Tapestry (NYSE:TPR) Price Target Lowered to $84.00 at The Goldman Sachs Group

Tapestry (NYSE:TPR) had its price objective dropped by analysts at The Goldman Sachs Group from $98.00 to $84.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the luxury accessories retailer’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 30.36% from the company’s previous close.

TPR has been the topic of a number of other reports. Telsey Advisory Group raised their price target on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a report on Monday, February 3rd. Morgan Stanley restated an “equal weight” rating and set a $65.00 price target on shares of Tapestry in a research report on Tuesday, January 21st. Wells Fargo & Company increased their price objective on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. JPMorgan Chase & Co. increased their price target on Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Jefferies Financial Group upped their price objective on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $78.26.

Tapestry Stock Up 2.0 %

Shares of NYSE:TPR traded up $1.26 during midday trading on Tuesday, hitting $64.44. 673,115 shares of the company’s stock traded hands, compared to its average volume of 4,161,528. The firm’s fifty day moving average price is $73.80 and its two-hundred day moving average price is $65.53. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. Tapestry has a twelve month low of $35.23 and a twelve month high of $90.85. The company has a market cap of $13.34 billion, a PE ratio of 18.70, a P/E/G ratio of 2.01 and a beta of 1.37.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period last year, the business posted $1.63 EPS. On average, equities research analysts anticipate that Tapestry will post 4.91 EPS for the current fiscal year.

Insider Transactions at Tapestry

In other news, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at $3,397,592. This represents a 23.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Kahn sold 7,786 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at $17,652,100.29. The trade was a 3.72 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Advisor Resource Council bought a new position in shares of Tapestry during the first quarter valued at $609,000. Friedenthal Financial lifted its stake in shares of Tapestry by 10.8% in the first quarter. Friedenthal Financial now owns 13,594 shares of the luxury accessories retailer’s stock worth $957,000 after buying an additional 1,321 shares in the last quarter. Johnson Investment Counsel Inc. grew its holdings in shares of Tapestry by 5.1% during the first quarter. Johnson Investment Counsel Inc. now owns 11,615 shares of the luxury accessories retailer’s stock valued at $818,000 after buying an additional 562 shares during the last quarter. CWA Asset Management Group LLC raised its holdings in Tapestry by 23.9% in the 1st quarter. CWA Asset Management Group LLC now owns 70,179 shares of the luxury accessories retailer’s stock worth $4,941,000 after acquiring an additional 13,539 shares during the last quarter. Finally, Inscription Capital LLC purchased a new stake in Tapestry during the 1st quarter valued at $341,000. Institutional investors own 90.77% of the company’s stock.

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.