Needham & Company LLC restated their buy rating on shares of Tapestry (NYSE:TPR) in a research note issued to investors on Friday, Briefing.com Automated Import reports. Needham & Company LLC currently has a $35.00 price target on the luxury accessories retailer’s stock, down from their previous price target of $42.00.

Several other analysts also recently issued reports on the company. Credit Suisse Group downgraded Tapestry from an outperform rating to a neutral rating and cut their price target for the stock from $38.00 to $22.00 in a report on Thursday, August 15th. KeyCorp cut their price target on Tapestry from $42.00 to $30.00 and set an overweight rating on the stock in a report on Friday. Standpoint Research raised Tapestry from a hold rating to a buy rating in a report on Thursday, May 9th. Telsey Advisory Group downgraded Tapestry from an outperform rating to a market perform rating in a report on Thursday, August 15th. Finally, Canaccord Genuity reissued a buy rating and issued a $41.00 price target on shares of Tapestry in a report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the company’s stock. Tapestry presently has an average rating of Buy and a consensus price target of $35.88.

NYSE:TPR opened at $20.97 on Friday. The company has a quick ratio of 1.86, a current ratio of 2.79 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average is $28.65 and its two-hundred day moving average is $31.54. Tapestry has a 52 week low of $18.54 and a 52 week high of $52.49. The company has a market cap of $5.64 billion, a PE ratio of 8.16, a P/E/G ratio of 0.64 and a beta of 0.88.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.61. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. The business’s revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the business posted $0.60 EPS. As a group, sell-side analysts expect that Tapestry will post 2.67 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be given a $0.338 dividend. This is a boost from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a yield of 6.45%. The ex-dividend date is Thursday, September 5th. Tapestry’s dividend payout ratio (DPR) is currently 52.53%.

In related news, Director Annabelle Yu Long sold 3,229 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total value of $93,414.97. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Darrell Cavens bought 7,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired 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. 0.70% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Nelson Roberts Investment Advisors LLC acquired a new position in shares of Tapestry during the 1st quarter valued at $26,000. Avestar Capital LLC increased its position in shares of Tapestry by 2,225.0% during the 1st quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock valued at $39,000 after purchasing an additional 1,157 shares during the period. Quadrant Capital Group LLC increased its position in shares of Tapestry by 1,079.0% during the 1st quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock valued at $44,000 after purchasing an additional 1,284 shares during the period. NumerixS Investment Technologies Inc acquired a new position in shares of Tapestry during the 2nd quarter valued at $50,000. Finally, CSat Investment Advisory L.P. increased its position in shares of Tapestry by 106.7% during the 2nd quarter. CSat Investment Advisory L.P. now owns 1,827 shares of the luxury accessories retailer’s stock valued at $58,000 after purchasing an additional 943 shares during the period. Hedge funds and other institutional investors own 88.13% 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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