Tapestry (NYSE:TPR) Price Target Raised to $74.00

Tapestry (NYSE:TPR) had its price target upped by Evercore ISI from $68.00 to $74.00 in a report published on Monday,Benzinga reports. The firm currently has an outperform rating on the luxury accessories retailer’s stock.

TPR has been the subject of several other reports. Citigroup upped their price objective on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. UBS Group lifted their price objective on Tapestry from $57.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. BMO Capital Markets increased their target price on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. Finally, 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. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $65.56.

Tapestry Stock Up 0.9 %

TPR opened at $74.43 on Monday. The firm has a market cap of $17.35 billion, a P/E ratio of 21.51, 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 quick ratio of 4.38 and a current ratio of 4.93. The business has a 50 day moving average price of $65.88 and a 200 day moving average price of $51.70. Tapestry has a twelve month low of $35.23 and a twelve month high of $75.78.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were paid a $0.35 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.88%. Tapestry’s payout ratio is currently 40.46%.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Large investors have recently made changes to their positions in the company. Victory Capital Management Inc. raised its position in Tapestry by 7.5% in the 3rd quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after purchasing an additional 30,121 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Tapestry in the third quarter valued at $5,446,000. Valley Wealth Managers Inc. raised its holdings in shares of Tapestry by 2.1% in the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after buying an additional 8,833 shares during the last quarter. Westfield Capital Management Co. LP lifted its position in Tapestry by 14.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after buying an additional 219,544 shares in the last quarter. Finally, Decker Retirement Planning Inc. bought a new stake in Tapestry during the 4th quarter worth about $3,437,000. Institutional investors 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.