Tapestry (NYSE:TPR) Price Target Cut to $50.00 by Analysts at Robert W. Baird

Tapestry (NYSE:TPR) had its target price dropped by analysts at Robert W. Baird from $52.00 to $50.00 in a report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the luxury accessories retailer’s stock. Robert W. Baird’s target price points to a potential upside of 23.85% from the company’s current price.

A number of other equities analysts have also recently issued reports on TPR. Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research report on Thursday. OTR Global reiterated a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $30.00 to $50.00 in a report on Monday, February 5th. Jefferies Financial Group cut Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a report on Thursday, February 29th. Finally, The Goldman Sachs Group lifted their price target on Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.94.

Tapestry Trading Up 3.6 %

Shares of TPR stock opened at $40.37 on Friday. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The stock’s fifty day moving average price is $43.64 and its two-hundred day moving average price is $38.64. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. The company has a market cap of $9.26 billion, a PE ratio of 10.19, a P/E/G ratio of 0.81 and a beta of 1.61.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.14. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. Tapestry’s revenue was down 2.0% compared to the same quarter last year. During the same period last year, the firm posted $0.78 earnings per share. Equities analysts predict that Tapestry will post 4.23 EPS for the current fiscal year.

Institutional Trading of Tapestry

Several large investors have recently made changes to their positions in the company. M&G Plc acquired a new stake in Tapestry in the first quarter valued at approximately $10,915,000. Banco Santander S.A. acquired a new stake in Tapestry in the 1st quarter valued at $454,000. Blair William & Co. IL bought a new stake in Tapestry during the 1st quarter valued at $216,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Tapestry by 21.6% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 159,818 shares of the luxury accessories retailer’s stock worth $7,588,000 after buying an additional 28,355 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its stake in shares of Tapestry by 6.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 279,772 shares of the luxury accessories retailer’s stock valued at $13,284,000 after buying an additional 15,828 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.