Tapestry (NYSE:TPR) Stock Rating Lowered by Oppenheimer

Oppenheimer cut shares of Tapestry (NYSE:TPR) from an outperform rating to a market perform rating in a research note published on Friday morning, BenzingaRatingsTable reports. Oppenheimer also issued estimates for Tapestry’s Q2 2020 earnings at $1.06 EPS, Q3 2020 earnings at $0.43 EPS and Q4 2020 earnings at $0.65 EPS.

A number of other analysts also recently issued reports on the company. Zacks Investment Research raised Tapestry from a sell rating to a hold rating and set a $29.00 price objective for the company in a research report on Tuesday, August 6th. Credit Suisse Group downgraded Tapestry from an outperform rating to a neutral rating and cut their price objective for the stock from $38.00 to $22.00 in a research report on Thursday, August 15th. Canaccord Genuity reissued a buy rating and set a $41.00 price objective on shares of Tapestry in a research report on Friday, May 10th. Bank of America set a $48.00 price objective on Tapestry and gave the stock a buy rating in a research report on Friday, May 10th. Finally, OTR Global downgraded Tapestry to a positive rating in a research report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have issued a buy rating to the stock. Tapestry currently has an average rating of Buy and a consensus price target of $35.88.

Shares of NYSE:TPR opened at $20.97 on Friday. The business has a 50-day moving average price of $28.65 and a 200 day moving average price of $31.54. The company has a current ratio of 2.79, a quick ratio of 1.86 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $5.64 billion, a price-to-earnings ratio of 8.16, a PEG ratio of 0.64 and a beta of 0.88. Tapestry has a 12-month low of $18.54 and a 12-month high of $52.49.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.61. The firm had revenue of $1.51 billion during 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 company’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period last year, the company earned $0.60 EPS. As a group, equities research analysts predict that Tapestry will post 2.67 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be given a $0.338 dividend. This is an increase 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 of this dividend is Thursday, September 5th. Tapestry’s payout ratio is currently 52.53%.

In related news, Director Darrell Cavens acquired 7,000 shares of the firm’s stock in a transaction dated 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Annabelle Yu Long sold 3,229 shares of Tapestry stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total value of $93,414.97. The disclosure for this sale can be found here. Insiders own 0.70% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Nelson Roberts Investment Advisors LLC purchased a new position in shares of Tapestry in the 1st quarter valued at about $26,000. Avestar Capital LLC boosted its stake in shares of Tapestry by 2,225.0% in the 1st quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock valued at $39,000 after buying an additional 1,157 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of Tapestry by 1,079.0% in the 1st quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock valued at $44,000 after buying an additional 1,284 shares during the period. NumerixS Investment Technologies Inc purchased a new position in shares of Tapestry in the 2nd quarter valued at about $50,000. Finally, CSat Investment Advisory L.P. boosted its stake in shares of Tapestry by 106.7% in 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 buying an additional 943 shares during the period. Institutional investors and hedge funds 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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