Bank of America Boosts Tapestry (NYSE:TPR) Price Target to $60.00

Tapestry (NYSE:TPR) had its price objective upped by Bank of America from $52.00 to $60.00 in a report released on Friday, Benzinga reports. Bank of America currently has a buy rating on the luxury accessories retailer’s stock.

Several other equities research analysts also recently weighed in on the company. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a report on Thursday, August 15th. UBS Group cut their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Wells Fargo & Company upped their price objective on Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday. Evercore ISI lifted their target price on shares of Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, JPMorgan Chase & Co. upped their price target on shares of Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.73.

Tapestry Stock Up 13.5 %

TPR stock opened at $50.49 on Friday. The firm has a 50-day moving average price of $43.54 and a 200-day moving average price of $41.89. Tapestry has a 12 month low of $25.99 and a 12 month high of $51.58. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The stock has a market capitalization of $11.60 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the company earned $0.95 EPS. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Tapestry will post 4.47 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Friday, September 6th. Tapestry’s dividend payout ratio is 37.04%.

Institutional Investors Weigh In On Tapestry

Large investors have recently added to or reduced their stakes in the business. abrdn plc lifted its stake in Tapestry by 4.7% in the third quarter. abrdn plc now owns 39,127 shares of the luxury accessories retailer’s stock valued at $1,840,000 after buying an additional 1,756 shares during the period. Pallas Capital Advisors LLC grew its position in shares of Tapestry by 196.7% during the 3rd quarter. Pallas Capital Advisors LLC now owns 17,195 shares of the luxury accessories retailer’s stock worth $765,000 after buying an additional 11,399 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Tapestry by 23.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 67,622 shares of the luxury accessories retailer’s stock valued at $3,177,000 after acquiring an additional 12,752 shares in the last quarter. OMNI 360 Wealth Inc. lifted its position in shares of Tapestry by 12.6% during the 3rd quarter. OMNI 360 Wealth Inc. now owns 12,242 shares of the luxury accessories retailer’s stock valued at $575,000 after acquiring an additional 1,372 shares during the period. Finally, State of Alaska Department of Revenue boosted its stake in Tapestry by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 26,701 shares of the luxury accessories retailer’s stock worth $1,254,000 after acquiring an additional 1,815 shares in 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.