Tapestry (NYSE:TPR) PT Lowered to $52.00 at Wells Fargo & Company

Tapestry (NYSE:TPR) had its price objective dropped by Wells Fargo & Company from $55.00 to $52.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the luxury accessories retailer’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 28.62% from the company’s previous close.

TPR has been the topic of a number of other research reports. OTR Global restated a “mixed” rating on shares of Tapestry in a research report on Wednesday, April 17th. JPMorgan Chase & Co. dropped their target price on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $54.00 price target on shares of Tapestry in a report on Thursday, May 9th. Robert W. Baird lowered their price objective on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Finally, Argus restated a “buy” rating and issued a $52.00 target price on shares of Tapestry in a research report on Tuesday, June 18th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $48.06.

Tapestry Stock Performance

NYSE:TPR traded down $0.73 during mid-day trading on Wednesday, hitting $40.43. 694,874 shares of the stock were exchanged, compared to its average volume of 3,342,710. The firm’s 50-day simple moving average is $42.17 and its 200 day simple moving average is $42.43. The stock has a market capitalization of $9.29 billion, a price-to-earnings ratio of 10.84, a price-to-earnings-growth ratio of 0.85 and a beta of 1.59. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.14. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the business earned $0.78 EPS. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. As a group, equities analysts anticipate that Tapestry will post 4.24 EPS for the current fiscal year.

Insider Transactions at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $42.23, for a total transaction of $105,575.00. Following the completion of the sale, the vice president now directly owns 37,173 shares in the company, valued at approximately $1,569,815.79. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tapestry

A number of institutional investors and hedge funds have recently modified their holdings of TPR. Fidelis Capital Partners LLC acquired a new stake in shares of Tapestry in the 1st quarter valued at about $35,000. BNP Paribas bought a new position in Tapestry in the first quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV grew its stake in Tapestry by 54.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after acquiring an additional 328 shares during the period. Blue Trust Inc. increased its holdings in shares of Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after acquiring an additional 556 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position 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 purchasing an additional 1,209 shares during the period. 90.77% of the stock is currently owned by institutional investors.

About Tapestry

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.