Tapestry (NYSE:TPR) Price Target Lowered to $51.00 at JPMorgan Chase & Co.

Tapestry (NYSE:TPR) had its price target reduced by JPMorgan Chase & Co. from $54.00 to $51.00 in a research report report published on Friday, Benzinga reports. They currently have an overweight rating on the luxury accessories retailer’s stock.

Other equities analysts have also issued reports about the stock. Argus reaffirmed a buy rating and issued a $52.00 price objective on shares of Tapestry in a research report on Tuesday, June 18th. Evercore ISI lowered their price objective on shares of Tapestry from $53.00 to $47.00 and set an outperform rating for the company in a research note on Friday, August 9th. Telsey Advisory Group reissued an outperform rating and issued a $54.00 target price on shares of Tapestry in a research report on Thursday, August 15th. Robert W. Baird lowered their price target on Tapestry from $52.00 to $50.00 and set an outperform rating for the company in a research report on Friday, May 10th. Finally, Citigroup dropped their price target on Tapestry from $50.00 to $49.00 and set a buy rating on the stock in a research note on Tuesday, August 6th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $47.00.

Tapestry Stock Up 0.4 %

NYSE:TPR opened at $40.58 on Friday. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59. The stock has a market capitalization of $9.32 billion, a P/E ratio of 10.74, a P/E/G ratio of 0.79 and a beta of 1.59. The company’s 50-day simple moving average is $40.72 and its 200-day simple moving average is $42.58. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $48.80.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities analysts anticipate that Tapestry will post 4.24 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Friday, September 6th. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the sale, the vice president now directly owns 37,173 shares of the company’s stock, valued at $1,569,815.79. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.93% of the stock is currently owned by insiders.

Institutional Trading of Tapestry

Several institutional investors have recently modified their holdings of TPR. Fidelis Capital Partners LLC acquired a new stake in Tapestry in the 1st quarter worth about $35,000. BNP Paribas acquired a new stake in shares of Tapestry in the first quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV increased its position in shares of Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares in the last quarter. Blue Trust Inc. raised its stake in Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc lifted its holdings in Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares in the last quarter. 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.