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

StockNews.com downgraded shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a report released on Wednesday morning.

A number of other equities analysts have also recently commented on TPR. Morgan Stanley reissued an equal weight rating and issued a $38.00 price objective on shares of Tapestry in a research note on Tuesday, December 12th. TheStreet raised shares of Tapestry from a c+ rating to a b- rating in a research note on Tuesday, December 26th. Telsey Advisory Group reaffirmed an outperform rating and set a $54.00 price target on shares of Tapestry in a research note on Wednesday, March 27th. The Goldman Sachs Group lifted their price target on shares of Tapestry from $41.00 to $47.00 and gave the stock a buy rating in a research note on Friday, February 9th. Finally, Wells Fargo & Company lifted their price target on shares of Tapestry from $50.00 to $60.00 and gave the stock an overweight rating in a research note on Friday, February 2nd. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry currently has a consensus rating of Moderate Buy and a consensus target price of $47.81.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $41.44 on Wednesday. Tapestry has a 52 week low of $25.99 and a 52 week high of $48.80. The stock has a market capitalization of $9.51 billion, a P/E ratio of 10.46, a PEG ratio of 0.88 and a beta of 1.57. The firm has a fifty day simple moving average of $45.50 and a two-hundred day simple moving average of $36.96. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The business had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same period last year, the company posted $1.36 EPS. The business’s revenue was up 2.5% on a year-over-year basis. On average, analysts expect that Tapestry will post 4.25 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were issued a $0.35 dividend. The ex-dividend date was Thursday, March 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.38%. Tapestry’s dividend payout ratio is currently 35.35%.

Institutional Investors Weigh In On Tapestry

Several large investors have recently modified their holdings of TPR. Brown Brothers Harriman & Co. raised its holdings in shares of Tapestry by 340.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after purchasing an additional 511 shares in the last quarter. Alpha Paradigm Partners LLC bought a new position in shares of Tapestry during the 3rd quarter worth approximately $26,000. Bell Investment Advisors Inc raised its stake in shares of Tapestry by 718.1% during the 3rd quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock worth $27,000 after acquiring an additional 833 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Tapestry by 955.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after acquiring an additional 994 shares in the last quarter. Finally, Quarry LP raised its stake in shares of Tapestry by 100.8% during the 2nd quarter. Quarry LP now owns 968 shares of the luxury accessories retailer’s stock worth $41,000 after acquiring an additional 127,311 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

About Tapestry

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.