Tapestry (NYSE:TPR) Price Target Raised to $75.00

Tapestry (NYSE:TPR) had its target price lifted by Wells Fargo & Company from $65.00 to $75.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the luxury accessories retailer’s stock.

A number of other analysts have also recently weighed in on TPR. The Goldman Sachs Group increased their price objective on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday. TD Cowen cut Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research report on Tuesday, October 29th. JPMorgan Chase & Co. increased their price objective on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Evercore ISI increased their price objective on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Finally, StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.82.

Tapestry Stock Down 1.2 %

Shares of NYSE TPR opened at $56.55 on Friday. The stock has a market cap of $13.18 billion, a PE ratio of 16.34, a price-to-earnings-growth ratio of 1.99 and a beta of 1.53. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. Tapestry has a 52-week low of $30.19 and a 52-week high of $58.49. The business has a 50-day moving average price of $46.85 and a 200 day moving average price of $43.12.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, December 6th. Tapestry’s payout ratio is currently 40.46%.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tapestry

Several hedge funds have recently bought and sold shares of TPR. Waldron Private Wealth LLC purchased a new position in Tapestry during the third quarter worth $25,000. Massmutual Trust Co. FSB ADV increased its position 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 buying an additional 328 shares in the last quarter. Brooklyn Investment Group purchased a new position in Tapestry during the third quarter worth $47,000. Blue Trust Inc. increased its position 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 buying an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc increased its position in Tapestry by 34.9% during the second 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 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.