Wells Fargo & Company Trims Tapestry (NYSE:TPR) Target Price to $50.00

Tapestry (NYSE:TPR) had its target price lowered by Wells Fargo & Company from $52.00 to $50.00 in a research note issued to investors on Friday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the luxury accessories retailer’s stock.

Several other research firms have also commented on TPR. JPMorgan Chase & Co. lowered their price objective on shares of Tapestry from $54.00 to $51.00 and set an overweight rating for the company in a research report on Friday. Evercore ISI reduced their price objective on Tapestry from $53.00 to $47.00 and set an outperform rating on the stock in a research note on Friday, August 9th. Citigroup lowered their price objective on Tapestry from $50.00 to $49.00 and set a buy rating for the company in a research note on Tuesday, August 6th. UBS Group cut their target price on Tapestry from $45.00 to $42.00 and set a neutral rating on the stock in a research report on Wednesday, July 31st. Finally, 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. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $47.00.

Tapestry Trading Up 3.1 %

Shares of TPR opened at $40.40 on Friday. The firm has a market cap of $9.28 billion, a P/E ratio of 10.69, a price-to-earnings-growth ratio of 0.79 and a beta of 1.59. The company has a 50 day simple moving average of $40.79 and a two-hundred day simple moving average of $42.58. Tapestry has a 1 year low of $25.99 and a 1 year high of $48.80. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98.

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

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Friday, September 6th. Tapestry’s dividend payout ratio is 37.04%.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $42.23, for a total transaction of $105,575.00. Following the transaction, the vice president now directly owns 37,173 shares in the company, valued at approximately $1,569,815.79. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.93% of the company’s stock.

Institutional Trading of Tapestry

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fidelis Capital Partners LLC purchased a new stake in shares of Tapestry during the 1st quarter worth $35,000. BNP Paribas bought a new position in Tapestry in the first quarter worth about $38,000. Massmutual Trust Co. FSB ADV raised its holdings in Tapestry by 54.0% in 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. EverSource Wealth Advisors LLC lifted its position in shares of Tapestry by 3,778.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock valued at $46,000 after buying an additional 1,209 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of 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 buying an additional 556 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

About Tapestry

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.