Citigroup Cuts Tapestry (NYSE:TPR) Price Target to $81.00

Tapestry (NYSE:TPR) had its price objective trimmed by Citigroup from $95.00 to $81.00 in a report released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the luxury accessories retailer’s stock.

TPR has been the subject of several other reports. Wells Fargo & Company increased their price target on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Jefferies Financial Group raised their target price on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Telsey Advisory Group increased their price objective on shares of Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Raymond James restated an “outperform” rating and issued a $88.00 target price (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $79.00.

Tapestry Price Performance

TPR stock opened at $63.53 on Thursday. The company has a market cap of $13.15 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The stock has a 50-day moving average price of $74.24 and a two-hundred day moving average price of $65.27. Tapestry has a 12-month low of $35.23 and a 12-month high of $90.85.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company posted $1.63 earnings per share. As a group, research analysts predict that Tapestry will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were given a $0.35 dividend. The ex-dividend date was Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.20%. Tapestry’s payout ratio is 40.58%.

Insider Activity at Tapestry

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Todd Kahn sold 7,786 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the transaction, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. This trade represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,537 shares of company stock valued at $5,730,589. Corporate insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

Several hedge funds have recently made changes to their positions in the stock. Coppell Advisory Solutions LLC increased its position in Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after buying an additional 150 shares during the period. Checchi Capital Advisers LLC increased its holdings in shares of Tapestry by 1.9% in the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer’s stock worth $580,000 after acquiring an additional 163 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in Tapestry by 0.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock valued at $1,261,000 after purchasing an additional 170 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in Tapestry by 13.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock valued at $104,000 after purchasing an additional 182 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in Tapestry by 25.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer’s stock valued at $68,000 after purchasing an additional 194 shares during the period. 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.