Brokerages Set Tapestry, Inc. (NYSE:TPR) Target Price at $61.24

Tapestry, Inc. (NYSE:TPR) has received a consensus recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and thirteen have given a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $64.76.

TPR has been the subject of a number of recent analyst reports. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a report on Tuesday, October 29th. Citigroup lifted their price target on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Evercore ISI increased their price target on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Raymond James restated 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. Finally, Daiwa America upgraded Tapestry to a “hold” rating in a research report on Monday, November 18th.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the sale, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.18% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tapestry

A number of hedge funds have recently modified their holdings of TPR. Commonwealth Equity Services LLC raised its position in Tapestry by 1.4% in the second quarter. Commonwealth Equity Services LLC now owns 33,272 shares of the luxury accessories retailer’s stock valued at $1,424,000 after purchasing an additional 450 shares during the period. TD Asset Management Inc raised its holdings in Tapestry by 5.6% in the 2nd quarter. TD Asset Management Inc now owns 113,206 shares of the luxury accessories retailer’s stock valued at $4,844,000 after buying an additional 6,000 shares during the period. Arizona State Retirement System lifted its position in Tapestry by 1.9% in the second quarter. Arizona State Retirement System now owns 64,212 shares of the luxury accessories retailer’s stock valued at $2,748,000 after buying an additional 1,226 shares during the last quarter. Savant Capital LLC purchased a new position in Tapestry during the second quarter worth about $1,792,000. Finally, Choreo LLC acquired a new stake in shares of Tapestry during the second quarter valued at about $242,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

NYSE:TPR opened at $67.25 on Wednesday. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The company has a 50 day moving average price of $60.62 and a 200-day moving average price of $48.76. Tapestry has a 1-year low of $35.23 and a 1-year high of $69.09. The firm has a market cap of $15.67 billion, a price-to-earnings ratio of 19.44, a price-to-earnings-growth ratio of 1.80 and a beta of 1.58.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.08%. Tapestry’s dividend payout ratio is presently 40.46%.

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.