the last quarter. United Capital Financial Advisers LLC increased its stake in shares of Tapestry by 18.4% in the 1st quarter. United Capital Financial Advisers LLC now owns 21,758 shares of the luxury accessories retailer’s stock valued at $1,145,000 after purchasing an additional 3,379 shares in the last quarter. Natixis purchased a new position in shares of Tapestry in the 1st quarter valued at about $1,195,000. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Tapestry by 239.4% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 27,887 shares of the luxury accessories retailer’s stock valued at $1,466,000 after purchasing an additional 19,671 shares in the last quarter. Finally, Highbridge Capital Management LLC increased its stake in shares of Tapestry by 203.7% in the 1st quarter. Highbridge Capital Management LLC now owns 5,081 shares of the luxury accessories retailer’s stock valued at $267,000 after purchasing an additional 9,981 shares in the last quarter. Institutional investors and hedge funds own 90.04% of the company’s stock.
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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