Robert W. Baird Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its price objective raised by Robert W. Baird from $58.00 to $64.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the luxury accessories retailer’s stock.

Several other equities research analysts have also recently commented on TPR. Citigroup boosted their target price on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Evercore ISI upped their price objective on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Wells Fargo & Company lifted their target price on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a report on Tuesday, October 29th. Finally, Bank of America lifted their price objective on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus price target of $57.69.

Tapestry Stock Performance

TPR stock traded down $0.59 during trading on Friday, reaching $57.23. 4,444,887 shares of the company’s stock were exchanged, compared to its average volume of 3,337,417. The firm has a market cap of $13.34 billion, a PE ratio of 16.54, a P/E/G ratio of 1.78 and a beta of 1.53. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. Tapestry has a 1-year low of $29.83 and a 1-year high of $58.49. The company’s fifty day moving average price is $46.55 and its 200-day moving average price is $42.95.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. Tapestry’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter last year, the company earned $0.95 EPS. On average, research analysts expect that Tapestry will post 4.54 EPS for the current fiscal year.

Tapestry Announces Dividend

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

Institutional Investors Weigh In On Tapestry

A number of institutional investors have recently modified their holdings of TPR. Waldron Private Wealth LLC acquired a new stake in Tapestry in the third quarter valued at approximately $25,000. Massmutual Trust Co. FSB ADV raised its holdings in Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after buying an additional 328 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Tapestry in the third quarter worth about $47,000. Blue Trust Inc. increased its holdings in shares of Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after acquiring an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc increased its holdings in shares of Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.