BMO Capital Markets Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its price target lifted by BMO Capital Markets from $55.00 to $60.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the luxury accessories retailer’s stock. BMO Capital Markets’ target price would suggest a potential upside of 7.87% from the stock’s current price.

A number of other brokerages have also weighed in on TPR. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a research note on Tuesday, October 29th. Wells Fargo & Company lifted their target price on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Guggenheim increased their price target on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. The Goldman Sachs Group lifted their price objective on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, UBS Group reduced their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $57.82.

Tapestry Stock Down 1.6 %

TPR opened at $55.62 on Monday. The firm has a market capitalization of $12.96 billion, a P/E ratio of 16.08, a price-to-earnings-growth ratio of 1.98 and a beta of 1.53. Tapestry has a one year low of $30.19 and a one year high of $58.49. The company has a fifty day moving average price of $47.14 and a 200-day moving average price of $43.23. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Insider Activity

In other news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Redwood Investment Management LLC boosted its stake in shares of Tapestry by 0.4% during the 3rd quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock valued at $2,269,000 after purchasing an additional 204 shares in the last quarter. Lebenthal Global Advisors LLC lifted its holdings in Tapestry by 2.8% in the third quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock worth $367,000 after buying an additional 215 shares during the period. OneDigital Investment Advisors LLC boosted its position in Tapestry by 3.0% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after acquiring an additional 218 shares in the last quarter. Mather Group LLC. grew its holdings 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 acquiring an additional 249 shares during the period. Finally, Summit Trail Advisors LLC grew its holdings in shares of Tapestry by 1.6% during the 3rd quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock worth $765,000 after acquiring an additional 251 shares during the period. 90.77% of the stock is 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.