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

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

Other equities analysts have also issued reports about the stock. Guggenheim increased their price objective on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Friday. Wells Fargo & Company raised their price target on shares of Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. UBS Group lifted their price target on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Raymond James reissued an “outperform” rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a report on Friday. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.17.

Tapestry Trading Down 2.3 %

NYSE TPR opened at $80.28 on Friday. Tapestry has a 52 week low of $35.23 and a 52 week high of $87.87. The company has a 50 day moving average price of $68.08 and a 200 day moving average price of $53.27. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The firm has a market cap of $18.71 billion, a PE ratio of 23.20, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58.

Tapestry (NYSE:TPR) last issued its quarterly earnings data 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 return on equity of 36.26% and a net margin of 12.12%. During the same quarter last year, the firm posted $1.63 earnings per share. As a group, sell-side analysts forecast that Tapestry will post 4.63 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.74%. Tapestry’s dividend payout ratio (DPR) is currently 40.46%.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was 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 SEC, which can be accessed through this hyperlink. Insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its stake in Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after acquiring an additional 382,856 shares during the period. Pacer Advisors Inc. lifted its holdings in Tapestry by 1.0% during the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after purchasing an additional 58,135 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Tapestry by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after purchasing an additional 80,681 shares during the period. Allianz Asset Management GmbH increased its stake in shares of Tapestry by 16.4% during the fourth quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock worth $138,596,000 after purchasing an additional 298,409 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its position in shares of Tapestry by 14.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after purchasing an additional 219,544 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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.