Tapestry (NYSE:TPR) Given Outperform Rating at Raymond James

Raymond James reaffirmed their outperform rating on shares of Tapestry (NYSE:TPR) in a research report released on Friday,Benzinga reports. The firm currently has a $88.00 target price on the luxury accessories retailer’s stock, up from their prior target price of $79.00.

A number of other analysts have also recently weighed in on the company. Guggenheim raised their price objective on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday. UBS Group raised their price target on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday. Daiwa America upgraded Tapestry to a “hold” rating in a research note on Monday, November 18th. The Goldman Sachs Group increased their price objective on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Wells Fargo & Company upped their price target on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus target price of $73.17.

Tapestry Price Performance

TPR opened at $80.28 on Friday. The firm has a market capitalization of $18.71 billion, a PE ratio of 23.27, a price-to-earnings-growth ratio of 2.30 and a beta of 1.58. The business’s 50-day moving average is $68.08 and its two-hundred day moving average is $53.45. Tapestry has a 1 year low of $35.23 and a 1 year high of $87.87. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 4.38.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter last year, the firm posted $1.63 earnings per share. Research analysts anticipate that Tapestry will post 4.7 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be given a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.74%. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred 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 transaction, the vice president now owns 35,003 shares in the company, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On Tapestry

A number of large investors have recently added to or reduced their stakes in the stock. Waldron Private Wealth LLC acquired a new stake in shares of Tapestry in the third quarter valued at about $25,000. Venturi Wealth Management LLC lifted its stake in Tapestry by 78.0% in the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after buying an additional 252 shares in the last quarter. Brooklyn Investment Group acquired a new stake in Tapestry in the 3rd quarter worth about $47,000. UMB Bank n.a. increased its stake in Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after buying an additional 496 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Tapestry by 68.2% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after acquiring an additional 605 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.