Tapestry (NYSE:TPR) Price Target Raised to $98.00

Tapestry (NYSE:TPR) had its target price raised by The Goldman Sachs Group from $72.00 to $98.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the luxury accessories retailer’s stock.

Several other equities research analysts have also recently weighed in on TPR. JPMorgan Chase & Co. upped their target price on Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Barclays upgraded Tapestry from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $57.00 to $87.00 in a research report on Wednesday, January 8th. Telsey Advisory Group lifted their target price on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Guggenheim boosted their target price on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Daiwa America upgraded shares of Tapestry to a “hold” rating in a research note on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target of $73.17.

Tapestry Stock Performance

TPR opened at $80.28 on Friday. The firm has a market cap of $18.71 billion, a P/E ratio of 23.27, a price-to-earnings-growth ratio of 2.30 and a beta of 1.58. The business’s fifty day moving average is $68.08 and its 200-day moving average is $53.45. Tapestry has a 52-week low of $35.23 and a 52-week high of $87.87. The company has a debt-to-equity ratio of 1.78, a quick ratio of 4.38 and a current ratio of 1.58.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period last year, the company posted $1.63 EPS. Sell-side analysts expect that Tapestry will post 4.7 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be paid a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.74%. Tapestry’s payout ratio is 40.58%.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Waldron Private Wealth LLC bought a new position in Tapestry in the third quarter worth approximately $25,000. Venturi Wealth Management LLC raised its position in shares of Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after purchasing an additional 252 shares during the period. Brooklyn Investment Group bought a new position in shares of Tapestry in the 3rd quarter worth $47,000. Deseret Mutual Benefit Administrators grew its position in Tapestry by 68.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after purchasing an additional 605 shares during the period. Finally, Transamerica Financial Advisors Inc. increased its stake in Tapestry by 159,100.0% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock valued at $75,000 after purchasing an additional 1,591 shares in the last quarter. 90.77% of the stock is 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.