Tapestry (NYSE:TPR) Stock Gets Price Target Trim from Wells Fargo & Company

Tapestry (NYSE:TPR) had its target price cut by Wells Fargo & Company from $160.00 to $150.00 in a report published on Thursday morning, MarketBeat.com reports. They currently have an overweight rating on the luxury accessories retailer’s stock.

Several other research firms have also commented on TPR. Barclays boosted their price objective on shares of Tapestry from $182.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $185.00 price target (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Morgan Stanley reduced their price target on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research report on Friday, August 14th. Robert W. Baird decreased their price objective on Tapestry from $165.00 to $150.00 and set an “outperform” rating for the company in a report on Tuesday, October 27th. Finally, Wall Street Zen lowered Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus target price of $170.00.

Tapestry Price Performance

Shares of TPR stock opened at $116.09 on Thursday. The stock’s 50-day moving average is $117.65 and its 200 day moving average is $137.09. Tapestry has a 1-year low of $93.00 and a 1-year high of $164.80. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. The company has a market cap of $23.15 billion, a P/E ratio of 15.92, a PEG ratio of 1.47 and a beta of 1.42.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Research analysts predict that Tapestry will post 7.97 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, September 4th were given a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, September 4th. This is an increase from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s payout ratio is 25.38%.

Insider Activity at Tapestry

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the sale, the chief executive officer owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. The trade was a 4.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the company’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total transaction of $670,357.80. Following the transaction, the insider owned 21,136 shares in the company, valued at $2,438,671.68. The trade was a 21.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Tapestry in the 2nd quarter valued at $2,610,995,000. Bank of America Corp DE purchased a new stake in shares of Tapestry during the second quarter worth $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Tapestry by 53.8% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer’s stock worth $317,586,000 after buying an additional 758,915 shares in the last quarter. Amundi grew its holdings in shares of Tapestry by 96.0% during the first quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock worth $249,751,000 after buying an additional 866,969 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Tapestry in the second quarter valued at about $175,291,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Company Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company’s portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women’s footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.