Credit Suisse Group cut shares of Tapestry (NYSE:TPR) from an outperform rating to a neutral rating in a research note published on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has $22.00 price objective on the luxury accessories retailer’s stock, down from their prior price objective of $38.00.
Other research analysts have also recently issued reports about the company. Telsey Advisory Group cut Tapestry from an outperform rating to a market perform rating in a research report on Thursday. Goldman Sachs Group cut Tapestry to a buy rating in a research report on Thursday, June 27th. Standpoint Research raised Tapestry from a hold rating to a buy rating in a research report on Thursday, May 9th. Bank of America set a $48.00 price objective on Tapestry and gave the stock a buy rating in a research report on Friday, May 10th. Finally, UBS Group upped their price objective on Tapestry from $50.00 to $51.00 and gave the stock a buy rating in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have given a buy rating to the company’s stock. Tapestry presently has an average rating of Buy and a consensus price target of $38.00.
NYSE:TPR opened at $19.96 on Thursday. The stock has a 50-day simple moving average of $29.33 and a 200-day simple moving average of $31.72. The stock has a market cap of $5.64 billion, a P/E ratio of 7.77, a P/E/G ratio of 0.64 and a beta of 0.88. Tapestry has a 1 year low of $18.54 and a 1 year high of $52.49. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.86 and a current ratio of 2.79.
Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.61. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 EPS. On average, equities research analysts predict that Tapestry will post 2.67 EPS for the current year.
In other news, Director Darrell Cavens bought 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average cost of $30.01 per share, with a total value of $210,070.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Annabelle Yu Long sold 3,229 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total value of $93,414.97. The disclosure for this sale can be found here. 0.70% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC raised its stake in Tapestry by 100.4% during the 1st quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock valued at $453,553,000 after acquiring an additional 6,994,567 shares during the last quarter. American Century Companies Inc. raised its stake in Tapestry by 4.7% during the 1st quarter. American Century Companies Inc. now owns 6,216,778 shares of the luxury accessories retailer’s stock valued at $201,983,000 after acquiring an additional 280,937 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in Tapestry by 28.5% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,326,188 shares of the luxury accessories retailer’s stock valued at $169,000,000 after acquiring an additional 1,182,774 shares during the last quarter. Prudential Financial Inc. raised its stake in Tapestry by 347.2% during the 2nd quarter. Prudential Financial Inc. now owns 4,946,057 shares of the luxury accessories retailer’s stock valued at $156,938,000 after acquiring an additional 3,840,023 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Tapestry by 19.7% during the 4th quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock valued at $148,221,000 after acquiring an additional 725,349 shares during the last quarter. 87.42% of the stock is owned by hedge funds and other institutional investors.
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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