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

Tapestry (NYSE:TPRGet Rating) had its price target trimmed by Cowen from $56.00 to $40.00 in a research report released on Friday, The Fly reports.

Several other research firms have also recently weighed in on TPR. Sanford C. Bernstein assumed coverage on shares of Tapestry in a research note on Monday, March 14th. They issued an outperform rating and a $62.00 price target for the company. Wells Fargo & Company dropped their price target on shares of Tapestry from $58.00 to $48.00 and set an overweight rating for the company in a research note on Tuesday, April 5th. Credit Suisse Group dropped their price target on shares of Tapestry from $67.00 to $53.00 in a research note on Friday. UBS Group dropped their price target on shares of Tapestry from $48.00 to $36.00 in a research note on Friday. Finally, StockNews.com assumed coverage on shares of Tapestry in a research report on Thursday, March 31st. They set a buy rating for the company. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Buy and an average price target of $48.71.

NYSE TPR traded up $0.88 during trading hours on Friday, hitting $31.51. 6,160,888 shares of the company’s stock traded hands, compared to its average volume of 3,982,577. Tapestry has a 52-week low of $26.39 and a 52-week high of $48.01. The company has a market capitalization of $8.32 billion, a PE ratio of 10.16, a PEG ratio of 0.74 and a beta of 1.39. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.66 and a quick ratio of 1.25. The firm’s 50-day moving average is $34.45 and its 200-day moving average is $38.45.

Tapestry (NYSE:TPRGet Rating) last announced its quarterly earnings data on Thursday, May 12th. The luxury accessories retailer reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.10. Tapestry had a net margin of 12.85% and a return on equity of 31.10%. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the prior year, the company earned $0.51 EPS. Tapestry’s revenue was up 13.1% compared to the same quarter last year. Equities research analysts predict that Tapestry will post 3.45 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 27th. Shareholders of record on Friday, June 3rd will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, June 2nd. This represents a $1.00 dividend on an annualized basis and a yield of 3.17%. Tapestry’s dividend payout ratio (DPR) is presently 32.26%.

In other Tapestry news, CEO Joanne C. Crevoiserat bought 5,700 shares of Tapestry stock in a transaction on Friday, March 11th. The shares were bought at an average cost of $34.60 per share, for a total transaction of $197,220.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.40% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Brown Brothers Harriman & Co. raised its holdings in shares of Tapestry by 340.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after purchasing an additional 511 shares in the last quarter. Capital Analysts LLC acquired a new stake in shares of Tapestry in the 1st quarter valued at $28,000. Confluence Wealth Services Inc. acquired a new stake in shares of Tapestry in the 4th quarter valued at $33,000. AllSquare Wealth Management LLC acquired a new stake in shares of Tapestry in the 1st quarter valued at $39,000. Finally, Quent Capital LLC acquired a new stake in shares of Tapestry in the 4th quarter valued at $43,000. Institutional investors and hedge funds own 89.75% of the company’s stock.

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.

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