Tapestry (NYSE:TPR) Price Target Raised to $90.00 at Wells Fargo & Company

Tapestry (NYSE:TPR) had its target price boosted by Wells Fargo & Company from $75.00 to $90.00 in a research report sent to investors on Monday,Benzinga reports. The firm currently has an overweight rating on the luxury accessories retailer’s stock.

A number of other research firms also recently weighed in on TPR. Raymond James restated an “outperform” rating and issued a $57.00 target price (up from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $65.00 price target on shares of Tapestry in a report on Tuesday, January 21st. Daiwa America raised Tapestry to a “hold” rating in a report on Monday, November 18th. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Telsey Advisory Group upped their price target on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a report on Monday. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and an average price target of $67.28.

Tapestry Stock Performance

TPR opened at $73.61 on Monday. The company has a market capitalization of $17.15 billion, a price-to-earnings ratio of 21.28, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. Tapestry has a 1-year low of $35.23 and a 1-year high of $76.49. The business has a 50 day moving average price of $66.81 and a two-hundred day moving average price of $52.43.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.18% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after purchasing an additional 272,007 shares in the last quarter. Pacer Advisors Inc. raised its position in Tapestry by 1.0% in the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock worth $285,580,000 after purchasing an additional 58,135 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Tapestry by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock worth $262,156,000 after buying an additional 80,681 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in shares of Tapestry by 16.4% during the fourth quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock worth $138,596,000 after buying an additional 298,409 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its holdings in shares of Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after buying an additional 219,544 shares in the last quarter. Institutional investors and hedge funds 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.