Evercore ISI Cuts Tapestry (NYSE:TPR) Price Target to $125.00

Tapestry (NYSE:TPR) had its target price trimmed by Evercore ISI from $130.00 to $125.00 in a report released on Friday,Benzinga reports. The firm currently has an outperform rating on the luxury accessories retailer’s stock.

TPR has been the topic of a number of other reports. Barclays restated an “overweight” rating and set a $105.00 price target (up from $98.00) on shares of Tapestry in a research note on Friday, July 11th. Telsey Advisory Group restated an “outperform” rating and set a $125.00 price target (up from $92.00) on shares of Tapestry in a research note on Monday, August 11th. Morgan Stanley upped their price target on Tapestry from $90.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. UBS Group cut their price objective on Tapestry from $112.00 to $105.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, TD Cowen raised Tapestry from a “hold” rating to a “buy” rating and set a $100.00 price objective on the stock in a research report on Thursday, June 12th. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $105.47.

Tapestry Stock Up 5.4%

NYSE:TPR opened at $100.90 on Friday. 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’s fifty day moving average is $96.88 and its two-hundred day moving average is $82.78. Tapestry has a 52 week low of $39.10 and a 52 week high of $114.05. The stock has a market capitalization of $20.96 billion, a price-to-earnings ratio of 160.16, a price-to-earnings-growth ratio of 2.54 and a beta of 1.51.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.02. Tapestry had a return on equity of 68.02% and a net margin of 2.61%. The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the prior year, the firm earned $0.92 earnings per share. The firm’s revenue was up 8.3% compared to the same quarter last year. Research analysts anticipate that Tapestry will post 4.91 EPS for the current year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be issued a dividend of $0.40 per share. This is an increase from Tapestry’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, September 5th. Tapestry’s dividend payout ratio is 222.22%.

Hedge Funds Weigh In On Tapestry

A number of hedge funds and other institutional investors have recently made changes to their positions in TPR. Harbour Investments Inc. grew its holdings in shares of Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after buying an additional 197 shares during the last quarter. Flaharty Asset Management LLC purchased a new position in shares of Tapestry during the first quarter worth about $25,000. First PREMIER Bank purchased a new position in shares of Tapestry during the second quarter worth about $25,000. Vestor Capital LLC purchased a new position in shares of Tapestry during the second quarter worth about $27,000. Finally, Greenline Partners LLC purchased a new position in shares of Tapestry during the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Company Profile

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.