Tapestry (NYSE:TPR) Downgraded to Market Perform at Oppenheimer

Oppenheimer downgraded shares of Tapestry (NYSE:TPR) from an outperform rating to a market perform rating in a research note issued to investors 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.

TPR has been the topic of several other reports. Goldman Sachs Group cut Tapestry from a buy rating to a neutral rating and reduced their target price for the stock from $43.00 to $24.00 in a report on Friday. Robert W. Baird set a $43.00 target price on Tapestry and gave the stock a buy rating in a report on Monday, August 12th. UBS Group lifted their target price on Tapestry from $50.00 to $51.00 and gave the stock a buy rating in a report on Friday, May 10th. Canaccord Genuity reaffirmed a buy rating and issued a $41.00 target price on shares of Tapestry in a report on Friday, May 10th. Finally, Bank of America set a $48.00 price objective on Tapestry and gave the stock a buy rating in a research note on Friday, May 10th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have issued a buy rating to the stock. Tapestry presently has an average rating of Buy and a consensus target price of $39.30.

Shares of TPR stock traded up $0.51 during trading hours on Friday, hitting $19.96. The stock had a trading volume of 13,891,500 shares, compared to its average volume of 3,629,128. Tapestry has a one year low of $18.54 and a one year high of $52.49. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.67 and a quick ratio of 1.86. The stock’s 50-day moving average price is $29.33 and its two-hundred day moving average price is $31.72. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of 7.77, a PEG ratio of 0.82 and a beta of 0.88.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.61. Tapestry had a return on equity of 22.08% and a net margin of 11.78%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the firm posted $0.60 earnings per share. The business’s revenue was up 2.0% compared to the same quarter last year. As a group, equities research analysts predict that Tapestry will post 2.83 earnings per share for the current fiscal year.

In other news, Director Darrell Cavens purchased 7,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average price of $30.01 per share, for a total transaction of $210,070.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Annabelle Yu Long sold 3,229 shares of the business’s stock in a transaction that occurred on 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. Corporate insiders own 0.70% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Magnetar Financial LLC purchased a new stake in Tapestry during the second quarter worth $915,000. Prudential PLC lifted its holdings in Tapestry by 15.2% during the second quarter. Prudential PLC now owns 497,215 shares of the luxury accessories retailer’s stock worth $15,911,000 after buying an additional 65,754 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Tapestry by 116.8% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 28,652 shares of the luxury accessories retailer’s stock valued at $907,000 after purchasing an additional 15,434 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Tapestry by 72.4% during the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 809,543 shares of the luxury accessories retailer’s stock valued at $25,686,000 after purchasing an additional 339,952 shares during the last quarter. Finally, United Services Automobile Association lifted its holdings in shares of Tapestry by 175.2% during the 2nd quarter. United Services Automobile Association now owns 281,085 shares of the luxury accessories retailer’s stock valued at $8,919,000 after purchasing an additional 178,943 shares during the last quarter. Hedge funds and other institutional investors own 87.42% of the company’s stock.

Tapestry Company Profile

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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