Tapestry (NYSE:TPR) Upgraded to “Buy” at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Tapestry (NYSE:TPR) from a hold rating to a buy rating in a research note issued to investors on Thursday morning, MarketBeat.com reports. Jefferies Financial Group currently has $80.00 target price on the luxury accessories retailer’s stock, up from their prior target price of $50.00.

Several other analysts also recently weighed in on TPR. Barclays reissued an “equal weight” rating and issued a $57.00 target price on shares of Tapestry in a report on Wednesday, November 20th. Telsey Advisory Group boosted their price objective on Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Wells Fargo & Company increased their price objective on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Guggenheim lifted their target price on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, BMO Capital Markets upped their price target on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $61.24.

Tapestry Price Performance

Shares of TPR opened at $62.66 on Thursday. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. Tapestry has a 1-year low of $35.23 and a 1-year high of $65.30. The stock has a market cap of $14.60 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 1.80 and a beta of 1.60. The firm has a fifty day moving average price of $54.65 and a 200 day moving average price of $46.30.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the business’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 sale, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Redwood Investment Management LLC increased its position in Tapestry by 0.4% during the third quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock worth $2,269,000 after acquiring an additional 204 shares during the period. Lebenthal Global Advisors LLC increased its holdings in shares of Tapestry by 2.8% during the 3rd quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock worth $367,000 after purchasing an additional 215 shares during the period. OneDigital Investment Advisors LLC raised its position in shares of Tapestry by 3.0% during the third quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after buying an additional 218 shares during the last quarter. Summit Trail Advisors LLC lifted its stake in shares of Tapestry by 1.6% in the third quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock valued at $765,000 after buying an additional 251 shares during the period. Finally, Legend Financial Advisors Inc. grew its position in Tapestry by 1.9% during the second quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock worth $581,000 after buying an additional 257 shares in the last quarter. 90.77% of the stock is 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.