Tapestry (NYSE:TPR) Trading Down 2.6%

Shares of Tapestry, Inc. (NYSE:TPR) were down 2.6% during trading on Tuesday . The stock traded as low as $38.73 and last traded at $39.27. Approximately 1,065,985 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 3,717,196 shares. The stock had previously closed at $40.31.

Analysts Set New Price Targets

A number of brokerages recently commented on TPR. TheStreet upgraded shares of Tapestry from a “c+” rating to a “b-” rating in a research report on Tuesday, December 26th. Wells Fargo & Company raised their price target on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Raymond James upped their price objective on Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $30.00 to $50.00 in a research report on Monday, February 5th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $47.81.

Tapestry Price Performance

The company has a fifty day moving average price of $45.43 and a two-hundred day moving average price of $37.74. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90. The company has a market cap of $9.17 billion, a price-to-earnings ratio of 10.18, a price-to-earnings-growth ratio of 0.83 and a beta of 1.57.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.17. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. During the same quarter in the previous year, the firm posted $1.36 EPS. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, equities research analysts anticipate that Tapestry, Inc. will post 4.25 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid 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 yield of 3.50%. Tapestry’s dividend payout ratio is currently 35.35%.

Institutional Trading of Tapestry

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bell Investment Advisors Inc raised its holdings in 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 purchasing an additional 833 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Tapestry by 3,778.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock worth $46,000 after buying an additional 1,209 shares during the last quarter. AllSquare Wealth Management LLC boosted its stake in Tapestry by 35.1% in the third quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock valued at $47,000 after acquiring an additional 423 shares during the last quarter. Parkside Financial Bank & Trust boosted its position in shares of Tapestry by 56.9% in the 3rd quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock worth $53,000 after purchasing an additional 668 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in shares of Tapestry by 334.7% during the fourth quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock worth $55,000 after purchasing an additional 1,158 shares during the period. Institutional investors and hedge funds 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.