Wall Street Zen Downgrades Tapestry (NYSE:TPR) to Hold

Tapestry (NYSE:TPR) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Sunday.

Other equities analysts have also issued research reports about the company. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $185.00 price target (up from $180.00) on shares of Tapestry in a research note on Friday. Raymond James Financial reissued an “outperform” rating and set a $165.00 price objective on shares of Tapestry in a research report on Thursday, April 23rd. JPMorgan Chase & Co. upped their target price on shares of Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Wells Fargo & Company lowered their target price on shares of Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Zacks Research cut shares of Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $175.12.

Tapestry Trading Down 0.4%

Shares of Tapestry stock opened at $128.44 on Friday. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44. The firm’s 50-day moving average price is $146.23 and its 200 day moving average price is $144.77. The firm has a market capitalization of $25.61 billion, a PE ratio of 17.62, a P/E/G ratio of 1.15 and a beta of 1.43. Tapestry has a twelve month low of $93.00 and a twelve month high of $164.80.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.04. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the prior year, the firm earned $1.04 EPS. Tapestry’s quarterly revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, sell-side analysts predict that Tapestry will post 7.88 EPS for the current fiscal year.

Insider Activity

In other news, CEO Todd Kahn sold 19,557 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the sale, the chief executive officer directly owned 123,258 shares in the company, valued at approximately $17,258,585.16. This trade represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TPR. BlackRock Inc. acquired a new position in shares of Tapestry during the second quarter worth about $2,610,995,000. Bank of America Corp DE acquired a new stake in Tapestry in the second quarter valued at approximately $771,309,000. Schroder Investment Management Group raised its holdings in Tapestry by 92.8% in the fourth quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock valued at $1,194,678,000 after acquiring an additional 4,500,850 shares in the last quarter. Norges Bank purchased a new position in Tapestry in the fourth quarter worth approximately $345,349,000. Finally, Wellington Management Group LLP grew its holdings in Tapestry by 632.3% during the 4th quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer’s stock worth $302,368,000 after acquiring an additional 2,043,353 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Company Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.