Tapestry (NYSE:TPR) Lowered to “Hold” Rating by TD Cowen

Tapestry (NYSE:TPR) was downgraded by investment analysts at TD Cowen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. They currently have a $52.00 price objective on the luxury accessories retailer’s stock. TD Cowen’s target price indicates a potential upside of 7.45% from the stock’s previous close.

TPR has been the subject of a number of other reports. Wells Fargo & Company raised their price target on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. UBS Group reduced their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. JPMorgan Chase & Co. boosted their target price on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Citigroup increased their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research note on Thursday, August 15th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Tapestry has an average rating of “Moderate Buy” and a consensus target price of $51.75.

Tapestry Trading Down 1.3 %

NYSE TPR opened at $48.40 on Tuesday. The stock has a market capitalization of $11.12 billion, a P/E ratio of 12.80, a P/E/G ratio of 1.67 and a beta of 1.53. The business has a 50 day simple moving average of $44.06 and a 200 day simple moving average of $42.05. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. Tapestry has a one year low of $25.99 and a one year high of $51.96.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 EPS. Research analysts expect that Tapestry will post 4.47 earnings per share for the current year.

Institutional Trading of Tapestry

Several institutional investors and hedge funds have recently made changes to their positions in TPR. Capital Research Global Investors increased its position in shares of Tapestry by 8.5% during the first quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock valued at $296,212,000 after acquiring an additional 489,933 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Tapestry by 53.1% during the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after purchasing an additional 2,087,586 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Tapestry by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after purchasing an additional 165,406 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Tapestry by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after buying an additional 46,760 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in Tapestry by 235.9% during the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after buying an additional 1,051,743 shares during the period. Hedge funds and other institutional investors 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.