Barclays Reaffirms “Equal Weight” Rating for Tapestry (NYSE:TPR)

Barclays reiterated their equal weight rating on shares of Tapestry (NYSE:TPR) in a research report released on Wednesday, MarketBeat Ratings reports. Barclays currently has a $57.00 target price on the luxury accessories retailer’s stock.

Several other research firms have also commented on TPR. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. BMO Capital Markets increased their price target on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Citigroup raised their price objective on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Robert W. Baird upped their target price on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Finally, Evercore ISI increased their target price on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $57.78.

Tapestry Stock Up 4.4 %

TPR opened at $58.92 on Wednesday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The company has a market cap of $13.73 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 1.95 and a beta of 1.53. Tapestry has a one year low of $30.20 and a one year high of $59.69. The business’s fifty day moving average is $48.02 and its two-hundred day moving average is $43.58.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is 40.46%.

Insider Buying and Selling

In other news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

Large investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. grew its position in Tapestry by 53.1% in the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after acquiring an additional 2,087,586 shares in the last quarter. Erste Asset Management GmbH purchased a new position in shares of Tapestry in the third quarter valued at $64,016,000. AQR Capital Management LLC grew its holdings in Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after purchasing an additional 1,051,743 shares in the last quarter. Coronation Fund Managers Ltd. lifted its holdings in Tapestry by 265.1% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after buying an additional 758,539 shares in the last quarter. Finally, Swedbank AB boosted its position in Tapestry by 206.5% in the 2nd quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock valued at $42,782,000 after buying an additional 673,655 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.