Tapestry (NYSE:TPR) PT Lowered to $30.00 at KeyCorp

Tapestry (NYSE:TPR) had its price objective lowered by KeyCorp from $42.00 to $30.00 in a research note issued to investors on Friday morning, AnalystRatings.com reports. KeyCorp currently has an overweight rating on the luxury accessories retailer’s stock. KeyCorp also issued estimates for Tapestry’s Q2 2020 earnings at $1.08 EPS, Q4 2020 earnings at $0.67 EPS, FY2020 earnings at $2.57 EPS and FY2021 earnings at $2.78 EPS.

Other research analysts also recently issued research reports about the company. Bank of America set a $48.00 price target on Tapestry and gave the company a buy rating in a report on Friday, May 10th. Piper Jaffray Companies downgraded Tapestry from an overweight rating to a neutral rating and reduced their price target for the company from $40.00 to $23.00 in a report on Friday. Telsey Advisory Group downgraded Tapestry from an outperform rating to a market perform rating in a report on Thursday, August 15th. Zacks Investment Research raised Tapestry from a sell rating to a hold rating and set a $29.00 price target for the company in a report on Tuesday, August 6th. Finally, Credit Suisse Group downgraded Tapestry from an outperform rating to a neutral rating and reduced their price target for the company from $38.00 to $22.00 in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have given a buy rating to the company. Tapestry presently has an average rating of Buy and a consensus target price of $35.88.

TPR stock opened at $20.97 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.86 and a current ratio of 2.79. Tapestry has a 1 year low of $18.54 and a 1 year high of $52.49. The firm has a market cap of $5.64 billion, a P/E ratio of 8.16, a price-to-earnings-growth ratio of 0.64 and a beta of 0.88. The stock has a 50-day simple moving average of $28.65 and a 200-day simple moving average of $31.54.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.61. Tapestry had a return on equity of 21.64% and a net margin of 10.68%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the firm earned $0.60 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities research analysts predict that Tapestry will post 2.67 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.338 per share. This represents a $1.35 dividend on an annualized basis and a yield of 6.45%. The ex-dividend date is Thursday, September 5th. This is an increase from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s dividend payout ratio (DPR) is currently 52.53%.

In other news, Director Darrell Cavens bought 7,000 shares of Tapestry stock in a transaction on Tuesday, May 28th. The shares were bought at an average price of $30.01 per share, with a total value of $210,070.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Annabelle Yu Long sold 3,229 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was 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. Company insiders own 0.70% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its stake in shares of Tapestry by 20.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,985,890 shares of the luxury accessories retailer’s stock valued at $67,026,000 after purchasing an additional 336,879 shares during the period. Geode Capital Management LLC lifted its stake in Tapestry by 19.7% in the fourth quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock worth $148,221,000 after acquiring an additional 725,349 shares during the period. Quantitative Systematic Strategies LLC purchased a new stake in Tapestry in the first quarter worth about $275,000. Meeder Asset Management Inc. lifted its stake in Tapestry by 19.3% in the first quarter. Meeder Asset Management Inc. now owns 3,702 shares of the luxury accessories retailer’s stock worth $120,000 after acquiring an additional 599 shares during the period. Finally, Nisa Investment Advisors LLC lifted its stake in Tapestry by 20.6% in the first quarter. Nisa Investment Advisors LLC now owns 95,224 shares of the luxury accessories retailer’s stock worth $3,094,000 after acquiring an additional 16,255 shares during the period. 88.13% of the stock is currently owned by institutional investors.

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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