Wells Fargo & Company Cuts Tapestry (NYSE:TPR) Price Target to $125.00

Tapestry (NYSE:TPR) had its price target trimmed by Wells Fargo & Company from $135.00 to $125.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the luxury accessories retailer’s stock.

A number of other equities research analysts have also recently issued reports on TPR. Bank of America cut shares of Tapestry from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $95.00 to $115.00 in a report on Tuesday, July 29th. Telsey Advisory Group reiterated an “outperform” rating and set a $125.00 target price on shares of Tapestry in a research report on Friday. Robert W. Baird set a $130.00 target price on Tapestry in a research report on Wednesday, October 29th. Cowen restated a “buy” rating on shares of Tapestry in a report on Thursday, August 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Tapestry in a research note on Wednesday, October 8th. Eighteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $116.25.

Tapestry Trading Up 1.1%

Shares of TPR stock opened at $104.78 on Friday. Tapestry has a fifty-two week low of $49.84 and a fifty-two week high of $118.56. The company has a quick ratio of 1.31, a current ratio of 1.87 and a debt-to-equity ratio of 2.77. The stock has a 50-day simple moving average of $110.95 and a 200 day simple moving average of $97.62. The stock has a market capitalization of $21.69 billion, a P/E ratio of 166.00, a P/E/G ratio of 2.72 and a beta of 1.71.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, November 6th. The luxury accessories retailer reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.13. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the firm earned $0.84 EPS. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. On average, sell-side analysts expect that Tapestry will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Friday, December 5th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, December 5th. Tapestry’s payout ratio is currently 142.86%.

Tapestry declared that its Board of Directors has authorized a stock buyback plan on Thursday, November 6th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the luxury accessories retailer to purchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 7,882 shares of the company’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $99.05, for a total value of $780,712.10. Following the transaction, the vice president owned 21,098 shares in the company, valued at approximately $2,089,756.90. This represents a 27.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alan Ka Ming Lau sold 11,320 shares of Tapestry stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total value of $1,202,070.80. Following the sale, the director directly owned 8,153 shares of the company’s stock, valued at $865,767.07. This represents a 58.13% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.32% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Cloud Capital Management LLC bought a new stake in shares of Tapestry in the third quarter valued at approximately $26,000. First PREMIER Bank acquired a new position in Tapestry in the 2nd quarter valued at $25,000. Vestor Capital LLC bought a new stake in shares of Tapestry during the 2nd quarter valued at $27,000. Flaharty Asset Management LLC bought a new stake in shares of Tapestry during the 1st quarter valued at $25,000. Finally, Harbour Investments Inc. grew its holdings in shares of Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after purchasing an additional 197 shares in the last quarter. Institutional investors and hedge funds 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.