Tapestry (NYSE:TPR) Downgraded by TD Cowen to Hold

TD Cowen downgraded shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a report published on Tuesday morning, Marketbeat reports. TD Cowen currently has $52.00 price objective on the luxury accessories retailer’s stock.

A number of other equities research analysts have also recently commented on the company. The Goldman Sachs Group raised their price target on Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a report on Monday, October 21st. UBS Group decreased their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Wells Fargo & Company upped their price target on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Monday. Finally, Citigroup upped their target price on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and an average target price of $51.75.

Tapestry Price Performance

NYSE TPR opened at $49.02 on Tuesday. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. The business’s fifty day moving average is $43.91 and its 200 day moving average is $42.00. The company has a market capitalization of $11.26 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $51.96.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.95 EPS. Sell-side analysts predict that Tapestry will post 4.47 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were paid a dividend of $0.35 per share. The ex-dividend date was Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 2.86%. Tapestry’s payout ratio is currently 37.04%.

Hedge Funds Weigh In On Tapestry

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Capital Research Global Investors lifted its position in Tapestry by 8.5% in the first quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after buying an additional 489,933 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after acquiring an additional 2,087,586 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after acquiring an additional 165,406 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Tapestry by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after acquiring an additional 46,760 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after purchasing an additional 1,051,743 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.