Tapestry (NYSE:TPR) Given New $60.00 Price Target at BMO Capital Markets

Tapestry (NYSE:TPR) had its price target upped by BMO Capital Markets from $55.00 to $60.00 in a report published on Monday,Benzinga reports. The firm currently has a market perform rating on the luxury accessories retailer’s stock.

A number of other analysts have also issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of 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 issued a $57.00 price target (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Bank of America increased their price objective on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Guggenheim boosted their target price on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research report on Tuesday, October 29th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.78.

Tapestry Price Performance

TPR stock opened at $56.30 on Monday. The business’s fifty day moving average price is $47.70 and its 200 day moving average price is $43.41. Tapestry has a 12-month low of $30.20 and a 12-month high of $58.49. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $13.12 billion, a PE ratio of 16.27, a P/E/G ratio of 1.92 and a beta of 1.53.

Tapestry Dividend Announcement

The company 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 $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.49%. The ex-dividend date is Friday, December 6th. Tapestry’s payout ratio is currently 40.46%.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the firm’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 completion of the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tapestry

Several hedge funds have recently bought and sold shares of TPR. Charles Schwab Investment Management Inc. lifted its stake in shares of Tapestry by 3.7% during 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 period. Capital Research Global Investors grew its holdings in Tapestry by 8.5% in the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock valued at $296,212,000 after buying an additional 489,933 shares during the period. Pacer Advisors Inc. grew its holdings in Tapestry by 1.0% in the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after purchasing an additional 58,135 shares during the period. Geode Capital Management LLC raised its stake in Tapestry by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock worth $262,156,000 after purchasing an additional 80,681 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Tapestry by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after buying an additional 165,406 shares during the last quarter. Hedge funds and other institutional investors 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.