Tapestry (NYSE:TPR) Downgraded to Hold Rating by StockNews.com

StockNews.com cut shares of Tapestry (NYSE:TPR - Free Report) from a buy rating to a hold rating in a report published on Tuesday morning.

Other equities research analysts also recently issued research reports about the stock. Evercore ISI raised their price objective on shares of Tapestry from $68.00 to $74.00 and gave the stock an "outperform" rating in a report on Monday, January 27th. Wells Fargo & Company increased their target price on Tapestry from $75.00 to $90.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Barclays boosted their price target on Tapestry from $87.00 to $100.00 and gave the company an "overweight" rating in a report on Friday, February 7th. Raymond James reiterated an "outperform" rating and set a $88.00 price objective (up from $79.00) on shares of Tapestry in a report on Friday, February 7th. Finally, Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price on the stock in a research report on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and an average price target of $77.63.

Remove Ads

Tapestry Trading Down 0.8 %

Tapestry stock traded down $0.52 during mid-day trading on Tuesday, hitting $63.40. 5,317,849 shares of the company's stock were exchanged, compared to its average volume of 4,157,263. The company's 50 day simple moving average is $75.82 and its 200-day simple moving average is $64.69. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The firm has a market capitalization of $13.13 billion, a P/E ratio of 18.38, a PEG ratio of 2.01 and a beta of 1.37. Tapestry has a fifty-two week low of $35.23 and a fifty-two week high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same quarter in the previous year, the firm posted $1.63 EPS. On average, equities analysts anticipate that Tapestry will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were paid a dividend of $0.35 per share. The ex-dividend date was Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.21%. Tapestry's dividend payout ratio is presently 40.58%.

Insider Activity at Tapestry

In other news, CFO Scott A. Roe sold 25,727 shares of the firm's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the sale, the chief financial officer now owns 146,587 shares in the company, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel David E. Howard sold 11,917 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,537 shares of company stock worth $5,730,589. Insiders own 1.18% of the company's stock.

Institutional Investors Weigh In On Tapestry

Several hedge funds have recently bought and sold shares of the stock. Southpoint Capital Advisors LP bought a new position in shares of Tapestry during the fourth quarter worth approximately $130,660,000. Price T Rowe Associates Inc. MD raised its holdings in Tapestry by 593.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after acquiring an additional 1,875,753 shares in the last quarter. Norges Bank bought a new stake in Tapestry during the fourth quarter worth about $114,199,000. Point72 Asset Management L.P. bought a new stake in shares of Tapestry during the 4th quarter worth approximately $101,433,000. Finally, Candlestick Capital Management LP bought a new stake in Tapestry during the fourth quarter worth $66,902,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.