Tapestry (NYSE:TPR) Downgraded by Goldman Sachs Group to “Neutral”

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

Other research analysts have also recently issued research reports about the company. Piper Jaffray Companies cut Tapestry from an overweight rating to a neutral rating and decreased their target price for the company from $40.00 to $23.00 in a research report on Friday. UBS Group lifted their target price on Tapestry from $50.00 to $51.00 and gave the company a buy rating in a research report on Friday, May 10th. Zacks Investment Research upgraded 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. Standpoint Research upgraded Tapestry from a hold rating to a buy rating in a research report on Thursday, May 9th. Finally, Canaccord Genuity reiterated a buy rating and issued a $41.00 target price on shares of Tapestry in a research report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have given a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $39.30.

Tapestry stock traded up $0.51 during midday trading on Friday, reaching $19.96. The company’s stock had a trading volume of 13,891,500 shares, compared to its average volume of 3,629,128. Tapestry has a 52 week low of $18.54 and a 52 week high of $52.49. The company has a current ratio of 2.67, a quick ratio of 1.86 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $29.33 and a 200-day moving average price of $31.72. The stock has a market cap of $7.25 billion, a PE ratio of 7.77, a price-to-earnings-growth ratio of 0.82 and a beta of 0.88.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share (EPS) for the quarter, meeting the Zacks’ 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 quarter in the previous year, the business posted $0.60 earnings per share. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. As a group, research analysts predict that Tapestry will post 2.83 EPS for the current fiscal year.

In related news, Director Darrell Cavens acquired 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were bought at an average cost of $30.01 per share, with a total value of $210,070.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Annabelle Yu Long sold 3,229 shares of Tapestry 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. 0.70% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the business. Nelson Roberts Investment Advisors LLC bought a new stake in Tapestry in the first quarter worth approximately $26,000. Avestar Capital LLC increased its holdings in Tapestry by 2,225.0% in the first quarter. Avestar Capital LLC now owns 1,209 shares of the luxury accessories retailer’s stock worth $39,000 after purchasing an additional 1,157 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in Tapestry by 1,079.0% in the first quarter. Quadrant Capital Group LLC now owns 1,403 shares of the luxury accessories retailer’s stock worth $44,000 after purchasing an additional 1,284 shares in the last quarter. NumerixS Investment Technologies Inc bought a new stake in Tapestry in the second quarter worth approximately $50,000. Finally, CSat Investment Advisory L.P. increased its holdings in Tapestry by 106.7% in the second quarter. CSat Investment Advisory L.P. now owns 1,827 shares of the luxury accessories retailer’s stock worth $58,000 after purchasing an additional 943 shares in the last quarter. Institutional investors and hedge funds 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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