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

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

A number of other research analysts also recently issued reports on the stock. Telsey Advisory Group reiterated an outperform rating and issued a $54.00 price target on shares of Tapestry in a research note on Wednesday, March 27th. The Goldman Sachs Group raised their price objective on shares of Tapestry from $41.00 to $47.00 and gave the stock a buy rating in a report on Friday, February 9th. Evercore ISI raised shares of Tapestry from an in-line rating to an outperform rating and raised their price objective for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Jefferies Financial Group cut shares of Tapestry from a buy rating to a hold rating and set a $50.00 price objective on the stock. in a report on Thursday, February 29th. Finally, Wells Fargo & Company raised their price objective on shares of Tapestry from $50.00 to $60.00 and gave the stock an overweight rating in a report on Friday, February 2nd. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $47.81.

Tapestry Stock Down 2.9 %

Shares of Tapestry stock opened at $41.44 on Wednesday. Tapestry has a 52-week low of $25.99 and a 52-week high of $48.80. The company has a 50 day moving average of $45.50 and a 200 day 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. The company has a market capitalization of $9.51 billion, a P/E ratio of 10.46, a P/E/G ratio of 0.88 and a beta of 1.57.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (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 company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the previous year, the firm earned $1.36 earnings per share. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, research analysts forecast that Tapestry will post 4.25 EPS for the current fiscal year.

Tapestry Announces Dividend

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

Institutional Investors Weigh In On Tapestry

Several institutional investors and hedge funds have recently made changes to their positions in TPR. Brown Brothers Harriman & Co. boosted its position 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 worth $25,000 after buying an additional 511 shares in the last quarter. Alpha Paradigm Partners LLC purchased a new stake in shares of Tapestry in the 3rd quarter worth about $26,000. Bell Investment Advisors Inc boosted its position in shares of Tapestry by 718.1% in the 3rd quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock worth $27,000 after buying an additional 833 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Tapestry by 955.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after buying an additional 994 shares in the last quarter. Finally, Quarry LP boosted its position in shares of Tapestry by 100.8% in the 2nd quarter. Quarry LP now owns 968 shares of the luxury accessories retailer’s stock worth $41,000 after buying an additional 127,311 shares in 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.