Tapestry (NYSE:TPR) Raised to Buy at Jefferies Financial Group

Tapestry (NYSE:TPR) was upgraded by Jefferies Financial Group from a “hold” rating to a “buy” rating in a report released on Thursday, Marketbeat reports. The brokerage presently has a $80.00 price target on the luxury accessories retailer’s stock, up from their previous price target of $50.00. Jefferies Financial Group’s price objective points to a potential upside of 24.71% from the company’s previous close.

A number of other research analysts have also recently commented on TPR. Robert W. Baird upped their price target on shares of Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Barclays reaffirmed an “equal weight” rating and set a $57.00 target price on shares of Tapestry in a research report on Wednesday, November 20th. Wells Fargo & Company lifted their price target on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. raised their price objective on Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Finally, StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and an average target price of $61.24.

Tapestry Stock Performance

Shares of Tapestry stock opened at $64.15 on Thursday. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The stock’s fifty day moving average is $54.65 and its two-hundred day moving average is $46.30. Tapestry has a 52 week low of $35.23 and a 52 week high of $65.30. The company has a market capitalization of $14.95 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 1.80 and a beta of 1.60.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the sale, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tapestry

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. increased its position 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 during the period. Erste Asset Management GmbH acquired a new position in shares of Tapestry in the third quarter valued at about $64,016,000. AQR Capital Management LLC raised 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 purchasing an additional 1,051,743 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Tapestry by 76.6% during the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock worth $59,641,000 after purchasing an additional 539,793 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after buying an additional 272,007 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.