Tapestry (NYSE:TPR) PT Raised to $60.00

Tapestry (NYSE:TPRFree Report) had its price target lifted by Wells Fargo & Company from $50.00 to $60.00 in a report issued on Friday, Benzinga reports. They currently have an overweight rating on the luxury accessories retailer’s stock.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley reissued an equal weight rating and issued a $38.00 price target on shares of Tapestry in a research note on Tuesday, December 12th. Evercore ISI started coverage on shares of Tapestry in a research note on Tuesday, November 7th. They issued an in-line rating and a $30.00 price objective for the company. Telsey Advisory Group reissued an outperform rating and set a $49.00 target price on shares of Tapestry in a research report on Friday. StockNews.com initiated coverage on Tapestry in a research report on Thursday, October 5th. They issued a buy rating for the company. Finally, TheStreet raised shares of Tapestry from a c+ rating to a b- rating in a research report on Tuesday, December 26th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $47.59.

Get Our Latest Stock Analysis on TPR

Tapestry Stock Performance

TPR opened at $40.37 on Friday. Tapestry has a 1-year low of $25.99 and a 1-year high of $46.57. The company has a market capitalization of $9.25 billion, a price-to-earnings ratio of 10.27, a price-to-earnings-growth ratio of 0.85 and a beta of 1.51. The business has a 50 day moving average price of $36.37 and a two-hundred day moving average price of $33.57. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.02 and a quick ratio of 1.23.

Tapestry (NYSE:TPRGet Free Report) last issued its quarterly earnings results on Thursday, November 9th. The luxury accessories retailer reported $0.93 EPS for the quarter, beating the consensus estimate of $0.90 by $0.03. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.54 billion. Tapestry had a net margin of 14.03% and a return on equity of 41.29%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.79 EPS. Research analysts predict that Tapestry will post 4.1 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 26th. Shareholders of record on Friday, December 8th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend was Thursday, December 7th. Tapestry’s dividend payout ratio is currently 35.62%.

Institutional Trading of Tapestry

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in shares of Tapestry during the fourth quarter valued at about $71,991,000. Invesco Ltd. boosted its position in shares of Tapestry by 37.8% during the 3rd quarter. Invesco Ltd. now owns 4,394,913 shares of the luxury accessories retailer’s stock valued at $126,354,000 after acquiring an additional 1,205,207 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Tapestry in the third quarter valued at $34,010,000. Pacer Advisors Inc. increased its holdings in shares of Tapestry by 60.1% in the 4th quarter. Pacer Advisors Inc. now owns 3,108,486 shares of the luxury accessories retailer’s stock worth $114,423,000 after buying an additional 1,167,231 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Tapestry by 28.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer’s stock valued at $150,916,000 after buying an additional 1,154,808 shares in the last quarter. 92.12% of the stock is owned by hedge funds and other institutional investors.

About Tapestry

(Get Free Report)

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.

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Analyst Recommendations for Tapestry (NYSE:TPR)

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