Tapestry (NYSE:TPR) Stock Gets Price Target Cut from Robert W. Baird

Tapestry (NYSE:TPR) had its price objective lowered by Robert W. Baird from $165.00 to $150.00 in a research report report published on Tuesday, Marketbeat.com reports. The brokerage currently has an outperform rating on the luxury accessories retailer’s stock.

Other equities research analysts have also issued research reports about the stock. Telsey Advisory Group upped their target price on shares of Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Morgan Stanley cut their price target on shares of Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a report on Friday, August 14th. Sanford C. Bernstein restated a “market perform” rating and issued a $185.00 price target (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. Raymond James Financial decreased their price objective on shares of Tapestry from $165.00 to $140.00 and set an “outperform” rating on the stock in a research note on Friday, October 16th. Finally, Wells Fargo & Company dropped their price objective on shares of Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $170.00.

Tapestry Price Performance

Shares of TPR stock opened at $117.68 on Tuesday. The stock’s fifty day simple moving average is $117.91 and its 200 day simple moving average is $137.17. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. The firm has a market cap of $23.46 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 1.41 and a beta of 1.42. Tapestry has a one year low of $93.00 and a one year high of $164.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.04. The firm had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The business’s revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, analysts expect that Tapestry will post 7.95 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 21st. Stockholders of record on Friday, September 4th were paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.6%. This is a boost from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, September 4th. Tapestry’s dividend payout ratio is 25.38%.

Insiders Place Their Bets

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the transaction, the chief executive officer owned 666,149 shares in the company, valued at $88,244,758.03. This represents a 4.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total transaction of $670,357.80. Following the sale, the insider directly owned 21,136 shares in the company, valued at approximately $2,438,671.68. This represents a 21.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.28% of the company’s stock.

Institutional Trading of Tapestry

Several hedge funds have recently modified their holdings of TPR. BlackRock Inc. bought a new stake in Tapestry in the 2nd quarter valued at approximately $2,610,995,000. Bank of America Corp DE bought a new position in shares of Tapestry during the 2nd quarter worth approximately $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Tapestry by 53.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer’s stock worth $317,586,000 after acquiring an additional 758,915 shares in the last quarter. Amundi raised its holdings in shares of Tapestry by 96.0% in the first quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock valued at $249,751,000 after purchasing an additional 866,969 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Tapestry in the second quarter valued at approximately $175,291,000. 90.77% of the stock is owned by institutional investors.

About Tapestry

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company’s portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women’s footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.