Tapestry (NYSE:TPR) had its target price decreased by stock analysts at Morgan Stanley from $37.00 to $23.00 in a research report issued to clients and investors on Friday, BenzingaRatingsTable reports. The firm presently has an “equal weight” rating on the luxury accessories retailer’s stock. Morgan Stanley’s price target would indicate a potential upside of 16.22% from the stock’s previous close.

Several other research firms also recently weighed in on TPR. Bank of America set a $48.00 target price on Tapestry and gave the company a “buy” rating in a report on Friday, May 10th. UBS Group boosted their target price on Tapestry from $50.00 to $51.00 and gave the company a “buy” rating in a report on Friday, May 10th. OTR Global downgraded Tapestry to a “positive” rating in a report on Tuesday, April 23rd. Telsey Advisory Group downgraded Tapestry from an “outperform” rating to a “market perform” rating in a report on Thursday. Finally, Goldman Sachs Group downgraded Tapestry from a “conviction-buy” rating to a “neutral” rating and reduced their target price for the company from $43.00 to $24.00 in a report on Friday. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $39.30.

Shares of Tapestry stock traded up $0.34 on Friday, hitting $19.79. The stock had a trading volume of 122,958 shares, compared to its average volume of 3,439,634. Tapestry has a 52-week low of $18.54 and a 52-week high of $52.49. The company has a current ratio of 2.67, a quick ratio of 1.86 and a debt-to-equity ratio of 0.45. The stock has a market cap of $7.75 billion, a price-to-earnings ratio of 7.54, a P/E/G ratio of 0.88 and a beta of 0.88. The company’s 50 day moving average price is $29.54 and its 200 day moving average price is $31.77.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. Tapestry had a return on equity of 22.08% and a net margin of 11.78%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the business earned $0.60 EPS. The business’s quarterly revenue was up 2.0% on a year-over-year basis. Analysts predict that Tapestry will post 2.57 EPS for the current fiscal year.

In related news, Director Annabelle Yu Long sold 3,229 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total value of $93,414.97. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Darrell Cavens purchased 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average price of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. Insiders own 0.70% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. FMR LLC increased its position in Tapestry by 100.4% during the 1st quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock worth $453,553,000 after purchasing an additional 6,994,567 shares during the period. American Century Companies Inc. increased its position in Tapestry by 4.7% during the 1st quarter. American Century Companies Inc. now owns 6,216,778 shares of the luxury accessories retailer’s stock worth $201,983,000 after purchasing an additional 280,937 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its position in Tapestry by 28.5% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,326,188 shares of the luxury accessories retailer’s stock worth $169,000,000 after purchasing an additional 1,182,774 shares during the period. Prudential Financial Inc. increased its position in Tapestry by 347.2% during the 2nd quarter. Prudential Financial Inc. now owns 4,946,057 shares of the luxury accessories retailer’s stock worth $156,938,000 after purchasing an additional 3,840,023 shares during the period. Finally, Geode Capital Management LLC increased its position in Tapestry by 19.7% during the 4th quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock worth $148,221,000 after purchasing an additional 725,349 shares during the period. Hedge funds and other institutional investors own 87.42% 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.

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Analyst Recommendations for Tapestry (NYSE:TPR)

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