Tapestry (NYSE:TPR) Stock Price Expected to Rise, Guggenheim Analyst Says

Tapestry (NYSE:TPR) had its target price lifted by Guggenheim from $60.00 to $70.00 in a research report report published on Friday morning,Benzinga reports. Guggenheim currently has a buy rating on the luxury accessories retailer’s stock.

Several other research firms have also recently weighed in on TPR. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a report on Tuesday, October 29th. JPMorgan Chase & Co. upped their price target on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Raymond James reissued an “outperform” rating and set a $57.00 price target (up from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Wells Fargo & Company upped their price objective on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target of $57.69.

Tapestry Stock Performance

Shares of Tapestry stock traded down $0.59 during trading hours on Friday, reaching $57.23. The company had a trading volume of 4,444,887 shares, compared to its average volume of 3,337,417. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. Tapestry has a one year low of $29.83 and a one year high of $58.49. The firm has a market cap of $13.34 billion, a PE ratio of 16.54, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53. The business has a fifty day simple moving average of $46.55 and a 200 day simple moving average of $42.95.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the business earned $0.95 earnings per share. Tapestry’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, analysts anticipate that Tapestry will post 4.54 earnings per share for the current fiscal year.

Tapestry Announces Dividend

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

Institutional Investors Weigh In On Tapestry

A number of institutional investors and hedge funds have recently made changes to their positions in TPR. Redwood Investment Management LLC increased its holdings in shares of Tapestry by 0.4% in the third quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock valued at $2,269,000 after purchasing an additional 204 shares during the period. Lebenthal Global Advisors LLC increased its holdings in Tapestry by 2.8% in the third quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock valued at $367,000 after buying an additional 215 shares in the last quarter. OneDigital Investment Advisors LLC increased its stake in Tapestry by 3.0% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after purchasing an additional 218 shares in the last quarter. Mather Group LLC. raised its holdings in Tapestry by 12.9% during the second quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock worth $104,000 after purchasing an additional 249 shares during the last quarter. Finally, Summit Trail Advisors LLC grew its stake in Tapestry by 1.6% in the 3rd quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock valued at $765,000 after acquiring an additional 251 shares during the last quarter. 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.