Tapestry (NYSE:TPR) Price Target Raised to $64.00 at Robert W. Baird

Tapestry (NYSE:TPR) had its target price raised by Robert W. Baird from $58.00 to $64.00 in a research report released on Friday,Benzinga reports. They currently have an outperform rating on the luxury accessories retailer’s stock.

Several other analysts have also recently commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. The Goldman Sachs Group lifted their price target on Tapestry from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. UBS Group lowered their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Raymond James reiterated an “outperform” rating and set a $57.00 price target (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Finally, Telsey Advisory Group raised their price target on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.69.

Tapestry Stock Down 1.0 %

Shares of NYSE TPR traded down $0.59 during midday trading on Friday, hitting $57.23. The company’s stock had a trading volume of 4,444,887 shares, compared to its average volume of 3,337,417. Tapestry has a 1 year low of $29.83 and a 1 year high of $58.49. The business’s fifty day simple moving average is $46.55 and its two-hundred day simple moving average is $42.95. 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 firm has a market capitalization of $13.34 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 earnings per share. On average, equities analysts predict that Tapestry will post 4.54 EPS for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a $0.35 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.45%. Tapestry’s payout ratio is 40.46%.

Hedge Funds Weigh In On Tapestry

Several large investors have recently added to or reduced their stakes in TPR. Bessemer Group Inc. grew its position in shares of Tapestry by 1,328.8% during the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after buying an additional 28,038 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in Tapestry during the 2nd quarter worth $3,718,000. Lazard Asset Management LLC lifted its stake in Tapestry by 611.8% in the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock valued at $3,019,000 after buying an additional 54,679 shares during the last quarter. Clearbridge Investments LLC acquired a new position in shares of Tapestry during the first quarter valued at $54,055,000. Finally, Fiera Capital Corp grew its position in shares of Tapestry by 1.2% during the second quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock worth $62,590,000 after acquiring an additional 17,497 shares during the last quarter. 90.77% of the stock is currently 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.