Fintel reports that on August 11, 2023, Edward Jones downgraded their outlook for Tapestry (NYSE:TPR) from Buy to Hold.
Analyst Price Forecast Suggests 50.96% Upside
As of August 2, 2023, the average one-year price target for Tapestry is 52.34. The forecasts range from a low of 41.41 to a high of $63.00. The average price target represents an increase of 50.96% from its latest reported closing price of 34.67.
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The projected annual revenue for Tapestry is 6,968MM, an increase of 4.53%. The projected annual non-GAAP EPS is 4.22.
What is the Fund Sentiment?
There are 1344 funds or institutions reporting positions in Tapestry. This is an increase of 26 owner(s) or 1.97% in the last quarter. Average portfolio weight of all funds dedicated to TPR is 0.25%, a decrease of 3.27%. Total shares owned by institutions decreased in the last three months by 2.37% to 263,391K shares. The put/call ratio of TPR is 0.95, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 14,074K shares representing 6.07% ownership of the company. In it’s prior filing, the firm reported owning 16,570K shares, representing a decrease of 17.73%. The firm decreased its portfolio allocation in TPR by 24.78% over the last quarter.
Franklin Resources holds 8,325K shares representing 3.59% ownership of the company. In it’s prior filing, the firm reported owning 11,045K shares, representing a decrease of 32.68%. The firm decreased its portfolio allocation in TPR by 17.62% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 7,325K shares representing 3.16% ownership of the company. In it’s prior filing, the firm reported owning 7,319K shares, representing an increase of 0.09%. The firm increased its portfolio allocation in TPR by 4.62% over the last quarter.
SEEGX – JPMorgan Large Cap Growth Fund Class I holds 7,051K shares representing 3.04% ownership of the company. In it’s prior filing, the firm reported owning 5,704K shares, representing an increase of 19.10%. The firm increased its portfolio allocation in TPR by 9.82% over the last quarter.
Victory Capital Management holds 6,518K shares representing 2.81% ownership of the company. In it’s prior filing, the firm reported owning 5,628K shares, representing an increase of 13.66%. The firm decreased its portfolio allocation in TPR by 30.92% over the last quarter.
Tapestry Background Information
(This description is provided by the company.)
Tapestry, Inc. is a New York-based house of modern luxury lifestyle brands. The Company’s portfolio includes Coach, Kate Spade and Stuart Weitzman. The Company and its brands are founded upon a creative and consumer-led view of luxury that stands for inclusivity and approachability. Each of Tapestry’s brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies.
This article originally appeared on Fintel
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