BMO Capital Markets Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its price objective lifted by BMO Capital Markets from $55.00 to $60.00 in a research report report published on Monday morning,Benzinga reports. BMO Capital Markets currently has a market perform rating on the luxury accessories retailer’s stock.

A number of other research analysts also recently issued reports on TPR. UBS Group cut their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Guggenheim upped their price target on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. The Goldman Sachs Group raised their price objective on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. 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 report on Friday, November 15th. Finally, Citigroup raised their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $57.78.

Tapestry Trading Up 1.8 %

Shares of NYSE TPR opened at $56.30 on Monday. The business has a fifty day moving average price of $47.70 and a 200 day moving average price of $43.41. Tapestry has a 1-year low of $30.20 and a 1-year high of $58.49. 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 stock has a market capitalization of $13.12 billion, a P/E ratio of 16.27, a price-to-earnings-growth ratio of 1.92 and a beta of 1.53.

Tapestry Dividend Announcement

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 2.49%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 8,872 shares of the 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 sale, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This represents a 20.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Institutional investors have recently bought and sold shares of the company. Waldron Private Wealth LLC acquired a new stake in shares of Tapestry in the third quarter worth approximately $25,000. Massmutual Trust Co. FSB ADV raised its stake in Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares during the period. Brooklyn Investment Group acquired a new position in Tapestry in the third quarter valued at approximately $47,000. Blue Trust Inc. increased its stake in Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc raised its position in Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.