Goldman Sachs Group Lowers Tapestry (NYSE:TPR) to Neutral

Goldman Sachs Group downgraded shares of Tapestry (NYSE:TPR) from a buy rating to a neutral rating in a research report sent to investors on Friday, Briefing.com Automated Import reports. The firm currently has $24.00 price target on the luxury accessories retailer’s stock, down from their previous price target of $43.00.

Several other analysts have also commented on TPR. Bank of America set a $48.00 price objective on Tapestry and gave the company a buy rating in a report on Friday, May 10th. Canaccord Genuity reiterated a buy rating and set a $41.00 price objective on shares of Tapestry in a report on Friday, May 10th. Zacks Investment Research upgraded Tapestry from a sell rating to a hold rating and set a $29.00 price objective for the company in a report on Tuesday, August 6th. OTR Global lowered Tapestry to a positive rating in a research note on Tuesday, April 23rd. Finally, Robert W. Baird set a $43.00 target price on Tapestry and gave the stock a buy rating in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seventeen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $38.00.

Tapestry stock opened at $19.96 on Friday. The business has a fifty day moving average of $29.33 and a two-hundred day moving average of $31.72. The company has a quick ratio of 1.86, a current ratio of 2.79 and a debt-to-equity ratio of 0.46. The firm has a market cap of $5.64 billion, a P/E ratio of 7.77, a P/E/G ratio of 0.64 and a beta of 0.88. Tapestry has a twelve month low of $18.54 and a twelve 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 EPS for the quarter, meeting the consensus estimate of $0.61. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the business posted $0.60 EPS. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities analysts expect that Tapestry will post 2.67 earnings per share for the current year.

In other Tapestry news, Director Darrell Cavens bought 7,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were acquired at an average cost of $30.01 per share, with a total value of $210,070.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Annabelle Yu Long sold 3,229 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total transaction of $93,414.97. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased its holdings in Tapestry by 100.4% in the 1st quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock valued at $453,553,000 after purchasing an additional 6,994,567 shares during the last quarter. American Century Companies Inc. increased its holdings in Tapestry by 4.7% in the 1st quarter. American Century Companies Inc. now owns 6,216,778 shares of the luxury accessories retailer’s stock valued at $201,983,000 after purchasing an additional 280,937 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in Tapestry by 28.5% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,326,188 shares of the luxury accessories retailer’s stock valued at $169,000,000 after purchasing an additional 1,182,774 shares during the last quarter. Prudential Financial Inc. increased its holdings in Tapestry by 347.2% in the 2nd quarter. Prudential Financial Inc. now owns 4,946,057 shares of the luxury accessories retailer’s stock valued at $156,938,000 after purchasing an additional 3,840,023 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Tapestry by 19.7% in the 4th quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock valued at $148,221,000 after purchasing an additional 725,349 shares during the last quarter. 87.42% of the stock is currently owned by institutional investors and hedge funds.

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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