Tapestry (NYSE:TPR) Price Target Raised to $64.00

Tapestry (NYSE:TPR) had its price objective hoisted by Robert W. Baird from $58.00 to $64.00 in a research report report published on Friday morning,Benzinga reports. They currently have an outperform rating on the luxury accessories retailer’s stock.

Other equities research analysts also recently issued research reports about the company. Telsey Advisory Group increased their price objective on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday. Raymond James reiterated an “outperform” rating and set a $57.00 price target (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. The Goldman Sachs Group upped their price objective on shares of Tapestry from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Bank of America raised their target price on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Wells Fargo & Company boosted their price target on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.69.

Tapestry Trading Down 1.0 %

Shares of Tapestry stock opened at $57.23 on Friday. The company’s 50-day moving average price is $46.55 and its 200-day moving average price is $42.99. The company has a market cap of $13.34 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.99 and a beta of 1.53. Tapestry has a 12-month low of $29.83 and a 12-month high of $58.49. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. On average, equities analysts expect that Tapestry will post 4.56 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

Hedge Funds Weigh In On Tapestry

Several institutional investors and hedge funds have recently bought and sold shares of TPR. Pacer Advisors Inc. lifted its position in Tapestry by 53.1% in the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after purchasing an additional 2,087,586 shares during the last quarter. Erste Asset Management GmbH bought a new stake in Tapestry during the 3rd quarter valued at $64,016,000. Clearbridge Investments LLC purchased a new stake in Tapestry during the 1st quarter valued at $54,055,000. AQR Capital Management LLC grew its holdings in Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after acquiring an additional 1,051,743 shares during the last quarter. Finally, Coronation Fund Managers Ltd. increased its position in shares of Tapestry by 265.1% in the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock valued at $44,700,000 after acquiring an additional 758,539 shares during the period. 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.