Tapestry (NYSE:TPR) Price Target Raised to $63.00

Tapestry (NYSE:TPR) had its price target boosted by Evercore ISI from $47.00 to $63.00 in a report released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the luxury accessories retailer’s stock.

TPR has been the subject of several other research reports. The Goldman Sachs Group upped their price target on Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a report on Monday, October 21st. Citigroup reduced their target price on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. UBS Group lowered their price target on shares of 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. raised their price objective on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research note on Thursday, August 15th. Four 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.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.73.

Tapestry Trading Up 13.5 %

Shares of TPR stock opened at $50.49 on Friday. The firm has a market capitalization of $11.60 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. Tapestry has a 1 year low of $25.99 and a 1 year high of $51.58. The firm’s fifty day simple moving average is $43.54 and its 200 day simple moving average is $41.89. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 EPS. As a group, sell-side analysts predict that Tapestry will post 4.47 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Friday, September 6th were issued a dividend of $0.35 per share. The ex-dividend date was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.77%. Tapestry’s dividend payout ratio is 37.04%.

Hedge Funds Weigh In On Tapestry

A number of institutional investors and hedge funds have recently bought and sold shares of TPR. Bessemer Group Inc. raised its holdings in shares of Tapestry by 1,328.8% in the first 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 acquired a new position in shares of Tapestry during the second quarter worth approximately $3,718,000. Lazard Asset Management LLC grew its stake in shares of Tapestry by 611.8% during 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 purchasing an additional 54,679 shares during the last quarter. Clearbridge Investments LLC acquired a new stake in shares of Tapestry in the first quarter valued at approximately $54,055,000. Finally, SG Americas Securities LLC raised its position in Tapestry by 174.8% in the 1st quarter. SG Americas Securities LLC now owns 95,076 shares of the luxury accessories retailer’s stock worth $4,514,000 after purchasing an additional 60,480 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.