Tapestry (NYSE:TPR) Price Target Raised to $60.00

Tapestry (NYSE:TPR) had its target price hoisted by stock analysts at BMO Capital Markets from $55.00 to $60.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “market perform” rating on the luxury accessories retailer’s stock. BMO Capital Markets’ price target points to a potential upside of 7.87% from the company’s previous close.

Several other analysts also recently weighed in on TPR. Robert W. Baird upped their price target on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Raymond James reaffirmed an “outperform” rating and issued a $57.00 price objective (up from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Telsey Advisory Group lifted their target price on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. The Goldman Sachs Group upped their price target on Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Guggenheim lifted their price objective on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.82.

Tapestry Price Performance

Shares of TPR opened at $55.62 on Monday. Tapestry has a fifty-two week low of $30.19 and a fifty-two week high of $58.49. The firm’s 50-day simple moving average is $47.14 and its two-hundred day simple moving average is $43.23. The stock has a market cap of $12.96 billion, a PE ratio of 16.08, a price-to-earnings-growth ratio of 1.98 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of the business’s 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 completion of the transaction, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Tapestry

A number of hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of Tapestry by 3.7% during the 3rd 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 purchasing an additional 272,007 shares during the period. Capital Research Global Investors lifted its position in shares of Tapestry by 8.5% in the first quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock valued at $296,212,000 after acquiring an additional 489,933 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of 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 acquiring an additional 58,135 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Tapestry by 1.5% in 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 acquiring an additional 80,681 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Tapestry by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after purchasing an additional 165,406 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

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.