Tapestry (NYSE:TPR) Price Target Cut to $125.00 by Analysts at Wells Fargo & Company

Tapestry (NYSE:TPR) had its target price lowered by Wells Fargo & Company from $135.00 to $125.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an overweight rating on the luxury accessories retailer’s stock.

TPR has been the topic of several other research reports. Evercore ISI raised their price target on shares of Tapestry from $125.00 to $129.00 and gave the stock an “outperform” rating in a research note on Monday. UBS Group dropped their target price on shares of Tapestry from $112.00 to $105.00 and set a “neutral” rating on the stock in a research note on Friday, August 15th. Morgan Stanley raised their target price on shares of Tapestry from $124.00 to $126.00 and gave the stock an “overweight” rating in a research report on Friday. Bank of America lowered Tapestry from a “buy” rating to a “neutral” rating and boosted their price target for the company from $95.00 to $115.00 in a report on Tuesday, July 29th. Finally, BTIG Research initiated coverage on Tapestry in a research note on Tuesday, October 14th. They issued a “buy” rating and a $140.00 price objective on the stock. Eighteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average price target of $116.25.

Tapestry Trading Up 4.9%

Shares of TPR stock traded up $4.86 on Friday, reaching $103.67. 6,656,399 shares of the company’s stock were exchanged, compared to its average volume of 4,522,796. The company’s fifty day simple moving average is $110.95 and its 200 day simple moving average is $97.17. Tapestry has a 52 week low of $49.84 and a 52 week high of $118.56. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77. The stock has a market capitalization of $21.46 billion, a PE ratio of 164.55, a P/E/G ratio of 2.72 and a beta of 1.71.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.13. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm posted $0.84 earnings per share. The business’s revenue was up 13.1% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. As a group, analysts forecast that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Friday, December 5th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, December 5th. Tapestry’s dividend payout ratio (DPR) is presently 253.97%.

Tapestry declared that its Board of Directors has approved a share repurchase program on Thursday, November 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the luxury accessories retailer to reacquire up to 4.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 7,882 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $99.05, for a total transaction of $780,712.10. Following the sale, the vice president owned 21,098 shares of the company’s stock, valued at approximately $2,089,756.90. This trade represents a 27.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Alan Ka Ming Lau sold 11,320 shares of Tapestry stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total value of $1,202,070.80. Following the completion of the transaction, the director owned 8,153 shares in the company, valued at $865,767.07. This represents a 58.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tapestry

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Tapestry by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 25,902,930 shares of the luxury accessories retailer’s stock valued at $2,274,536,000 after buying an additional 606,686 shares in the last quarter. Geode Capital Management LLC lifted its position in Tapestry by 3.0% during the second quarter. Geode Capital Management LLC now owns 5,500,858 shares of the luxury accessories retailer’s stock valued at $482,125,000 after acquiring an additional 158,782 shares during the last quarter. SRS Investment Management LLC boosted its stake in Tapestry by 12.4% in the second quarter. SRS Investment Management LLC now owns 5,332,824 shares of the luxury accessories retailer’s stock valued at $468,275,000 after acquiring an additional 589,000 shares in the last quarter. Schroder Investment Management Group grew its holdings in Tapestry by 1,661.6% in the second quarter. Schroder Investment Management Group now owns 4,002,818 shares of the luxury accessories retailer’s stock worth $351,487,000 after purchasing an additional 3,775,593 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Tapestry by 36.0% during the second quarter. AQR Capital Management LLC now owns 3,546,969 shares of the luxury accessories retailer’s stock worth $311,388,000 after purchasing an additional 939,227 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

About Tapestry

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.