Tapestry (NYSE:TPR) Price Target Raised to $58.00 at Robert W. Baird

Tapestry (NYSE:TPR) had its price objective raised by Robert W. Baird from $53.00 to $58.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the luxury accessories retailer’s stock.

Other equities research analysts have also recently issued research reports about the company. UBS Group cut their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. JPMorgan Chase & Co. increased their price target on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, October 25th. TD Cowen cut Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a report on Tuesday, October 29th. Bank of America increased their price objective on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Citigroup increased their price objective on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Tapestry Price Performance

Shares of Tapestry stock opened at $51.55 on Friday. The business has a 50 day simple moving average of $45.49 and a two-hundred day simple moving average of $42.59. Tapestry has a 12 month low of $27.91 and a 12 month high of $52.76. The stock has a market capitalization of $12.00 billion, a P/E ratio of 14.90, a PEG ratio of 1.94 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.66.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, analysts predict that Tapestry will post 4.54 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.72%. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TPR. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Tapestry in the first quarter valued at $260,000. Norden Group LLC acquired a new stake in Tapestry in the first quarter valued at $297,000. Daiwa Securities Group Inc. raised its stake in Tapestry by 22.9% in the first quarter. Daiwa Securities Group Inc. now owns 7,548 shares of the luxury accessories retailer’s stock valued at $358,000 after buying an additional 1,407 shares in the last quarter. Mutual of America Capital Management LLC raised its stake in Tapestry by 27.6% in the first quarter. Mutual of America Capital Management LLC now owns 68,001 shares of the luxury accessories retailer’s stock valued at $3,229,000 after buying an additional 14,717 shares in the last quarter. Finally, Texas Permanent School Fund Corp raised its stake in Tapestry by 4.3% in the first quarter. Texas Permanent School Fund Corp now owns 47,424 shares of the luxury accessories retailer’s stock valued at $2,252,000 after buying an additional 1,938 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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.