Tapestry (NYSE:TPR) Given “Market Perform” Rating at CIBC

CIBC reaffirmed their market perform rating on shares of Tapestry (NYSE:TPR) in a research note released on Friday, FirstToMarketsRatingsTable reports.

A number of other research analysts also recently issued reports on the stock. Bank of America set a $48.00 target price on shares of Tapestry and gave the company a buy rating in a research report on Friday, May 10th. Canaccord Genuity restated a buy rating and set a $41.00 target price on shares of Tapestry in a research report on Friday, May 10th. Goldman Sachs Group downgraded shares of Tapestry from a buy rating to a neutral rating and cut their target price for the company from $43.00 to $24.00 in a research report on Friday. Piper Jaffray Companies downgraded shares of Tapestry from an overweight rating to a neutral rating and cut their target price for the company from $40.00 to $23.00 in a research report on Friday. Finally, Zacks Investment Research upgraded shares of Tapestry from a sell rating to a hold rating and set a $29.00 target price on the stock in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seventeen have given a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $39.30.

NYSE TPR traded up $0.51 on Friday, hitting $19.96. 13,891,500 shares of the company were exchanged, compared to its average volume of 3,629,128. The firm has a 50 day moving average of $29.33 and a two-hundred day moving average of $31.72. The company has a market cap of $7.25 billion, a P/E ratio of 7.77, a P/E/G ratio of 0.82 and a beta of 0.88. The company has a current ratio of 2.67, a quick ratio of 1.86 and a debt-to-equity ratio of 0.45. Tapestry has a 1-year low of $18.54 and a 1-year high of $52.49.

Tapestry (NYSE:TPR) last issued its quarterly 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. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 11.78% and a return on equity of 22.08%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 EPS. Research analysts anticipate that Tapestry will post 2.83 EPS for the current fiscal year.

In other news, Director Annabelle Yu Long sold 3,229 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total value of $93,414.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Darrell Cavens purchased 7,000 shares of the stock in a transaction dated Tuesday, May 28th. The stock was bought at an average cost of $30.01 per share, with a total value of $210,070.00. The disclosure for this purchase can be found here. Corporate insiders own 0.70% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its stake in shares of Tapestry by 100.4% during the 1st quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock worth $453,553,000 after acquiring an additional 6,994,567 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Tapestry by 4.7% during the 1st quarter. American Century Companies Inc. now owns 6,216,778 shares of the luxury accessories retailer’s stock worth $201,983,000 after acquiring an additional 280,937 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Tapestry by 28.5% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,326,188 shares of the luxury accessories retailer’s stock worth $169,000,000 after acquiring an additional 1,182,774 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Tapestry by 347.2% during the 2nd quarter. Prudential Financial Inc. now owns 4,946,057 shares of the luxury accessories retailer’s stock worth $156,938,000 after acquiring an additional 3,840,023 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Tapestry by 19.7% during the 4th 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 in the last quarter. 87.42% of the stock is owned by institutional investors and hedge funds.

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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