Tapestry (NYSE:TPR) Price Target Raised to $67.00

Tapestry (NYSE:TPR) had its target price hoisted by Telsey Advisory Group from $58.00 to $67.00 in a research note issued to investors on Friday morning, Marketbeat Ratings reports. Telsey Advisory Group currently has an outperform rating on the luxury accessories retailer’s stock.

A number of other analysts have also recently weighed in on TPR. JPMorgan Chase & Co. upped their price target on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Bank of America raised their price target on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Citigroup lifted their price objective on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Robert W. Baird upped their target price on shares of Tapestry from $53.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Evercore ISI upped their price target on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.69.

Tapestry Stock Performance

NYSE:TPR opened at $57.23 on Friday. Tapestry has a 52-week low of $29.83 and a 52-week high of $58.49. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The company has a market cap of $13.34 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.99 and a beta of 1.53. The firm’s 50-day moving average is $46.55 and its 200-day moving average is $42.99.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share 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 firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the company earned $0.95 earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year. Equities research analysts anticipate that Tapestry will post 4.56 earnings per share for the current year.

Tapestry Announces Dividend

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

Institutional Trading of Tapestry

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its stake in shares of Tapestry by 3.7% during the 3rd 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 during the last quarter. Capital Research Global Investors lifted its position in Tapestry by 8.5% during the first quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after acquiring an additional 489,933 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Tapestry by 1.0% during the third 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 during the period. Geode Capital Management LLC grew its position in shares of Tapestry by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after purchasing an additional 80,681 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Tapestry by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after purchasing an additional 165,406 shares during the period. Institutional investors 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.