Tapestry (NYSE:TPR) Price Target Raised to $70.00

Tapestry (NYSE:TPR) had its target price hoisted by Guggenheim from $60.00 to $70.00 in a report issued on Friday morning,Benzinga reports. Guggenheim currently has a buy rating on the luxury accessories retailer’s stock.

A number of other equities research analysts also recently weighed in on the company. Telsey Advisory Group raised their price target on Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday. UBS Group reduced their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. JPMorgan Chase & Co. boosted their price target on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Wells Fargo & Company lifted their price objective on Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Robert W. Baird boosted their price target on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.82.

Tapestry Price Performance

Tapestry stock opened at $56.55 on Friday. The firm has a market capitalization of $13.18 billion, a P/E ratio of 16.34, a PEG ratio of 1.99 and a beta of 1.53. Tapestry has a one year low of $30.19 and a one year high of $58.49. The business has a fifty day moving average price of $46.85 and a 200-day moving average price of $43.12. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.48%. Tapestry’s dividend payout ratio is presently 40.46%.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the sale, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. This represents a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Tapestry

Hedge funds and other institutional investors have recently modified their holdings of the stock. Waldron Private Wealth LLC purchased a new stake in shares of Tapestry in the 3rd quarter worth $25,000. Massmutual Trust Co. FSB ADV increased its stake in shares of Tapestry by 54.0% in the 2nd 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 in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Tapestry in the 3rd quarter worth $47,000. Blue Trust Inc. boosted its holdings in Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 556 shares during the period. Finally, MUFG Securities EMEA plc boosted its holdings in Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after buying an additional 317 shares during the period. 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.