Tapestry (NYSE:TPR) Price Target Raised to $66.00

Tapestry (NYSE:TPR) had its price objective raised by The Goldman Sachs Group from $58.00 to $66.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a buy rating on the luxury accessories retailer’s stock.

TPR has been the topic of several other reports. Telsey Advisory Group upped their price objective on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a report on Friday. Robert W. Baird increased their price target on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday. Citigroup boosted their price objective on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, Wells Fargo & Company lifted their price target on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $57.69.

Tapestry Stock Performance

Shares of TPR opened at $57.23 on Friday. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The firm has a 50-day moving average of $46.55 and a 200-day moving average of $42.99. The company has a market cap of $13.34 billion, a PE ratio of 16.54, a price-to-earnings-growth ratio of 1.99 and a beta of 1.53. Tapestry has a one year low of $29.83 and a one year high of $58.49.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the business earned $0.95 earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts forecast that Tapestry will post 4.56 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.45%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Institutional Trading of Tapestry

Institutional investors and hedge funds have recently made changes to their positions in the company. Redwood Investment Management LLC increased its stake in Tapestry by 0.4% in the third quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock valued at $2,269,000 after acquiring an additional 204 shares during the last quarter. Lebenthal Global Advisors LLC increased its stake in shares of Tapestry by 2.8% in the 3rd quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock valued at $367,000 after purchasing an additional 215 shares during the last quarter. OneDigital Investment Advisors LLC raised its holdings in shares of Tapestry by 3.0% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock worth $353,000 after buying an additional 218 shares in the last quarter. Mather Group LLC. lifted its position in shares of Tapestry by 12.9% during the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock worth $104,000 after buying an additional 249 shares during the last quarter. Finally, Summit Trail Advisors LLC grew its position in Tapestry by 1.6% in the third quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock valued at $765,000 after acquiring an additional 251 shares during the last quarter. 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.