Tapestry (NYSE:TPR) Price Target Raised to $70.00

Tapestry (NYSE:TPR) had its price target raised by Guggenheim from $60.00 to $70.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the luxury accessories retailer’s stock.

Several other equities research analysts have also commented on TPR. JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Raymond James reiterated an “outperform” rating and set a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Robert W. Baird lifted their price target on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, UBS Group decreased their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average target price of $57.69.

Tapestry Stock Performance

Shares of TPR opened at $57.23 on Friday. The stock has a 50-day simple moving average of $46.55 and a 200-day simple moving average of $42.99. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry has a 1 year low of $29.83 and a 1 year high of $58.49. The stock has a market capitalization of $13.34 billion, a PE ratio of 16.54, a PEG ratio of 1.99 and a beta of 1.53.

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

Tapestry Announces Dividend

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

Institutional Trading of Tapestry

A number of institutional investors have recently modified their holdings of the business. Waldron Private Wealth LLC acquired a new stake in Tapestry in the third quarter valued at $25,000. Massmutual Trust Co. FSB ADV boosted its holdings in Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares in the last quarter. Brooklyn Investment Group acquired a new position in Tapestry during the third quarter worth about $47,000. Blue Trust Inc. increased its holdings in Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after buying an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc lifted its position in shares of Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares during the period. 90.77% of the stock is currently owned by hedge funds and other 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.