Tapestry (NYSE:TPR) Price Target Lowered to $50.00 at Robert W. Baird

Tapestry (NYSE:TPR) had its price target reduced by research analysts at Robert W. Baird from $52.00 to $50.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the luxury accessories retailer’s stock. Robert W. Baird’s target price would suggest a potential upside of 23.85% from the company’s current price.

Other research analysts have also issued research reports about the stock. Jefferies Financial Group lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research note on Thursday, February 29th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Wells Fargo & Company boosted their target price on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $30.00 to $50.00 in a research note on Monday, February 5th. Finally, OTR Global restated a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.94.

Tapestry Trading Up 3.6 %

Shares of TPR stock opened at $40.37 on Friday. The company has a 50-day moving average of $43.64 and a two-hundred day moving average of $38.64. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. Tapestry has a 1-year low of $25.99 and a 1-year high of $48.80. The firm has a market cap of $9.26 billion, a PE ratio of 10.19, a price-to-earnings-growth ratio of 0.81 and a beta of 1.61.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.14. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the company earned $0.78 earnings per share. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, analysts predict that Tapestry will post 4.23 EPS for the current year.

Institutional Investors Weigh In On Tapestry

Several hedge funds have recently made changes to their positions in the business. FDx Advisors Inc. grew its stake in shares of Tapestry by 34.5% in the 3rd quarter. FDx Advisors Inc. now owns 8,735 shares of the luxury accessories retailer’s stock valued at $251,000 after purchasing an additional 2,240 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Tapestry by 9.0% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 285,989 shares of the luxury accessories retailer’s stock worth $10,527,000 after purchasing an additional 23,532 shares in the last quarter. Lecap Asset Management Ltd. acquired a new position in shares of Tapestry during the 4th quarter worth $1,107,000. Assenagon Asset Management S.A. increased its stake in shares of Tapestry by 189.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 228,045 shares of the luxury accessories retailer’s stock worth $6,556,000 after purchasing an additional 149,268 shares in the last quarter. Finally, FCF Advisors LLC purchased a new stake in shares of Tapestry in the fourth quarter valued at $1,013,000. Institutional investors and hedge funds 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.