Tapestry (NYSE:TPR) Price Target Cut to $52.00 by Analysts at Wells Fargo & Company

Tapestry (NYSE:TPR) had its price objective dropped by research analysts at Wells Fargo & Company from $55.00 to $52.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the luxury accessories retailer’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 28.62% from the stock’s current price.

TPR has been the subject of a number of other reports. StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a report on Friday, July 19th. JPMorgan Chase & Co. cut their target price on Tapestry from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Argus reissued a “buy” rating and issued a $52.00 price target on shares of Tapestry in a research note on Tuesday, June 18th. Finally, Telsey Advisory Group restated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a report on Thursday, May 9th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target of $48.06.

Tapestry Price Performance

NYSE:TPR traded down $0.73 during midday trading on Wednesday, hitting $40.43. 694,874 shares of the stock were exchanged, compared to its average volume of 3,342,710. The business has a 50-day moving average price of $42.17 and a two-hundred day moving average price of $42.43. The company has a current ratio of 6.59, a quick ratio of 5.98 and a debt-to-equity ratio of 2.77. The company has a market capitalization of $9.29 billion, a price-to-earnings ratio of 10.84, a P/E/G ratio of 0.85 and a beta of 1.59. Tapestry has a one year low of $25.99 and a one year high of $48.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.14. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.50 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The company’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.78 earnings per share. Sell-side analysts predict that Tapestry will post 4.24 EPS for the current year.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $42.23, for a total value of $105,575.00. Following the transaction, the vice president now owns 37,173 shares in the company, valued at $1,569,815.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tapestry

Several institutional investors have recently made changes to their positions in the company. Fidelis Capital Partners LLC bought a new position in Tapestry during the first quarter valued at approximately $35,000. BNP Paribas bought a new position in shares of Tapestry during the 1st quarter valued at $38,000. Massmutual Trust Co. FSB ADV raised its holdings in shares of Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after purchasing an additional 328 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 556 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Tapestry by 3,778.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock worth $46,000 after purchasing an additional 1,209 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.