Tapestry (NYSE:TPR) Price Target Increased to $63.00 by Analysts at Evercore ISI

Tapestry (NYSE:TPR) had its target price boosted by Evercore ISI from $47.00 to $63.00 in a research report report published on Friday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the luxury accessories retailer’s stock.

Other research analysts have also recently issued reports about the stock. The Goldman Sachs Group boosted their target price on shares of Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, October 21st. 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. JPMorgan Chase & Co. boosted their target price on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday. UBS Group dropped their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday, August 15th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.73.

Tapestry Stock Performance

TPR stock opened at $50.47 on Friday. The business has a 50 day moving average of $43.74 and a 200-day moving average of $41.95. The firm has a market cap of $11.60 billion, a PE ratio of 13.35, a P/E/G ratio of 1.67 and a beta of 1.53. Tapestry has a 12-month low of $25.99 and a 12-month high of $51.96. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39.

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

Tapestry Dividend Announcement

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

Hedge Funds Weigh In On Tapestry

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Waldron Private Wealth LLC bought a new stake in shares of Tapestry during the 3rd quarter valued at about $25,000. Fidelis Capital Partners LLC purchased a new stake in Tapestry in the first quarter valued at approximately $35,000. BNP Paribas bought a new position in shares of Tapestry in the 1st quarter worth $38,000. Massmutual Trust Co. FSB ADV raised its position in shares of Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after buying an additional 328 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 556 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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.