Wells Fargo & Company Trims Tapestry (NYSE:TPR) Target Price to $52.00

Tapestry (NYSE:TPR) had its target price lowered by Wells Fargo & Company from $55.00 to $52.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the luxury accessories retailer’s stock.

A number of other research analysts have also recently commented on the stock. Bernstein Bank increased their target price on shares of Tapestry from $46.00 to $48.00 in a report on Thursday, May 9th. StockNews.com raised shares of Tapestry from a hold rating to a buy rating in a report on Friday, July 19th. Robert W. Baird dropped their target price on shares of Tapestry from $52.00 to $50.00 and set an outperform rating for the company in a report on Friday, May 10th. Argus reissued a buy rating and issued a $52.00 target price on shares of Tapestry in a report on Tuesday, June 18th. Finally, OTR Global reissued a mixed rating on shares of Tapestry in a report on Wednesday, April 17th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $48.06.

Tapestry Trading Up 3.0 %

Shares of Tapestry stock opened at $40.82 on Wednesday. The company has a market capitalization of $9.38 billion, a price-to-earnings ratio of 10.80, a PEG ratio of 0.80 and a beta of 1.59. The company has a quick ratio of 5.98, a current ratio of 6.59 and a debt-to-equity ratio of 2.77. Tapestry has a 12-month low of $25.99 and a 12-month high of $48.80. The firm’s 50-day moving average price is $42.02 and its two-hundred day moving average price is $42.44.

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

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 24th. Shareholders of record on Friday, June 7th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend was Friday, June 7th. Tapestry’s dividend payout ratio is presently 37.04%.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were 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 owns 37,173 shares of the company’s stock, valued at approximately $1,569,815.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.93% of the company’s stock.

Institutional Trading of Tapestry

Several large investors have recently modified their holdings of the stock. CWM LLC grew its position in shares of Tapestry by 0.9% during the 1st quarter. CWM LLC now owns 26,859 shares of the luxury accessories retailer’s stock worth $1,275,000 after buying an additional 237 shares during the period. Mather Group LLC. grew its position in shares of Tapestry by 12.9% during the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock worth $104,000 after buying an additional 249 shares during the period. Legend Financial Advisors Inc. grew its position in shares of Tapestry by 1.9% during the 2nd quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock worth $581,000 after buying an additional 257 shares during the period. Empirical Finance LLC grew its position in shares of Tapestry by 3.3% during the 1st quarter. Empirical Finance LLC now owns 8,742 shares of the luxury accessories retailer’s stock worth $415,000 after buying an additional 276 shares during the period. Finally, Massmutual Trust Co. FSB ADV grew its position in shares of Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 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.