Tapestry (NYSE:TPR) Rating Lowered to “Hold” at StockNews.com

StockNews.com downgraded shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.

TPR has been the subject of several other reports. Guggenheim raised their price objective on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Evercore ISI raised their price objective on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. JPMorgan Chase & Co. raised their price objective on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Jefferies Financial Group raised their price target on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $65.00 price target on shares of Tapestry in a report on Tuesday, January 21st. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.53.

Tapestry Stock Down 0.3 %

TPR opened at $84.12 on Tuesday. The company has a 50 day moving average of $73.44 and a 200 day moving average of $57.40. The company has a market cap of $17.41 billion, a PE ratio of 24.38, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58. Tapestry has a 12 month low of $35.23 and a 12 month high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period in the prior year, the firm posted $1.63 earnings per share. On average, sell-side analysts expect that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

Insider Activity

In related news, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the transaction, the chief financial officer now owns 146,587 shares in the company, valued at $12,688,570.72. This trade represents a 14.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction on Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the transaction, the chief executive officer now owns 201,531 shares in the company, valued at approximately $17,652,100.29. The trade was a 3.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,430 shares of company stock worth $3,957,601. 1.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tapestry

A number of large investors have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. raised its position in Tapestry by 4.8% in the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer’s stock worth $527,799,000 after purchasing an additional 370,784 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Tapestry by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after acquiring an additional 382,856 shares during the period. Pacer Advisors Inc. increased its position in shares of Tapestry by 1.0% in the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after acquiring an additional 58,135 shares during the period. Geode Capital Management LLC increased its position in shares of Tapestry by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer’s stock valued at $376,247,000 after acquiring an additional 176,717 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of Tapestry by 15.2% in the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock valued at $270,304,000 after acquiring an additional 546,497 shares during the period. Hedge funds and other institutional investors 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.