Evercore ISI Has Lowered Expectations for Tapestry (NYSE:TPR) Stock Price

Tapestry (NYSE:TPR) had its price objective dropped by stock analysts at Evercore ISI from $130.00 to $125.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the luxury accessories retailer’s stock. Evercore ISI’s price target suggests a potential upside of 23.89% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Argus boosted their price objective on shares of Tapestry from $78.00 to $92.00 and gave the company a “buy” rating in a research report on Tuesday, June 17th. Bank of America lowered Tapestry from a “buy” rating to a “neutral” rating and boosted their price target for the company from $95.00 to $115.00 in a report on Tuesday, July 29th. The Goldman Sachs Group increased their price objective on Tapestry from $84.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. JPMorgan Chase & Co. lifted their target price on Tapestry from $104.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 28th. Finally, Morgan Stanley upped their target price on Tapestry from $90.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $105.47.

Tapestry Trading Up 5.4%

Shares of NYSE TPR opened at $100.90 on Friday. The business’s 50 day moving average price is $96.88 and its 200-day moving average price is $82.73. Tapestry has a fifty-two week low of $39.10 and a fifty-two week high of $114.05. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.22 and a current ratio of 1.87. The company has a market cap of $20.96 billion, a price-to-earnings ratio of 160.16, a PEG ratio of 2.06 and a beta of 1.51.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.02. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.67 billion. Tapestry had a return on equity of 68.02% and a net margin of 2.61%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period last year, the company earned $0.92 earnings per share. On average, sell-side analysts expect that Tapestry will post 4.91 earnings per share for the current year.

Institutional Investors Weigh In On Tapestry

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Tapestry by 2.4% during the second quarter. Vanguard Group Inc. now owns 25,902,930 shares of the luxury accessories retailer’s stock valued at $2,274,536,000 after buying an additional 606,686 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Tapestry by 4.8% during the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer’s stock worth $527,799,000 after acquiring an additional 370,784 shares during the period. Geode Capital Management LLC grew its stake in Tapestry by 3.0% during the 2nd quarter. Geode Capital Management LLC now owns 5,500,858 shares of the luxury accessories retailer’s stock valued at $482,125,000 after purchasing an additional 158,782 shares during the last quarter. SRS Investment Management LLC increased its holdings in shares of Tapestry by 12.4% in the second quarter. SRS Investment Management LLC now owns 5,332,824 shares of the luxury accessories retailer’s stock valued at $468,275,000 after purchasing an additional 589,000 shares during the period. Finally, Schroder Investment Management Group raised its stake in shares of Tapestry by 1,661.6% in the second quarter. Schroder Investment Management Group now owns 4,002,818 shares of the luxury accessories retailer’s stock worth $351,487,000 after purchasing an additional 3,775,593 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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.