Tapestry (NYSE:TPR) Given “Equal Weight” Rating at Morgan Stanley

Morgan Stanley reiterated their equal weight rating on shares of Tapestry (NYSE:TPR) in a research report released on Tuesday, MarketBeat Ratings reports. They currently have a $65.00 price objective on the luxury accessories retailer’s stock.

TPR has been the topic of several other reports. Barclays raised shares of Tapestry from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $57.00 to $87.00 in a research report on Wednesday, January 8th. JPMorgan Chase & Co. boosted their price target on Tapestry from $66.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Raymond James reiterated an “outperform” rating and set a $57.00 price objective (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Wells Fargo & Company boosted their target price on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Telsey Advisory Group raised their price target on shares of Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.78.

Tapestry Stock Performance

Shares of TPR stock opened at $74.16 on Tuesday. The company has a market capitalization of $17.28 billion, a P/E ratio of 21.43, a price-to-earnings-growth ratio of 2.03 and a beta of 1.58. Tapestry has a 52 week low of $35.23 and a 52 week high of $74.25. 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’s 50 day moving average price is $63.71 and its two-hundred day moving average price is $50.45.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date was Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its position in shares of Tapestry by 7.5% in the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after purchasing an additional 30,121 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Tapestry in the 3rd quarter valued at $5,446,000. Valley Wealth Managers Inc. grew its holdings in Tapestry by 2.1% in the 3rd quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after buying an additional 8,833 shares in the last quarter. Westfield Capital Management Co. LP lifted 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. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Tapestry during the third quarter worth $2,064,000. 90.77% of the stock is owned by 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.