Tapestry (NYSE:TPR) Price Target Raised to $90.00

Tapestry (NYSE:TPR) had its target price boosted by Guggenheim from $70.00 to $90.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the luxury accessories retailer’s stock.

A number of other equities analysts also recently issued reports on TPR. Raymond James reaffirmed an “outperform” rating and set a $57.00 price target (up from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Evercore ISI increased their price target on Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. The Goldman Sachs Group boosted their price target on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. BMO Capital Markets increased their price objective on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Finally, Telsey Advisory Group lifted their target price on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.17.

Tapestry Price Performance

Shares of TPR stock opened at $80.28 on Friday. The company has a market cap of $18.71 billion, a P/E ratio of 23.27, a PEG ratio of 2.30 and a beta of 1.58. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 4.38. The stock’s 50-day moving average is $68.08 and its 200 day moving average is $53.45. Tapestry has a 1-year low of $35.23 and a 1-year high of $87.87.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period in the previous year, the company posted $1.63 EPS. Research analysts predict that Tapestry will post 4.7 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, March 24th. Stockholders of record on Thursday, March 6th will be paid a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.74%. Tapestry’s payout ratio is 40.58%.

Insider Buying and Selling

In other Tapestry 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 value of $514,221.12. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tapestry

Several institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after buying an additional 382,856 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock worth $285,580,000 after acquiring an additional 58,135 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Tapestry by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after acquiring an additional 80,681 shares during the period. Allianz Asset Management GmbH increased its stake in shares of Tapestry by 16.4% in the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock valued at $138,596,000 after purchasing an additional 298,409 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its holdings in Tapestry by 14.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after purchasing an additional 219,544 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.