TD Cowen Downgrades Tapestry (NYSE:TPR) to Hold

TD Cowen cut shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. The firm currently has $52.00 target price on the luxury accessories retailer’s stock.

Several other analysts have also weighed in on TPR. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price target on shares of Tapestry in a report on Thursday, August 15th. Citigroup raised their target price on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday. UBS Group reduced their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. boosted their target price on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Tapestry Price Performance

TPR stock opened at $47.47 on Tuesday. Tapestry has a 52 week low of $25.99 and a 52 week high of $51.96. The firm has a market capitalization of $11.05 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. The company has a fifty day simple moving average of $44.06 and a two-hundred day simple moving average of $42.05. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the firm earned $0.95 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. Analysts anticipate that Tapestry will post 4.47 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Friday, September 6th. Tapestry’s dividend payout ratio (DPR) is presently 39.89%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TPR. Pacer Advisors Inc. lifted its position in shares of Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after purchasing an additional 2,087,586 shares during the period. Clearbridge Investments LLC bought a new position in Tapestry in the first quarter worth approximately $54,055,000. AQR Capital Management LLC lifted its holdings in Tapestry by 235.9% during the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares during the period. Coronation Fund Managers Ltd. boosted its position in Tapestry by 265.1% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock valued at $44,700,000 after acquiring an additional 758,539 shares in the last quarter. Finally, Swedbank AB increased its holdings in shares of Tapestry by 206.5% in the 2nd quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock valued at $42,782,000 after acquiring an additional 673,655 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

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.