Tapestry, Inc. (NYSE:TPR) Receives $58.94 Consensus PT from Analysts

Tapestry, Inc. (NYSE:TPR) has been given a consensus rating of “Moderate Buy” by the seventeen research firms that are covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $59.47.

A number of research firms have recently commented on TPR. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research note on Tuesday, October 29th. Citigroup boosted their price objective on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. raised their target price on Tapestry from $66.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday. Raymond James reiterated an “outperform” rating and set a $57.00 price target (up from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Finally, Robert W. Baird increased their price objective on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 15th.

Tapestry Price Performance

Shares of NYSE TPR opened at $64.20 on Friday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The firm has a fifty day moving average of $53.57 and a 200 day moving average of $45.94. The firm has a market cap of $14.96 billion, a PE ratio of 18.55, a PEG ratio of 1.80 and a beta of 1.60. Tapestry has a one year low of $35.23 and a one year high of $65.30.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s payout ratio is presently 40.46%.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the 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 completion of the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On Tapestry

A number of hedge funds have recently made changes to their positions in TPR. Retirement Systems of Alabama raised its position in Tapestry by 1.0% in the third quarter. Retirement Systems of Alabama now owns 51,180 shares of the luxury accessories retailer’s stock valued at $2,404,000 after purchasing an additional 493 shares during the period. Franklin Resources Inc. raised its holdings in shares of Tapestry by 10.6% in the 3rd quarter. Franklin Resources Inc. now owns 163,234 shares of the luxury accessories retailer’s stock valued at $7,442,000 after buying an additional 15,585 shares during the period. Tidal Investments LLC lifted its stake in Tapestry by 1.8% during the 3rd quarter. Tidal Investments LLC now owns 27,401 shares of the luxury accessories retailer’s stock worth $1,287,000 after acquiring an additional 481 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Tapestry during the 3rd quarter worth about $333,000. Finally, Sanctuary Advisors LLC boosted its holdings in Tapestry by 59.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 40,839 shares of the luxury accessories retailer’s stock valued at $1,919,000 after acquiring an additional 15,242 shares during the period. Hedge funds and other institutional investors 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.