Tapestry (NYSE:TPR) Price Target Lowered to $40.00 at Cowen

Tapestry (NYSE:TPRGet Rating) had its price target decreased by Cowen from $56.00 to $40.00 in a research note published on Friday, Stock Target Advisor reports.

Other equities analysts have also recently issued research reports about the company. Citigroup reduced their price target on Tapestry from $50.00 to $46.00 in a report on Friday. Sanford C. Bernstein started coverage on Tapestry in a report on Monday, March 14th. They set an outperform rating and a $62.00 price objective for the company. UBS Group reduced their price objective on Tapestry from $48.00 to $36.00 in a report on Friday. Credit Suisse Group reduced their price objective on Tapestry from $67.00 to $53.00 in a report on Friday. Finally, Wells Fargo & Company reduced their price objective on Tapestry from $58.00 to $48.00 and set an overweight rating for the company in a report on Tuesday, April 5th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Tapestry currently has a consensus rating of Buy and an average target price of $48.71.

Shares of NYSE TPR traded up $0.88 during mid-day trading on Friday, hitting $31.51. The company had a trading volume of 6,160,888 shares, compared to its average volume of 3,982,577. Tapestry has a one year low of $26.39 and a one year high of $48.01. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $8.32 billion, a PE ratio of 10.16, a price-to-earnings-growth ratio of 0.74 and a beta of 1.39. The firm has a 50-day simple moving average of $34.45 and a two-hundred day simple moving average of $38.45.

Tapestry (NYSE:TPRGet Rating) last posted its quarterly earnings results on Thursday, May 12th. The luxury accessories retailer reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.10. Tapestry had a return on equity of 31.10% and a net margin of 12.85%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter last year, the company posted $0.51 earnings per share. Tapestry’s quarterly revenue was up 13.1% on a year-over-year basis. Sell-side analysts expect that Tapestry will post 3.45 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 27th. Shareholders of record on Friday, June 3rd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $1.00 annualized dividend and a yield of 3.17%. Tapestry’s dividend payout ratio is currently 32.26%.

In other news, CEO Joanne C. Crevoiserat acquired 5,700 shares of the stock in a transaction on Friday, March 11th. The stock was acquired at an average cost of $34.60 per share, for a total transaction of $197,220.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Tapestry by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer’s stock worth $1,213,109,000 after buying an additional 751,210 shares during the last quarter. BlackRock Inc. grew its stake in shares of Tapestry by 1.9% during the fourth quarter. BlackRock Inc. now owns 17,203,942 shares of the luxury accessories retailer’s stock worth $698,482,000 after buying an additional 316,964 shares during the last quarter. State Street Corp grew its stake in shares of Tapestry by 5.0% during the fourth quarter. State Street Corp now owns 10,808,751 shares of the luxury accessories retailer’s stock worth $438,835,000 after buying an additional 518,261 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Tapestry by 166.9% during the third quarter. Franklin Resources Inc. now owns 7,108,830 shares of the luxury accessories retailer’s stock worth $263,170,000 after buying an additional 4,445,584 shares during the last quarter. Finally, Suvretta Capital Management LLC grew its stake in shares of Tapestry by 3.8% during the third quarter. Suvretta Capital Management LLC now owns 5,378,032 shares of the luxury accessories retailer’s stock worth $199,095,000 after buying an additional 198,170 shares during the last quarter. 89.75% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Company Profile (Get Rating)

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

Featured Articles

Analyst Recommendations for Tapestry (NYSE:TPR)

Want More Great Investing Ideas?

Receive News & Ratings for Tapestry Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tapestry and related companies with MarketBeat.com's FREE daily email newsletter.