Tapestry (NYSE:TPR) Price Target Raised to $83.00

Tapestry (NYSE:TPR) had its price objective increased by Jefferies Financial Group from $80.00 to $83.00 in a research note released on Tuesday,Benzinga reports. They currently have a buy rating on the luxury accessories retailer’s stock.

TPR has been the subject of a number of other research reports. JPMorgan Chase & Co. boosted their price target on Tapestry from $66.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Citigroup increased their price target on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Telsey Advisory Group boosted their price objective on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Guggenheim raised their target price on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, BMO Capital Markets boosted their price target on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, November 18th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $65.56.

Tapestry Price Performance

Tapestry stock opened at $73.79 on Tuesday. The stock’s fifty day moving average price is $65.50 and its two-hundred day moving average price is $51.54. The firm has a market cap of $17.20 billion, a PE ratio of 21.33, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58. 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 $35.23 and a one year high of $75.78.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.90%. The ex-dividend date was Friday, December 6th. Tapestry’s payout ratio is presently 40.46%.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the sale, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Waldron Private Wealth LLC acquired a new position in Tapestry in the third quarter valued at $25,000. Brooklyn Investment Group bought a new position in shares of Tapestry in the 3rd quarter worth about $47,000. UMB Bank n.a. boosted its position in shares of Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after purchasing an additional 496 shares in the last quarter. Deseret Mutual Benefit Administrators grew its stake in Tapestry by 68.2% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after purchasing an additional 605 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Tapestry in the second quarter worth approximately $68,000. 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.