Oppenheimer Brokers Lower Earnings Estimates for Tapestry Inc (NYSE:TPR)

Tapestry Inc (NYSE:TPR) – Stock analysts at Oppenheimer cut their Q2 2020 EPS estimates for shares of Tapestry in a report released on Tuesday, November 5th. Oppenheimer analyst B. Nagel now anticipates that the luxury accessories retailer will post earnings of $0.96 per share for the quarter, down from their previous estimate of $1.06. Oppenheimer currently has a “Market Perform” rating on the stock. Oppenheimer also issued estimates for Tapestry’s FY2020 earnings at $2.48 EPS.

Other research analysts also recently issued research reports about the stock. Credit Suisse Group downgraded shares of Tapestry from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $38.00 to $22.00 in a report on Thursday, August 15th. CIBC reiterated a “market perform” rating on shares of Tapestry in a report on Friday, August 16th. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 target price on shares of Tapestry in a report on Wednesday, October 30th. Deutsche Bank set a $33.00 target price on shares of Tapestry and gave the stock a “buy” rating in a report on Friday, August 16th. Finally, Citigroup lifted their target price on shares of Tapestry from $20.00 to $28.00 and gave the stock a “neutral” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fifteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $33.13.

TPR traded up $0.16 during trading on Friday, hitting $27.23. The stock had a trading volume of 5,127,064 shares, compared to its average volume of 4,901,814. The firm has a market cap of $7.76 billion, a PE ratio of 10.60, a P/E/G ratio of 1.14 and a beta of 1.02. Tapestry has a 12 month low of $18.54 and a 12 month high of $42.75. The company has a current ratio of 1.82, a quick ratio of 1.94 and a debt-to-equity ratio of 1.15. The company has a 50 day simple moving average of $25.75 and a 200-day simple moving average of $27.74.

Tapestry (NYSE:TPR) last announced its earnings results on Tuesday, November 5th. The luxury accessories retailer reported $0.40 EPS for the quarter, topping the consensus estimate of $0.37 by $0.03. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.38 billion. Tapestry had a net margin of 9.01% and a return on equity of 21.17%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS.

Several large investors have recently bought and sold shares of TPR. First Trust Advisors LP increased its holdings in shares of Tapestry by 230.1% during the 1st quarter. First Trust Advisors LP now owns 157,578 shares of the luxury accessories retailer’s stock worth $5,120,000 after purchasing an additional 109,837 shares during the period. Amundi Pioneer Asset Management Inc. boosted its position in shares of Tapestry by 14.4% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 469,591 shares of the luxury accessories retailer’s stock valued at $15,257,000 after acquiring an additional 59,282 shares in the last quarter. Boltwood Capital Management acquired a new stake in shares of Tapestry during the 2nd quarter valued at about $867,000. WINTON GROUP Ltd acquired a new stake in shares of Tapestry during the 2nd quarter valued at about $9,917,000. Finally, Centric Wealth Management acquired a new stake in shares of Tapestry during the 2nd quarter valued at about $215,000. Institutional investors own 88.23% of the company’s stock.

About Tapestry

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

Featured Story: Cost of Goods Sold (COGS)

Earnings History and Estimates for Tapestry (NYSE:TPR)

Receive News & Ratings for Tapestry Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tapestry and related companies with MarketBeat.com's FREE daily email newsletter.