ValuEngine cut shares of Tapestry (NYSE:TPR) from a sell rating to a strong sell rating in a research report report published on Friday.
Other research analysts have also issued reports about the company. Evercore ISI lowered Tapestry to a hold rating in a report on Monday, October 15th. Needham & Company LLC raised Tapestry from a hold rating to a buy rating and set a $50.00 price objective on the stock in a report on Tuesday, October 16th. They noted that the move was a valuation call. Wells Fargo & Co set a $58.00 price objective on Tapestry and gave the company a buy rating in a report on Thursday, December 13th. Canaccord Genuity reissued a buy rating and issued a $63.00 price objective on shares of Tapestry in a report on Monday, October 29th. Finally, Loop Capital lowered Tapestry from a buy rating to a hold rating and cut their price objective for the company from $59.00 to $45.00 in a report on Monday, October 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-two have assigned a buy rating to the company. Tapestry currently has an average rating of Buy and a consensus target price of $49.93.
Shares of NYSE:TPR opened at $33.86 on Friday. Tapestry has a 1 year low of $31.91 and a 1 year high of $55.50. The stock has a market cap of $9.81 billion, a P/E ratio of 12.87, a price-to-earnings-growth ratio of 1.15 and a beta of 0.76. The company has a current ratio of 2.62, a quick ratio of 1.83 and a debt-to-equity ratio of 0.46.
Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 7th. The luxury accessories retailer reported $1.07 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.11 by ($0.04). The business had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.86 billion. Tapestry had a net margin of 12.18% and a return on equity of 23.84%. The company’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company earned $1.07 earnings per share. Research analysts expect that Tapestry will post 2.62 EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc grew its holdings in Tapestry by 1.0% during the third quarter. Vanguard Group Inc now owns 30,145,320 shares of the luxury accessories retailer’s stock worth $1,515,405,000 after acquiring an additional 301,169 shares during the period. BlackRock Inc. grew its holdings in Tapestry by 4.6% during the fourth quarter. BlackRock Inc. now owns 22,031,923 shares of the luxury accessories retailer’s stock worth $743,578,000 after acquiring an additional 964,874 shares during the period. FMR LLC grew its holdings in Tapestry by 19.8% during the second quarter. FMR LLC now owns 8,097,454 shares of the luxury accessories retailer’s stock worth $378,232,000 after acquiring an additional 1,335,513 shares during the period. ANTIPODES PARTNERS Ltd boosted its position in Tapestry by 44.0% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 4,262,677 shares of the luxury accessories retailer’s stock worth $143,865,000 after purchasing an additional 1,302,103 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Tapestry by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 3,889,240 shares of the luxury accessories retailer’s stock worth $195,512,000 after purchasing an additional 28,796 shares in the last quarter. 89.44% of the stock is currently owned by hedge funds and other institutional investors.
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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