Deutsche Bank set a $33.00 target price on Tapestry (NYSE:TPR) in a report issued on Friday morning, TipRanks reports. The brokerage currently has a buy rating on the luxury accessories retailer’s stock.
TPR has been the topic of a number of other reports. Oppenheimer lowered Tapestry from an outperform rating to a market perform rating in a research report on Friday. Piper Jaffray Companies lowered Tapestry from an overweight rating to a neutral rating and lowered their target price for the stock from $40.00 to $23.00 in a research report on Friday. UBS Group upped their target price on Tapestry from $50.00 to $51.00 and gave the stock a buy rating in a research report on Friday, May 10th. Robert W. Baird set a $43.00 target price on Tapestry and gave the stock a buy rating in a research report on Monday, August 12th. Finally, Cowen reaffirmed a buy rating and set a $22.00 target price (down from $34.00) on shares of Tapestry in a research report on Friday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have issued a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $35.88.
TPR traded up $1.01 during trading on Friday, hitting $20.97. The company’s stock had a trading volume of 10,607,282 shares, compared to its average volume of 4,611,310. Tapestry has a twelve month low of $18.54 and a twelve month high of $52.49. The company has a quick ratio of 1.86, a current ratio of 2.79 and a debt-to-equity ratio of 0.46. The stock’s fifty day moving average price is $29.33 and its 200-day moving average price is $31.72. The firm has a market capitalization of $5.64 billion, a P/E ratio of 8.16, a PEG ratio of 0.64 and a beta of 0.88.
Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the firm earned $0.60 earnings per share. The company’s revenue was up 2.0% compared to the same quarter last year. Equities research analysts expect that Tapestry will post 2.67 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be issued a dividend of $0.338 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.35 annualized dividend and a yield of 6.45%. This is an increase from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s dividend payout ratio is 52.53%.
In related news, Director Annabelle Yu Long sold 3,229 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total transaction of $93,414.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Darrell Cavens purchased 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were bought at an average price of $30.01 per share, with a total value of $210,070.00. The disclosure for this purchase can be found here. Corporate insiders own 0.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Maverick Capital Ltd. grew its stake in Tapestry by 12.2% in the 2nd quarter. Maverick Capital Ltd. now owns 185,420 shares of the luxury accessories retailer’s stock valued at $5,883,000 after purchasing an additional 20,160 shares during the period. Magnetar Financial LLC bought a new position in Tapestry in the 2nd quarter valued at $915,000. Prudential PLC grew its stake in shares of Tapestry by 15.2% during the 2nd quarter. Prudential PLC now owns 497,215 shares of the luxury accessories retailer’s stock worth $15,911,000 after acquiring an additional 65,754 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Tapestry by 116.8% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 28,652 shares of the luxury accessories retailer’s stock worth $907,000 after acquiring an additional 15,434 shares during the period. Finally, Amundi Pioneer Asset Management Inc. grew its stake in shares of Tapestry by 72.4% during the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 809,543 shares of the luxury accessories retailer’s stock worth $25,686,000 after acquiring an additional 339,952 shares during the period. Institutional investors and hedge funds own 88.13% of the company’s stock.
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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