JPMorgan Chase & Co. Increases Tapestry (NYSE:TPR) Price Target to $66.00

Tapestry (NYSE:TPR) had its target price upped by JPMorgan Chase & Co. from $51.00 to $66.00 in a research report report published on Friday, Benzinga reports. They currently have an overweight rating on the luxury accessories retailer’s stock.

Other research analysts have also recently issued reports about the stock. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday, August 15th. UBS Group lowered their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, September 25th. Citigroup lowered their target price on Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Finally, Wells Fargo & Company raised their price objective on shares of Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $51.73.

Tapestry Stock Performance

TPR traded up $6.02 during trading hours on Friday, hitting $50.49. The company’s stock had a trading volume of 17,253,323 shares, compared to its average volume of 3,241,892. The company has a 50-day simple moving average of $43.54 and a 200 day simple moving average of $41.89. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The firm has a market capitalization of $11.60 billion, a PE ratio of 13.36, a PEG ratio of 1.67 and a beta of 1.53. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $51.58.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company’s revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 earnings per share. As a group, sell-side analysts expect that Tapestry will post 4.47 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.77%. The ex-dividend date was Friday, September 6th. Tapestry’s payout ratio is 37.04%.

Institutional Trading of Tapestry

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. raised its stake in shares of Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after acquiring an additional 2,087,586 shares in the last quarter. Clearbridge Investments LLC bought a new position in shares of Tapestry in the first quarter valued at approximately $54,055,000. AQR Capital Management LLC lifted its stake in shares of Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares during the last quarter. Coronation Fund Managers Ltd. boosted its holdings in shares of Tapestry by 265.1% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after buying an additional 758,539 shares during the period. Finally, Swedbank AB grew its stake in Tapestry by 206.5% in the 2nd quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock valued at $42,782,000 after buying an additional 673,655 shares during the last quarter. Institutional investors and hedge funds 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.