Tapestry (NYSE:TPR) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Tapestry (NYSE:TPR) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday morning.

Several other analysts have also commented on TPR. JPMorgan Chase & Co. raised their price objective on Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Morgan Stanley reaffirmed an “overweight” rating and set a $164.00 target price on shares of Tapestry in a research note on Monday, July 6th. Sanford C. Bernstein reiterated an “outperform” rating and set a $180.00 target price on shares of Tapestry in a research report on Tuesday, June 2nd. Telsey Advisory Group lifted their price target on shares of Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $165.00 price target on shares of Tapestry in a report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average target price of $175.44.

Tapestry Price Performance

Shares of Tapestry stock opened at $164.31 on Friday. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48. Tapestry has a twelve month low of $92.62 and a twelve month high of $164.80. The business has a 50-day moving average price of $146.22 and a 200 day moving average price of $144.38. The firm has a market cap of $33.20 billion, a PE ratio of 52.66, a P/E/G ratio of 1.47 and a beta of 1.43.

Insiders Place Their Bets

In other news, CEO Joanne C. Crevoiserat sold 27,776 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the transaction, the chief executive officer owned 652,434 shares of the company’s stock, valued at approximately $86,701,954.26. The trade was a 4.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the completion of the sale, the chief executive officer directly owned 123,258 shares of the company’s stock, valued at $17,258,585.16. This represents a 13.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.32% of the stock is owned by company insiders.

Institutional Trading of Tapestry

Several hedge funds have recently made changes to their positions in the company. World Investment Advisors lifted its stake in Tapestry by 3.6% during the first quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock worth $279,000 after purchasing an additional 69 shares during the last quarter. Horizon Bancorp Inc. IN increased its stake in Tapestry by 4.7% in the first quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer’s stock valued at $222,000 after purchasing an additional 71 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in Tapestry by 2.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer’s stock valued at $477,000 after purchasing an additional 73 shares during the last quarter. Eastern Bank raised its holdings in Tapestry by 24.4% during the second quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock worth $57,000 after purchasing an additional 77 shares in the last quarter. Finally, NewEdge Wealth LLC raised its holdings in Tapestry by 2.7% during the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock worth $450,000 after purchasing an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Company Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.