Tapestry (NYSE:TPR) Trading Down 2.6%

Tapestry, Inc. (NYSE:TPR) shares dropped 2.6% during trading on Tuesday . The company traded as low as $38.73 and last traded at $39.27. Approximately 1,065,985 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 3,717,196 shares. The stock had previously closed at $40.31.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Jefferies Financial Group cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Thursday, February 29th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research note on Wednesday, March 27th. StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, The Goldman Sachs Group raised their target price on shares of Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.81.

Tapestry Trading Up 1.5 %

The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. The stock has a market capitalization of $9.18 billion, a P/E ratio of 10.11, a price-to-earnings-growth ratio of 0.81 and a beta of 1.57. The firm’s fifty day simple moving average is $45.28 and its 200 day simple moving average is $37.83.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, beating the consensus estimate of $1.46 by $0.17. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the firm earned $1.36 EPS. As a group, equities research analysts forecast that Tapestry, Inc. will post 4.23 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.50%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s dividend payout ratio (DPR) is presently 35.35%.

Institutional Investors Weigh In On Tapestry

Several hedge funds and other institutional investors have recently made changes to their positions in TPR. Balyasny Asset Management L.P. bought a new stake in shares of Tapestry during the 4th quarter valued at approximately $102,531,000. Capital Research Global Investors grew its holdings in shares of Tapestry by 77.2% during 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 shares of Tapestry during the 4th quarter valued at approximately $79,352,000. Fiera Capital Corp bought a new stake in shares of Tapestry during the 4th quarter valued at approximately $52,121,000. Finally, Invesco Ltd. grew its holdings in shares of Tapestry by 37.8% during the 3rd quarter. Invesco Ltd. now owns 4,394,913 shares of the luxury accessories retailer’s stock valued at $126,354,000 after purchasing an additional 1,205,207 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Tapestry Company Profile

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.