Morgan Stanley Reiterates Equal Weight Rating for Tapestry (NYSE:TPR)

Tapestry (NYSE:TPR)‘s stock had its “equal weight” rating reissued by investment analysts at Morgan Stanley in a report released on Tuesday, Marketbeat Ratings reports. They currently have a $65.00 price objective on the luxury accessories retailer’s stock. Morgan Stanley’s price objective points to a potential downside of 11.34% from the stock’s current price.

A number of other research analysts have also recently weighed in on TPR. Evercore ISI lifted 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. Telsey Advisory Group boosted 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. Robert W. Baird raised their price target on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Jefferies Financial Group upgraded shares of Tapestry from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $50.00 to $80.00 in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Tapestry from $66.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.78.

Tapestry Stock Performance

NYSE:TPR opened at $73.31 on Tuesday. The company has a market cap of $17.08 billion, a P/E ratio of 21.19, a P/E/G ratio of 2.03 and a beta of 1.58. The firm’s 50 day moving average is $64.16 and its two-hundred day moving average is $50.61. Tapestry has a fifty-two week low of $35.23 and a fifty-two week high of $74.54. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction dated 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. The trade was a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Waldron Private Wealth LLC bought a new position in Tapestry during the third quarter worth $25,000. Brooklyn Investment Group bought a new position in shares of Tapestry in the 3rd quarter worth about $47,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Tapestry during the 2nd quarter valued at about $68,000. Abich Financial Wealth Management LLC acquired a new stake in Tapestry during the second quarter worth about $69,000. Finally, Deseret Mutual Benefit Administrators lifted its holdings in Tapestry by 68.2% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after acquiring an additional 605 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.