Tapestry (NYSE:TPR) Rating Increased to Buy at Redburn Atlantic

Redburn Atlantic upgraded shares of Tapestry (NYSE:TPR) from a neutral rating to a buy rating in a research report released on Tuesday, Marketbeat Ratings reports. Redburn Atlantic currently has $110.00 target price on the luxury accessories retailer’s stock.

Several other research firms have also recently commented on TPR. The Goldman Sachs Group boosted their price target on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a report on Friday, February 7th. UBS Group raised their target price on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Guggenheim increased their price objective on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Morgan Stanley reissued an “equal weight” rating and issued a $65.00 price target on shares of Tapestry in a research note on Tuesday, January 21st. Finally, Evercore ISI increased their target price on Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $76.63.

Tapestry Trading Up 1.5 %

Shares of Tapestry stock opened at $88.99 on Tuesday. Tapestry has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The business’s fifty day moving average is $71.17 and its two-hundred day moving average is $55.70. The firm has a market cap of $20.74 billion, a PE ratio of 25.80, a P/E/G ratio of 2.30 and a beta of 1.58. The company has a quick ratio of 4.38, a current ratio of 1.58 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last posted its quarterly earnings data 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 earnings per share. Analysts anticipate that Tapestry will post 4.7 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.57%. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Institutional Investors Weigh In On Tapestry

A number of institutional investors and hedge funds have recently bought and sold shares of TPR. Southpoint Capital Advisors LP bought a new stake in Tapestry during the fourth quarter worth $130,660,000. Price T Rowe Associates Inc. MD boosted its stake in Tapestry by 593.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer’s stock valued at $143,198,000 after acquiring an additional 1,875,753 shares during the last quarter. Norges Bank purchased a new stake in Tapestry in the fourth quarter worth $114,199,000. Point72 Asset Management L.P. bought a new stake in Tapestry in the 4th quarter valued at about $101,433,000. Finally, Erste Asset Management GmbH purchased a new stake in shares of Tapestry during the third quarter worth $64,016,000. 90.77% of the stock is owned by hedge funds and other 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.