Tapestry (NYSE:TPR) Upgraded by StockNews.com to Buy Rating

StockNews.com upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research report sent to investors on Monday morning.

Other equities analysts have also recently issued research reports about the stock. Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target on the stock in a research report on Tuesday, February 18th. The Goldman Sachs Group upped their target price on Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a report on Friday, February 7th. Robert W. Baird lifted their price objective on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Wells Fargo & Company lifted their price target on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, Guggenheim boosted their price target on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Tapestry Price Performance

TPR opened at $70.44 on Monday. The company has a 50 day moving average of $77.63 and a two-hundred day moving average of $63.29. Tapestry has a 52-week low of $35.23 and a 52-week high of $90.85. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The company has a market cap of $14.58 billion, a P/E ratio of 20.42, a P/E/G ratio of 2.01 and a beta of 1.57.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping 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 quarter in the previous year, the company earned $1.63 EPS. On average, analysts expect that Tapestry will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.99%. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Insiders Place Their Bets

In other news, CEO Todd Kahn sold 7,786 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the sale, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. This trade represents a 3.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now directly owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. The trade was a 23.59 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Greenline Partners LLC bought a new position in shares of Tapestry in the fourth quarter valued at approximately $29,000. Coppell Advisory Solutions LLC raised its holdings in Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after acquiring an additional 150 shares during the period. Venturi Wealth Management LLC lifted its position in Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after acquiring an additional 252 shares during the last quarter. Canada Post Corp Registered Pension Plan acquired a new stake in shares of Tapestry in the fourth quarter valued at about $48,000. Finally, UMB Bank n.a. increased its stake in shares of Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after purchasing an additional 496 shares during the period. 90.77% of the stock is owned by 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.