TD Cowen Downgrades Tapestry (NYSE:TPR) to Hold

Tapestry (NYSE:TPR) was downgraded by TD Cowen from a “buy” rating to a “hold” rating in a report issued on Tuesday, Marketbeat Ratings reports. They presently have a $52.00 price target on the luxury accessories retailer’s stock. TD Cowen’s price objective suggests a potential upside of 7.45% from the company’s current price.

TPR has been the subject of a number of other research reports. Wells Fargo & Company upped their price target on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. JPMorgan Chase & Co. upped their target price on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. UBS Group decreased their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Monday. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research report on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.75.

Tapestry Price Performance

Tapestry stock opened at $48.40 on Tuesday. The company has a market capitalization of $11.12 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 1.67 and a beta of 1.53. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. Tapestry has a 12 month low of $25.99 and a 12 month high of $51.96. The stock’s 50 day moving average is $44.06 and its 200-day moving average is $42.05.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 EPS. Equities research analysts expect that Tapestry will post 4.47 EPS for the current year.

Institutional Trading of Tapestry

A number of institutional investors and hedge funds have recently bought and sold shares of TPR. Bessemer Group Inc. grew its position in shares of Tapestry by 1,328.8% in the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after buying an additional 28,038 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in Tapestry during the 2nd quarter valued at approximately $3,718,000. Lazard Asset Management LLC raised its holdings in Tapestry by 611.8% during the 1st quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after purchasing an additional 54,679 shares during the last quarter. Clearbridge Investments LLC bought a new position in Tapestry during the 1st quarter worth approximately $54,055,000. Finally, SG Americas Securities LLC lifted its position in shares of Tapestry by 174.8% in the 1st quarter. SG Americas Securities LLC now owns 95,076 shares of the luxury accessories retailer’s stock worth $4,514,000 after purchasing an additional 60,480 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.