Wells Fargo & Co Reiterates Buy Rating for Tapestry (NYSE:TPR)
Other research analysts also recently issued reports about the company. Bank of America set a $28.00 price objective on Tapestry and gave the stock a buy rating in a research note on Wednesday, September 4th. Needham & Company LLC restated a buy rating and issued a $35.00 price objective (down previously from $42.00) on shares of Tapestry in a report on Friday, August 16th. Credit Suisse Group lowered Tapestry from an outperform rating to a neutral rating and cut their price objective for the company from $38.00 to $22.00 in a report on Thursday, August 15th. UBS Group set a $25.00 price objective on Tapestry and gave the company a buy rating in a report on Friday, August 16th. Finally, Robert W. Baird set a $43.00 price objective on Tapestry and gave the company a buy rating in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and seventeen have issued a buy rating to the company. The stock has an average rating of Buy and an average price target of $35.25.
TPR traded down $0.32 during trading on Thursday, reaching $25.26. 4,386,917 shares of the company were exchanged, compared to its average volume of 8,050,989. The stock has a market cap of $7.22 billion, a P/E ratio of 9.83, a PEG ratio of 1.00 and a beta of 0.98. The firm has a 50 day moving average of $24.73 and a 200 day moving average of $29.89. The company has a current ratio of 2.79, a quick ratio of 1.94 and a debt-to-equity ratio of 0.46. Tapestry has a 52 week low of $18.54 and a 52 week high of $51.29.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.338 per share. This represents a $1.35 annualized dividend and a dividend yield of 5.35%. This is an increase from Tapestry’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, September 5th. Tapestry’s dividend payout ratio is currently 52.53%.
Several hedge funds and other institutional investors have recently made changes to their positions in TPR. FMR LLC increased its position in Tapestry by 100.4% in 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 last quarter. Prudential Financial Inc. increased its position in Tapestry by 347.2% in 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 last quarter. Nuveen Asset Management LLC increased its position in Tapestry by 39,001.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,790,642 shares of the luxury accessories retailer’s stock worth $88,548,000 after purchasing an additional 2,783,505 shares during the last quarter. Ceredex Value Advisors LLC acquired a new position in Tapestry in the 1st quarter worth about $69,401,000. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in Tapestry by 28.5% in 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 last quarter. 88.66% of the stock is owned by institutional investors and hedge funds.
Tapestry Company Profile
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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