Tapestry (NYSE:TPR) Price Target Raised to $66.00 at The Goldman Sachs Group

Tapestry (NYSE:TPR) had its price target raised by stock analysts at The Goldman Sachs Group from $58.00 to $66.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the luxury accessories retailer’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 13.85% from the stock’s current price.

A number of other research firms also recently issued reports on TPR. Evercore ISI boosted their target price on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. boosted their price objective on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Raymond James restated an “outperform” rating and issued a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research note on Friday, November 8th. UBS Group cut their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Finally, Wells Fargo & Company upped their price target on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and an average target price of $56.20.

Tapestry Stock Up 0.3 %

Shares of NYSE TPR opened at $57.97 on Friday. The firm has a market cap of $13.51 billion, a PE ratio of 16.65, a P/E/G ratio of 1.78 and a beta of 1.53. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. Tapestry has a 12-month low of $29.83 and a 12-month high of $58.49. The company’s fifty day simple moving average is $46.21 and its 200 day simple moving average is $42.83.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the firm posted $0.95 EPS. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Tapestry will post 4.54 earnings per share for the current fiscal year.

Institutional Trading of Tapestry

Several hedge funds have recently made changes to their positions in TPR. Charles Schwab Investment Management Inc. boosted its holdings in 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 acquiring an additional 272,007 shares during the period. Capital Research Global Investors lifted its holdings in shares of Tapestry by 8.5% in the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after buying an additional 489,933 shares during the period. Pacer Advisors Inc. grew its position in shares of Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock worth $285,580,000 after buying an additional 58,135 shares in the last quarter. Dimensional Fund Advisors LP increased its stake 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 valued at $151,965,000 after buying an additional 165,406 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Tapestry by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock valued at $116,928,000 after acquiring an additional 46,760 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other 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.